PPS Life Cover is a tailored life insurance policy designed specifically for professionals. This plan provides extensive benefits, including coverage for terminal illness, immediate needs upon death, and optional add-ons to enhance the policy. This review delves into the details of PPS Life Cover, highlighting its features, optional benefits, advantages, and potential drawbacks.
Overview of PPS Life Cover
Key Features
- Coverage Amount: Minimum cover starts from R500,000.
- Eligibility: Available to individuals aged 18 to 75.
- Terminal Illness Benefit: Pays up to 50% of the cover amount upon diagnosis of a terminal illness.
- Immediate Needs Benefit: Provides up to R50,000 within 48 hours of submitting a valid death certificate.
- Flexible Cover Amount: No maximum limit on the cover amount.
PPS Life Cover is a robust policy designed for professionals, offering substantial coverage and several unique benefits.
Comprehensive Coverage
PPS Life Cover ensures that policyholders are covered for both natural and unnatural causes of death. The policy allows the primary life insured to designate primary and secondary beneficiaries. This flexibility ensures that, in the event of the primary beneficiary’s unavailability, secondary beneficiaries will still receive the benefits.
International and Hazardous Activity Coverage
One of the standout features of PPS Life Cover is its provision for international travel and participation in hazardous activities. Unlike many other policies, PPS does not require policyholders to report international travel. Additionally, hazardous activities, such as scuba diving and motor racing, are covered at no extra cost.
In-depth Look at PPS Life Cover Benefits
Terminal Illness Benefit
If the policyholder is diagnosed with a terminal illness and expected to live less than 12 months, PPS Life Cover provides a lump sum payment of up to 50% of the cover amount. This benefit can significantly ease the financial burden during such challenging times.
Immediate Needs Benefit
Within 48 hours of submitting a valid death certificate, PPS Life Cover provides up to R50,000 to the nominated beneficiaries. This immediate payout can help cover funeral expenses and other urgent costs.
Premium and Coverage Adjustments
PPS Life Cover premiums increase to keep pace with inflation. As the premiums rise, so do the benefits and coverage, ensuring that the policy remains relevant and valuable over time.
Optional Benefits to Enhance Your Coverage
Accelerated Professional Disability Benefit
This benefit covers disabilities occurring while working in one’s own or a similar profession. It offers coverage starting at R250,000 and is available to individuals aged 66 and younger. The plan ensures that professionals can maintain their standard of living even if they become disabled.
Accelerated Critical Illness Benefit
This benefit accelerates the PPS Life Cover if the primary life insured suffers from a listed trauma, physical impairment, or critical condition. It provides coverage starting at R250,000 and includes the following options:
- Core 100% Benefit: Pays 100% for heart attack, cardiac surgery, stroke, and cancer if criteria are met.
- CI100% Benefit: Covers listed conditions at 100% if criteria are met.
- CatchAll Benefit: Covers serious medical or physical conditions not listed in other categories, payable at 25%, 50%, or 100%.
- Expander Benefit: Expands claims definition with low severity, listed conditions.
- Exact Benefit: Adds an additional lump-sum payout for specific types of cancers susceptible to immunotherapy/targeted therapy.
Add-on Accidental Death Benefit
This benefit pays out in addition to the life cover if the life insured dies in an accident. Unlike other benefits, it does not reduce the life cover amount, providing additional financial security for the beneficiaries.
Advantages of PPS Life Cover
- Immediate Cover for Accidental Death: Provides instant coverage upon policy approval.
- Quick Payout for Immediate Needs: Up to R50,000 available within 48 hours after receiving a valid death certificate.
- Terminal Illness Coverage: Up to 50% of the cover amount for terminal illness diagnosis.
- Flexibility with Beneficiaries: Unlimited number of primary and secondary beneficiaries can be added.
- No Administration Fees: Ensures that all premiums contribute directly to coverage.
- No Maximum Cover Amount: Policyholders can choose any cover amount from R500,000 upwards.
- Multiple Policies Allowed: The main member can hold more than one life cover policy with PPS.
Disadvantages of PPS Life Cover
- No Cashback for Claim-Free Periods: The policy does not offer cashback benefits for being claim-free.
Additional Benefits for PPS Members
PPS Life Cover also offers several unique benefits that cater to the needs of professionals:
- Sickness and Permanent Incapacity Benefits: Covers 100% of income, allowing policyholders to recuperate without financial strain.
- Critical Illness Cover: Provides coverage for serious illnesses, ensuring financial stability during recovery.
- Lump Sum Disability Benefit: Offers a substantial payout for permanent disabilities, helping with lifestyle adaptations.
- Education Cover: Ensures that children’s education needs are met up to the tertiary level.
Exclusive Features
- Permanent Incapacity Booster Benefit: Boosts payment to 100% for approved incapacity benefits.
- No Benefit Aggregation: PPS does not reduce or limit payments if the policyholder is receiving income or other benefits.
- Profit Sharing: Members share 100% in the profits of PPS when holding qualifying products.
- PPS Exact Rider Benefit: Provides additional lump-sum payment for targeted therapy treatment when diagnosed with cancer.
Conclusion
PPS Life Cover stands out as a comprehensive and flexible life insurance policy designed specifically for professionals. It offers extensive benefits, including terminal illness and immediate needs coverage, without additional costs for international travel or hazardous activities. The policy’s optional benefits, such as the Accelerated Professional Disability Benefit and Accelerated Critical Illness Benefit, provide added security and peace of mind.
While the lack of a cashback benefit for being claim-free might be a drawback for some, the overall advantages and unique features of PPS Life Cover make it an excellent choice for professionals seeking robust life insurance coverage.