1. First and foremost, the quality of the insurance policy is the most important aspect to consider. Flexible and generous core policy definitions are a must to ensure successful and pain free claim outcomes when they are needed most. As an example, the way in which PPS defines ‘unable to work’ for the purpose of assessing your eligibility to claim on your income protection policy includes a provision for you to work for up to 10hrs per week and still be on a full income protection claim. This flexibility is important in a job that is as demanding as yours.
2. Mutuality – sharing of profits. One of the principles of mutuality is that profits are shared with Members. When you and other Members pay your premiums, the money is used to pay claims, to cover expenses and to provide claim reserves for the future. This generates profits which are shared by PPS Mutual Members by way of a Profit-Share Plan. For most life insurance companies these profits would be allocated to shareholders.
3. Mutuality – No stamp duty on premiums – this representas a 10% premium saving for Victorian practitioners
4. Guaranteed Renewable – As long as you pay your premiums PPS Mutual will continue to insure you with the same or enhanced terms and conditions until expiry. This applies even if you suffer changes to your health, you change occupations (including to non-professional occupations) or you take up different pastimes.
5. True Level Premiums – Premiums for any increased cover, from the application of the Indexation for Professionals Benefit, is based on your age at the date of the commencement of your cover and not your age at the time the indexation is applied. The positive effect this can have you your premiums over the long terms is substantial.
6. Designed specifically with professionals in mind, Professional Events such as becoming a partner or commencing private practice are trigger events that allow our members to increase their cover without having to provide further medical evidence.
7. Guaranteed Future Insurability – with annual salary increases of between 10 – 20% as you progress through the junior lawyer ranks, having the ability and flexibility to increase your income protection cover in line with this is vital. PPS Mutual allows you to increase your monthly benefit once per year up to $2,000pm without the need to provide further medical evidence. This can be vitally important because if you fall behind and need to apply for an increase in the traditional manner, you will be subjected to providing medical evidence which can be restrictive.