PPS Mutual expands eligibility criteria for new members

Life insurance company, PPS Mutual, has expanded eligibility criteria for new members to include professionals from new disciplines.

The move will reflect changes in the economy such as expanded technology, healthcare and sciences fields.

Under its current eligibility criteria members must practice in one of 24 designated professional groups, however under the new system effective 7 August PPS Mutual will offer two new pathways to membership.

The first change will include the expansion of the existing Professional Organisation Pathway which means that professionals who are currently, or have been, registered with a designated professional body will become eligible to be PPS Mutual Members.

The second option will introduce a Degree Pathway, meaning that if a professional does not meet the criteria for the first pathway will be now eligible to join. This option will apply to professionals who have completed four or more years of study and have earned a Bachelor’s degree, Honours, Double Degree, Masters or Doctorate from a selected university within select specialities from the medical, commercial, legal, technology, industrial and science fields.

The changes will allow more Australians to participate in the company’s mutual model of specialist insurance cover for specialist, under which members share in the long-term profits of the insurance they buy.

The new eligibility criteria are also expected to bring in new members seeking to take advantage of PPS Mutual’s comprehensive life insurance, the firm said.

Michael Pillemer, PPS Mutual’s chief executive, said that the mutual business model helped grow its Australian member base to almost 10,000 in seven years.

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa.

PPS Mutual is owned by its Australian professional Members who will share in the long-term profits of the products that they buy.