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PPS Professional Life Preserver

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Liberty Life

PPS - Professional Provident Society

Designed to protect your family’s future lifestyle in the unfortunate event of your
death or disability.

You want to be certain that your family and those who are financially dependent on you will still be able to afford the same lifestyle as they are accustomed to, in the unfortunate event of your death or disability.

PPS Professional Life Provider™ will help cover outstanding debts, finance children through higher education and provide financial peace of mind for those left behind.

Reasons to choose PPS Professional Life Provider™

  • Terminal Illness Benefit and Immediate Needs Benefit automatically included at no additional premium
  • You can choose between term life and whole life cover
  • You can convert your term life cover to whole life cover at any time
  • You can keep your full cover if you emigrate or travel overseas
  • Hazardous pursuits are covered at no additional premium
  • You can keep your life cover if you change your occupation to one which doesn’t meet PPS eligibility criteria
  • You can cede the rights to your life cover partially or fully to a third party as security
  • You can obtain cover in excess of PPS Insurance standard maximum amounts

PPS Group Life Term Cover can now be Upgraded to PPS Whole Life Cover.

  • The Professional Life Provider offers whole of life benefits and not term benefits with a conversion option
  • The Professional Life Provider can be ceded to multiple cessionaries, the LA policy is less flexible offering only 1 cession
  • Multiple Professional Life Provider products can be purchased whereas only 1 LA policy is available so cover can only be increased
  • The Professional Life Provider also has an optional DISA benefit to which OSRB can be added, so own occupation accelerated lump sum disability id available. On the LA policy only an own or similar accelerated DISA is available
  • The Whole Life Professional Life Provider has a premium pattern with an element of pre-funding so that in retirement the premium increases are limited to a manageable 6% per year. The result is that if you purchase R1 million at age 29, then at 60 the R1 million will cost you R588.78 if you purchase R1 million at age 60 then the cost would be R789.22.
  • Under Whole Life you can buy additional life cover to age 74
  • Your terminal illness and immediate needs benefits continue with the life cover beyond retirement
  • By retaining at least a Life Provider policy you can continue your SRA to retirement. If you are younger than 60, no longer need SPPI or are no longer practicing your profession and don’t have either Life Provider or Health Provider then your policy is cancelled and the nett SRA benefit is paid out pre-retirement. By maintaining Life Provider  you can keep your SRA intact until retirement and have the option to exercise the SRA retention option from age 60
  • You retain valuable life cover for things such as travel and hazardous pursuits, which you may want to engage in (more likely the travel aspect) in your retirement

Click here to enquire how to upgrade to PPS Whole Life Cover

PPS Terminal Illness Benefit

  • Advances 50% of your life cover when you are diagnosed with a terminal illness and are expected to live for less than 12 months*
  • Remaining 50% of your life cover pays out on death

PPS Immediate Needs Benefit**

  • Alleviates the immediate financial strain experienced by your beneficiaries, such as funeral, repatriation and other immediate costs
  • Pays up to R50,000 to your beneficiaries within 48 hours of producing a valid death certificate

Enhance your cover with…

Professional Disability Insurance (DISA)

Benefit available as an optional add-on to your life cover for as long as you practise your chosen profession
Pays a lump-sum amount in the event that you are unable to work due to accident or illness, in accordance with PPS Insurance permanent incapacity assessment You can choose to add the benefit at inception or at a later date, but subject to underwriting and maximum entry age of 60

Eligibility criteria

To qualify for PPS Professional Life Provider™ you must satisfy the PPS membership eligibility criteria.

I want to know…

If I change my occupation, will I still be covered?

Your life cover will remain if your occupation is no longer eligible for PPS membership. No further increases can be made to the cover and DISA benefits will fall away if you are no longer eligible.

How does the Immediate Needs Benefit work?

In the unfortunate event of death, bank accounts are typically frozen as part of the estate, often placing financial burden on loved ones to pay outstanding bills, funeral costs and daily expenses.

This benefit pays up to R50,000 within 48 hours on presentation of a valid death certificate to PPS Insurance. Once Immediate Needs Benefit pays your beneficiaries, life cover is automatically reduced and the remainder of funds are paid out once all the requirements are satisfied in accordance with the policy.

Why do I need Professional Disability Insurance if I already have PPS Sickness and Permanent Incapacity Benefit?

The two are not the same. Professional Disability Insurance pays out a cash lump-sum amount, whereas the PPS Sickness and Permanent Incapacity Benefit pays out a regular amount based on the number of Units of Benefit you have with PPS Insurance and the period you are unable to practise your profession, due to illness or injury. The lump-sum amount allows you to make immediate adjustments to your lifestyle.
For example, to customize your house for wheelchair access.

How is my benefit protected against inflation?

At the discretion of the Board of PPS Insurance, annual increases are declared to reduce the eroding effects of inflation. Benefits and premiums are increased by the declared percentage on 1 January each year. I only need life cover and DISA for a limited period of time.

What are my options?

You have a choice of a fixed term life cover, term life cover up to the age of 66 and whole life cover. DISA term depends on the life cover term selected. For whole life cover the DISA term is until the age of 66.

Click here to fill in a short form and an Authorised PPS Consultant will contact you shortly!

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