Emerging insurer, PPS Mutual, has released an underwriting offer intended to “…optimise existing Member experience for time poor professionals when applying for certain risk insurance products.”
Available for a limited period of time, the basis of this initiative sees eligible PPS Mutual IP policy holders being offered the opportunity to apply for or increase Life, TPD or Trauma cover without being required to submit mandatory medical evidence.
In seeking to simplify the application process for existing Members who want to acquire Life, TPD or Trauma cover, the offer enables PPS Mutual policy holders to access maximum lump sum insured benefits (or cover amounts equivalent to the amount that the medical evidence on record supports) of:
- Life cover: up to $3,000,000
- TPD cover: up to $3,000,000
- Trauma cover (linked to Life or TPD): up to $1,500,000
The insurer notes cover amounts in excess of these maximum benefit sums insured would be subject to a full application and underwriting.
Riskinfo thanks to PPS Mutual for providing these examples of typical scenarios:
A 30-year-old who took out $7,500 pm of IP (and provided no further medical information/tests than the application form when they took out the IP) could access up to $2.5m of Life, $2.5m of TPD and/or $1m of linked Trauma just by completing the insurer’s new short form application.
A 40-year-old who holds $16,000 per month of IP can now access $3m Life, $3m TPD and $1.5m linked Trauma with no mandatory medical evidence just by completing the short form.
In terms of eligibility, the insurer says members who are IP policy holders with benefits issued on or after 1 July 2019 (where loadings don’y exceed +100% extra morbidity) will qualify.
PPS Mutual’s Head of Underwriting and Claims Management, Marcello Bertasso, describes the offer as the latest advancement in PPS Mutual’s commitment to continually improve and innovate their Member experience:
“Reducing the time and effort of providing mandatory medical evidence is part of our mission to remove ‘underwriting friction’ where possible and optimise our Members’ experiences.”
This offer is available for applications submitted and accepted between 1 May 2021 and 30 June 2022.