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.
Integrity’s newly launched Five+ Group Insurance offering is unique to market. It allows businesses with between 5 – 50 employees to offer significant insurance benefits (Income Protection and Life Insurance) to its employees easily and affordably. You can request a quote direct from us.
1. Employee Benefits – It allows small businesses to provide employees with valuable and valued insurance benefits, as part of their employment.
2. Quality – The insurances provided as part of the plan provide employees with 80% replacement income in the event that they cannot work due to illness or injury. The business is paid 20% of the employees income to deal with rehiring costs and disruption. Employees are also provided with life insurance of $200,000.
3. Ease – Applying for this plan involves providing a list of your employees with some basic supporting information (age, wages), accepting the quote and your benefits are in place. Claims are managed online by your adviser and payments made direct to employees if chosen by the employer.
4. Cover for new (and old) conditions – whilst the cover is provided for new events only (events that happen after the plan commences), if an event of condition arises and you haven’t had treatment for this condition in the last 2 years (or 5 if cancer), this is considered a ‘new event’.
5. Risk Management – Sick and injured employees and their families will invariably look to their employer for support in these difficult times. By having an arrangement in place that means you don’t feel obliged to keep paying an unwell and non-working staff member, you are avoiding a potential cash flow drain.
6. Cost effective – depending on the nature of your employees work (blue or white collar) the typical cost will be between 0.5 – 1% of payroll.