{"id":37934,"date":"2017-08-04T18:58:34","date_gmt":"2017-08-04T08:58:34","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37934"},"modified":"2017-08-08T21:02:50","modified_gmt":"2017-08-08T11:02:50","slug":"pps-mutual-ramps-up-benefits-indexation","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/08\/04\/pps-mutual-ramps-up-benefits-indexation\/","title":{"rendered":"PPS Mutual Increases Benefits Indexation"},"content":{"rendered":"<p>Mutual life insurance group PPS Mutual has indexed its policy benefits at three times the level of inflation stating this position was more consistent with the salary growth of the professional services sector that it covers.<!--more--><\/p>\n<figure id=\"attachment_33935\" aria-describedby=\"caption-attachment-33935\" style=\"width: 151px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2016\/07\/MichaelPillemer-cropped.jpg\" rel=\"attachment wp-att-33935\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-33935\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2016\/07\/MichaelPillemer-cropped.jpg\" alt=\"PPS Mutual, CEO, Michael Pillemer\" width=\"151\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-33935\" class=\"wp-caption-text\">PPS Mutual, CEO, Michael Pillemer<\/figcaption><\/figure>\n<p>The group stated its research found that professional salaries had grown\u00a0by 3.9% per annum from 2014 to 2016 compared to Consumer Price Index (CPI) increases of 1.3% per annum over the same period.<\/p>\n<p>PPS Mutual Chief Executive, <strong>Michael Pillemer<\/strong> said as a result of this finding the 3.9% indexation would be applied to all members over the next year on all of its risk insurance products.<\/p>\n<p>\u201cWe offer life insurance products just to professionals. We can therefore index members\u2019 policy benefits to earnings growth solely for the occupations we cover (or inflation if that was to be higher in any year),\u201d Pillemer said.<\/p>\n<p>\u201cThis sets us apart from other insurers who generally index their cover benefits to the CPI. We believe our approach better meets the needs of professionals and given that professional earnings have historically increased at a far greater rate than inflation, we are generally indexing Members\u2019 benefits at a higher rate,\u201d said Pillemer.<\/p>\n<p>PPS Mutual offers retail life insurance products to select professionals, including accountants, doctors, dentists, lawyers, and engineers and has developed Income Protection, Life, Total and Permanent Disability, and Trauma insurances tailored to these groups.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mutual life insurance group PPS Mutual has indexed its policy benefits at three times the level of inflation stating this position was more consistent with the salary growth of the professional services sector that it covers.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[],"class_list":{"0":"post-37934","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-company-news","7":"category-products"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=37934"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37934\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}