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1. Exclusivity

PPS is exclusively available for graduate professionals. Statistics have proven that professional individuals do not claim as often for disability benefits as non-professional individuals, and this strengthens the organisation’s overall financial position.

2. Insurable interest

You can protect your “Gross Professional Income” or “Total Cost to Company”, and not only your taxable income. Some other companies place a limit on the type of income that they are prepared to insure.

3. Aggregation of benefits

When you claim at PPS for disability benefits the payout is not aggregated against other income that you may receive from other sources (group scheme at your employer as well as other insurance benefits). Some other insurance companies reduce your benefits that you receive from them with any payouts that you receive from other sources.

4. Representation

PPS members have representation on the PPS Board and this strengthens PPS members’ interest in the organisation. At other insurance companies you are only a policyholder and you have very little influence over the management of the organisation and in which direction the organisation is headed.

5. Foreign activities

There are no loadings and exclusions if you travel or work overseas, even if you emigrate, irrespective in which country or for which period. Some other insurance companies also provide foreign cover with many special conditions that needs to be addressed first, and some countries are expressly excluded for cover.

6. “Hazardous pursuits”

There are no loadings or exclusions on “hazardous pursuits” at inception or in the future. These usually include motor sports, quad biking, light aircraft piloting, scuba diving, mountaineering, mountain bike races and abseiling. Most other insurance companies require that you should take up additional cover that can be much more expensive. Some insurance companies actually decline in total to provide cover for such activities.

7. Flexibility

You can stop and start your premiums without any underwriting when you experience temporary financial difficulties (subject to conditions). Some other insurance companies are very rigid and they do not allow individuals to stop and repair premium payments.

8. Sickness and hospital claims

No evidence of loss of income is required for sickness- and hospital claims, only a valid medical certificate. You can even be on vacation and still be eligible for a claim payout. The sickness benefit is available for your whole life and does not cease at age 65 (as long as you still work in your specific field of expertise). Partial sickness claims are available if you only return on a part time basis to your employment.

9. “Occupation Specific Rider Benefit” (‘OSRB’)

The OSRB benefit increases a permanent disability claim automatically to 100%. When a claim is approved in terms of OSRB it will NEVER be reviewed, even if you are able again to do your normal job again and earn an income from it. It is therefore a guaranteed payout until age 65.

10. Surplus Rebate Account (‘SRA’)

PPS does not have any external shareholders and the policyholders effectively “own” the organisation due to the fact that they share in the net operating profits and investment returns of PPS. This model is unmatched in the South African long term insurance industry.