PPS Mutual unveils new income protection product

PPS Mutual has launched a new income protection (IP) insurance product while bolstering its existing offering.

The life insurer’s new product, IP Prime 70, will allow professionals to cover up to 70% of their income, depending on their income level.

The latest addition to PPS Mutual’s Professionals Choice product also assesses members against own occupation for the first 30 months of claim, after which they are assessed against any professional occupation.

Those with two and five-year benefit periods benefits will get an assessment throughout the claim.

PPS Mutual said members will also have an optional booster benefit of up to 84% for the first six months of claim as well as an optional additional super contribution option.

“Combined with most of the enhanced features of IP Select, IP Prime 70 offers greater peace of mind for working professionals looking to protect as much of their income as possible,” PPS said.

Its existing offering, IP Select, now offers an improved partial disability definition and improved recovery plan definition outlining expectations of duties and remuneration.

“Now with bed confinement benefit as standard and the removal of tapering on claims over age 60 for new applicants, the new IP Select offers greater certainty to members in times of need,” PPS added.

Members will also continue to benefit from own occupation definition throughout the duration of all claims, whilst following an agreed recovery plan.

“We heard the feedback from advisers and their clients, and we made those adjustments,” PPS Mutual head of proposition Matthew Pilcher said.

“Understanding that each professional has different needs, values, and priorities, and providing options that meet those requirements, is part of the PPS Mutual philosophy of putting members first.”

Pilcher added the life insurance provider continues to evolve and improve its offerings in support of the changing needs of the industry and the professionals in it.

“We can encourage low lapse rates and promote the longevity and stability that the life insurance industry is moving towards,” he said.

PPS Mutual’s said its life insurance policies are available only through independent financial advisers and product eligibility is bound to 24 defined professional occupations.

As only specific professionals are targeted, the cover is tailored towards their specific needs.