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Health insurance
Tuesday, April 7, 2015 - 02:16
Enhanced cover

When it comes to graduate professionals, the nature of their chosen profession and factors such as whether they are employed or self-employed, makes their insurance requirements more specialised. As a result, PPS has enhanced its PPS Sickness and Permanent Incapacity (SPPI) Benefit in order to provide graduate professionals extra flexibility to create their own distinct risk insurance packages.

The SPPI now features the following enhancements, effective 1st March 2015.

New 30 day waiting period

In addition to the seven-day waiting period, which pays from day one for sicknesses lasting seven consecutive days or longer, the SPPI Benefit now offers a 30-day waiting period, which pays from day 31 for sicknesses lasting more than 30 days. This package is better suited for salaried professionals who have sick leave or for self-employed professionals who are able to self-fund the first 30 days.

More choice for retirement age

The new benefit now offers a wide selection of retirement ages too. Clients can choose to have benefits until the age of 60, 65 or 70, as well as Whole of Working Life sickness benefits, depending on how long they plan to work.

Differentiated level and age-rated premium patterns

Adds Tamar Lewis, Product Actuary at PPS, “They can also choose between a level or age-rated premium pattern, both differentiated by gender and smoking status, giving them extra flexibility to choose more affordable premiums at the onset of the benefit.” The Permanent Incapacity Booster (previously known as Occupation Specific Rider Benefit or OSRB) is an optional benefit that “boosts” a Permanent Incapacity award to a 100% benefit that will not be reviewed.
She says the Hospital benefit allows clients the option of extra cover in the form of a benefit, equal and in addition to their sickness benefit should they be hospitalised for four days or more. The Family Hospital Benefit is designed to give clients the financial freedom to take time off when their loved ones need them most, by paying an income benefit while their spouse or children are in hospital.
“With the SPPI Benefit, all that a client needs to provide to claim is a declaration from their doctor and a completed claim form,” says Lewis. “The benefit pays regardless of any other policies or insurance cover they might have, or any income they may continue to generate. Unlike other insurance companies, PPS fully covers members’ personal income, as well as self-employed professionals’ actual business expenses.”
PPS covers hazardous pursuits, such as private flying, motor racing and skydiving as well as dangerous occupations such as mine engineering, at no additional premium. In addition, clients are covered internationally if they decide to emigrate, take up temporary work or go on vacation abroad.

Copyright © Insurance Times and Investments® Vol:28.4 1st April, 2015
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