Safeguard your financial future
In today’s world, financial stability is more crucial than ever. Life’s uncertainties are emphasised by staggering statistics: the World Health Organisation estimates that 1.3 billion people—16% of the global population—live with significant disabilities.
This reality highlights the unpredictable nature of life and the potential impact on anyone’s livelihood.
Adding to this uncertainty, global occupational accidents present a stark reminder of the risks that workers face daily. Worldwide, approximately 374 million workers experience non-fatal workplace incidents annually. In South Africa, the construction and built environment sector alone recorded 6,022 accidents in 2022. These numbers highlight the necessity of securing one’s financial future, particularly for professionals who rely on their ability to work as their primary asset.
Against this backdrop, the Professional Provident Society (PPS) emerges as a key player in providing financial security for graduate professionals and their families. In an era where unpredictability reigns, insurance to protect oneself is not just a financial tool; it is a critical safeguard. Graduate professionals, who work tirelessly to build successful careers, need the assurance that their financial well-being is protected, even in the face of unforeseen circumstances.
Traditionally, individuals are quick to insure tangible assets such as cars, homes, and health. However, the importance of insuring one’s earning capacity—the ability to work and generate income—is often overlooked. For graduate professionals, this ability is their most valuable asset. Life insurance, therefore, plays a crucial role in protecting their income, offering replacement or supplementary income during times when they are unable to work due to illness, injury, or disability.
Wimpie Mouton, CEO of PPS Life Solutions, emphasises that life insurance policies are designed to provide financial support when policyholders cannot work due to sickness or injury. The PPS Sickness and Permanent Incapacity (S & PI) Cover stands out because it does not require proof of income loss, provided the policyholder remains employed. This feature streamlines the claims process compared to some income protection policies. However, Mouton cautions that not all insurance policies are created equal, and it is essential for consumers to understand the specifics of their coverage, including what is included or excluded.
PPS’s S & PI Cover is tailored specifically for professionals with postgraduate qualifications, addressing the unique risks and needs of a wide range of occupations, from agronomists and IT specialists to doctors and lawyers. This focused approach ensures that the coverage is aligned with the distinct challenges faced by professionals in these fields. While some insurance products may also target professionals, they often adopt a broader scope, which may dilute the level of specialised protection offered.
The PPS S & PI Cover provides extensive protection against both temporary illness and permanent incapacity. Key benefits include the ability to take time off work to recover, income replacement or supplementation even while still earning, rehabilitation support, and lump-sum payouts if the policyholder remains employed. In comparison, other insurance options might offer varying levels of cover, with some providing limited protection.
One of the notable features of PPS’s offering is its unrestricted global cover, coupled with a seven-day continuous waiting period payable from day one. This is particularly beneficial for professionals who need to take shorter periods off work. Additionally, the cover can be extended until the ages of 60, 65, 70, or even beyond, recognising that many professionals continue working past traditional retirement ages. Importantly, PPS requires only a medical certificate to claim, not proof of income loss, which simplifies the claims process for policyholders.
When it comes to cost, premiums for PPS Sickness and Permanent Incapacity Cover are determined by factors such as the policyholder’s occupation, age, health status, and coverage preferences. While the cover is competitively priced, it is standard practice for premiums to be higher for certain high-risk professions.
“The importance of sickness cover cannot be overstated in today’s times,” says Mouton. “It serves as a vital safety net, offering financial protection and peace of mind to individuals and families in the face of unexpected illness or injury. By safeguarding one’s earning capacity and providing comprehensive support during times of need, sickness cover ensures that individuals can focus on their recovery without the added burden of financial strain. As demonstrated by the tailored approach and specialised benefits of options like PPS Sickness and Permanent Incapacity Cover, investing in sickness cover is not just a prudent financial decision but a crucial step towards securing a stable and resilient future for oneself and loved ones.”
Mouton further highlights that PPS members with Sickness and Permanent Incapacity Cover qualify for allocations to their notional PPS Profit-Share Account™. This account, automatically created when members obtain a qualifying life-risk product, allows them to share in the company’s returns. “Even if a member were to claim against their PPS Sickness and Permanent Incapacity Cover, this would not impact any potential allocations to this account. This is just one way we bring mutuality—the ethos that guides PPS in all its actions—to our members. After all, at PPS, we believe that success is better shared,” Mouton concludes.
In a world where uncertainty is a constant, PPS stands as a partner in protecting the financial well-being of graduate professionals, ensuring they are prepared for whatever challenges life may bring.
