PPS Mutual has expanded its membership eligibility criteria, allowing more professionals across several new disciplines to access its life insurance offerings. 

Currently the business only accepts 24 designated occupations from medical, industrial and commercial/legal sectors such as audiologist, actuary and surveyor. 

PPS Mutual says the changes, which take effect today, offer two ways to gain membership. 

With the first, the existing Professional Organisation Pathway has been expanded so that professionals who currently are, or have ever been, registered with a designated professional body will be eligible to become members. 

Secondly a Degree Pathway is available for professionals who have completed four or more years of study and have achieved a Bachelor’s degree or higher from a selected university within select specialities from the medical, commercial, legal, technology, industrial and science fields. 

The second option is designed for those who do not meet the criteria for the Professional Organisation Pathway. 

CEO Michael Pillemer says the business has re-examined its eligibility criteria to keep up with changes in the economy, including the expanding technology, healthcare and science fields. 

“What sets our insurance products apart are unique features and additional flexibility which have been designed specifically for career-minded professionals,” he said. 

“We are expanding the professional groups that we will now insure to expand our reach and relevance in the Australian professional workplace,” he said. 

Mr Pillemer says the PPS mutual business has grown to almost 10,000 members in just seven years. The business entered the Australian market in 2016 backed by PPS South Africa. Its insurance offerings comprise of income protection, life, total and permanent disability, trauma and business expenses. 

“With this expansion in eligibility criteria, we expect further growth in the number of members who are seeking to take advantage of comprehensive life insurance,” he said. 

“As a mutual, our profits go to members. The more we profit, the more members profit, and the more they are likely to stay with us, as evidenced by our very low lapse rates.”