The PPS life cover is a life insurance policy designed specifically for professionals, with coverage starting from R500,000. The plan is available to individuals aged 18 and older, with a maximum entry age of 75 years.
Terminal illness is covered by the plan, and the PPS life cover provides cover for terminal illness should the policyholder get diagnosed with a terminal illness and is expected to live for less than 12 months. A lump sum payment of up to 50% of the life cover amount will be made to the life assured if he or she gets diagnosed with a terminal illness.
The plan also covers immediate needs within 2 days of submitting a valid death certificate. PPS life insurance makes up to R50,000 available to nominated beneficiaries. The money can be used to arrange for the main member’s funeral and cover other living costs for the beneficiaries.
The PPS life cover pays out if the policyholder dies from natural or unnatural causes. Following a successful claim, the policy’s nominated beneficiaries receive a lump sum payment equal to the cover amount. The policyholder can choose any amount of cover as the policy doesn’t have a maximum allowable cover amount.
PPS Life Cover has some of the best features for a life insurance policy and also provides its members with additional benefits. Below, we look at the cover in detail and the benefits that come with the plan.
About the PPS Life Cover
The PPS life cover is ideal for professionals and has a minimum cover amount of R500,000. The policy’s primary life insured can add primary and secondary beneficiaries to the plan.
If the policyholder dies, the primary beneficiaries are the first to receive a payout. If the primary beneficiaries die or do not accept the benefit, secondary beneficiaries can benefit from the policy.
The number of beneficiaries who can be added to the PPS life cover is unlimited. As a result, the policyholder can add as many primary and secondary beneficiaries as he or she wants to the plan.
The PPS life insurance policy is unique in that it does not require the primary life insured to report when traveling internationally. Furthermore, the policy provides exclusive coverage when participating in any hazardous activities or sports.
The plan provides coverage for immediate needs with coverage of up to R50,000 and terminal illness payout of up to 50% of the cover amount. These benefits are provided at no additional cost to the policyholder.
The premium rates of the policy are determined by a rigorous underwriting process. The underwriting process takes into account smoking habits, pre-existing conditions, and other factors.
When the application is uploaded to the PPS administration system, PPS Life Cover provides immediate coverage of up to R4.4 million. Profit allocation to the PPS profit share account is provided for the main, rider, and accelerator benefits under the plan.
When administering the plan, the policy does not charge any administration fees. The plan’s premiums increase to keep pace with inflation. As the premiums rise, so do the policy’s benefits and coverage.
While the plan includes benefits that do not require an additional premium, there are other benefits that can be added to the plan for a fee. These extra benefits are discussed further below.
PPS Life Cover Optional Benefits
The PPS life cover has three optional benefits that can be added to the policy to enhance it. Here are the three optional benefits that can be added to the life cover:
Accelerated Professional Disability Benefit
The accelerated professional disability benefit covers disabilities that occur while working. Life insurance covers one’s own or another similar profession. This means that the plan will pay out if a policyholder becomes disabled while working in their own or a similar profession.
The plan also covers specific nominated professions and provides coverage starting at R250,000.00. Only people aged 66 or younger are eligible for the coverage.
Accelerated Critical Illness Benefit
If the primary life insured suffers from a listed trauma, physical impairment, or critical condition, the plan accelerates the PPS life cover. The plan offers coverage starting at R250,000.00 and is available to individuals aged 66 and younger.
Accelerated critical illness has the following benefits:
- Covers a selection of listed dread disease, trauma or physical impairment events at up to 6 severity levels (5%, 10%, 25%, 50%, 75%, and 100%).
- Optional Core 100% benefit could pay 100% for heart attack, cardiac surgery and procedures, stroke and cancer if the necessary claims criteria are met.
- Optional CI100% benefit could pay 100% for listed conditions if the necessary claims criteria are met.
- Optional CatchAll benefit adds another category covering all serious medical or physical conditions not listed in any other benefit categories, payable at 25%, 50%, or 100%.
- Optional Expander benefit that expands claims definition with low severity, listed conditions.
- Payout option per benefit category of 10%, 15%, and 25%. Expander benefit payout will not reduce the Critical Illness sum assured cover amount.
- Optional Exact benefit adds an additional lump-sum payout if specific types of cancers are susceptible to immunotherapy/Targeted Therapy.
- Add-on Accidental Death Benefit
If the life insured dies in an accident, the add-on accidental death benefit pays out in addition to the life cover. The add-on accidental death benefit, unlike the accelerated professional disability benefit and accelerated critical illness benefit, pays out in addition to the life cover and does not reduce the life cover amount.
Advantages of PPS Life Cover
- Comes with immediate cover for accidental death.
- When the policyholder dies, up to R50,000.00 is made available within 48 hours after receiving a valid death certificate.
- The cover pays up to 50% of the cover amount should the policyholder get diagnosed with a terminal illness and is likely to die within 12 months.
- There are additional benefits that can be added to the life cover.
- The policyholder can elect primary and secondary beneficiaries on the plan.
- There is no policy administration fee.
- There is no maximum cover amount of which the policyholder can choose any cover amount from R500,000.00.
- The main member can have more than one life cover policy with PPS.
Disadvantages of PPS Life Cover
- There is no cashback benefit for being claim-free.
The PPS life cover provides comprehensive life insurance coverage at a low cost, with many additional benefits. The policyholder can choose any amount of cover, add as many beneficiaries, and enhance their coverage by purchasing policy addons.