PPS Mutual has enacted these changes across a range of its products, including Professionals Choice Life, TPD, Trauma, Income Protection, and Business Expense insurance, aiming to streamline the application process for eligible customers without compromising the integrity of its underwriting standards.
With the new changes, there is now no mandatory Private Medical Attendant Report (PMAR) on life and total and permanent disability (TPD) insurance products valued up to $5 million and defined medical requirements for higher life cover amounts ($5 million to $20 million).
There are also no medical requirements for life and TPD insurance cover valued up to $2 million for clients aged 45 or younger, and fewer requirements for those 46 and over. Additionally, there are no financial requirements for life and TPD cover valued up to $3 million or trauma insurance cover up to $1.5 million.
Looking at income protection, mandatory medical requirements have been removed for cover valued up to $15,000 monthly for customers aged up to 45, and fewer medical requirements for those 46 or above. Additionally, medical requirements have been halved for monthly benefits exceeding $40,000 per month.
The financial evidence threshold has also been raised to $30,000 per month for PAYG employed professionals applying for Income Protection Select and Income Protection Prime 70.
Furthermore, PPS said it has simplified the mandatory medical requirements for all age bands across all benefits, and simplified the financial evidence required for large sums insured through the firm.
Speaking on the announcement, PPS Mutual’s head of underwriting and claims management, Marcello Bertasso, said the reduced requirements would simplify the application for new customers and their advisers.
“These changes simplify and accelerate the application process for life insurance with PPS Mutual, making it easier for advisers to protect our members’ lifestyles. For our members, the updated screening requirements will significantly reduce the time needed to apply for life insurance,” Bertasso said.
