The statistics are sobering. Globally, 1.3 billion people – 16% of the population – live with significant disabilities, according to the World Health Organisation (WHO). The WHO points out in reports that a major cause of disabilities is accidents, many of which occur in the workplace or on the road. According to one of its reports, every year, between 20 and 50 million more people suffer non-fatal injuries in road accidents, with many incurring a disability. Additionally, WHO statistics show that workplace accidents affect approximately 374 million individuals globally each year, further underscoring the significant risks we face.
Accidents, especially road-related, often lead to life-changing injuries and disabilities. Given these risks, it is crucial to consider how prepared one is for life’s uncertainties. If an unexpected setback were to affect an individual’s ability to work, would they be ready to face the financial implications?
While these figures highlight the serious impact of accidents, it is important to remember that one’s ability to earn an income is not only threatened by catastrophic events or disabilities. More common ailments, such as the flu, can also disrupt income generation, especially for those who rely on consistent productivity.
Why financial preparation matters
While tangible items like cars and homes are often insured without hesitation, protecting one’s earning capacity is frequently overlooked. Yet, this is the very foundation that supports not only day-to-day living but also long-term goals and financial independence.
PPS, through its Sickness and Permanent Incapacity (S&PI) benefit, offers a solution tailored specifically for graduate professionals. By protecting one’s ability to earn, this benefit ensures that life can continue uninterrupted, even when faced with unexpected challenges.
How the PPS S&PI benefit stands out
Unlike traditional income protection products, the PPS S&PI benefit does not require proof of loss of income to make a claim. This means policyholders who are still employed can receive support with minimal administrative hassle. Designed with the unique needs of graduate professionals in mind, the benefit provides:
- Comprehensive protection: Financial support during temporary illness, for periods of as little as seven days, or permanent incapacity, which could last until retirement.
- Flexible options: Cover can be extended beyond traditional retirement ages.
- Global reach: Unrestricted cover worldwide, with payouts starting after seven continuous days off work and paid retrospectively from the first day of illness.
- No loss of income required: Policyholders receive a payout even if their illness does not cause them to lose their income, e.g., people who have sick leave benefits or a doctor who has a locum look after their practice while they are recovering.
- Extreme sports: Policyholders enjoy full cover when partaking in any hazardous activity or sport such as scuba diving and motor racing, with no additional premiums.
- Supplementary income: Assistance that complements ongoing earnings, ensuring lifestyle continuity during recovery.
These benefits are tailored to the demands of professions like law, medicine, engineering and IT, where specialised risks require equally specialised solutions.
Beyond insurance: building financial resilience
PPS goes further than providing insurance, it operates on the ethos of mutuality, sharing its returns with members through the notional PPS Profit-Share Account™*. Members who hold the PPS S&PI benefit automatically gain access to this account, ensuring they share in the company’s success, even when they need to claim.
As Wimpie Mouton, CEO of PPS Life Solutions, explains: “Even when a member claims, their allocations to the PPS Profit-Share Account™ remain unaffected. The Profit-Share allocations could be significant and often make up a substantial portion of our members’ retirement benefits. This reinforces our commitment to our members’ long-term financial well-being.”
Peace of mind for life’s what ifs
The goal is simple: to ensure graduate professionals feel prepared, protected and supported, ready to navigate life’s uncertainties without compromising their ambitions or their quality of life.
The PPS S&PI benefit offers more than just a financial safety net. It provides reassurance that, even in the face of the unexpected, policyholders’ income, lifestyle and independence are secure. By protecting their earning potential, they are not just planning for life’s challenges – they are future-proofing their success.
In today’s unpredictable world, taking steps to protect one’s financial well-being is not just prudent, it is essential. With PPS as a partner, graduate professionals can focus on building their career and enjoying life, knowing that they are prepared for life’s what ifs. DM
* Members holding qualifying life-risk products share in the profit and the loss of PPS through the notional PPS Profit-Share Account™ and past performance is not necessarily indicative of future performance.
About PPS:
The Professional Provident Society (PPS) is the largest South African financial services company dedicated exclusively to graduate professionals. At PPS, we operate under the ethos of mutuality, existing solely for the benefit of our members.
PPS membership offers access to a comprehensive suite of financial and healthcare solutions, meticulously designed to meet the unique needs of graduate professionals. Our offerings include life and short-term insurance, health professions indemnity, specialist support services, financial and wealth advisory and investments. We also administer the Profmed Medical Aid Scheme to which many of our members belong.
Mutuality at PPS has infinite potential. It is inclusive, celebrating all members regardless of their career stage or financial position. One of the most inspiring aspects of PPS membership is our unique notional PPS Profit-Share Account™. When a member obtains a qualifying life-risk product, a PPS Profit-Share Account™ is opened in their name. Consequently, we share our operational and investment returns (profits and losses) with these members through annual allocations to their PPS Profit-Share Accounts™. The PPS Profit-Share Account™ vests upon retirement from age 60 or in the event of death. Please note that past performance is not necessarily indicative of future results.
Our members enjoy additional benefits from mutuality through the PPS Profit-Share Crossholdings Booster. Members holding a qualifying PPS life-risk product or a Vested PPS Profit-Share Account™ along with qualifying offerings from our subsidiaries and affiliates, such as PPS Short-Term Insurance, PPS Investments, PPS Health Professions Indemnity and/or Profmed can enhance their Profit-Share allocations. This booster operates on a tiered system, increasing allocations based on the diversification of members’ portfolios across these entities.
At PPS, we celebrate your professional achievements and support your aspirations. Our mission is to empower you with financial and healthcare solutions that grow with you. Visit www.pps.co.za for more information. PPS is a licensed insurer conducting life insurance business, a licensed controlling company and an authorised FSP.