PPS Insurance Company- Protecting Your Health And Wealth Is Your Only Security
It takes a lot of time, commitment, sweat and money to become a professional person. But all that hard work is not for nothing, beside the passion of doing what you love, University graduates also earn much more than what non graduates earn. Their title and subsequent income becomes their biggest asset. PPS insurance offers insurance solutions specifically catering to the professional market, but PPS is more than just an ordinary insurance company.
PPS, stands for Professional Provident Society. As you can see by the use of the word ‘Society’, the insurance company is formed by members. What makes PPS different is that the ‘members’ are the policy holders themselves. You see, PPS Insurance Company is owned exclusively by the policy holders, so the policy holder shares in the profits through their Surplus Rebate Accounts. This is what makes it different from other insurance companies.
In order to be a member of PPS, you need to qualify. In order to qualify you need to have:
? Completed a four year degree or diploma
? Have your own practice or be employed as a professional in a corporate environment
PPS was formed many years ago by a group of dentists who saw the need in the insurance industry for a company which deals with the needs of the professional person. Up until today, membership is only for people with a four year degree or diploma. PPS also greatly lesson their risk by dealing with people who are professionals because they can easily afford the premiums.
Special insurance cover is available for students as well. Any fourth year student who is under the age of 30, may apply for membership as well as graduate students under the age of 30 years old. Policy holders under the age of 30 years, pay a reduced premium rate.
So how exactly does PPS work?
With PPS your monthly premiums are determined by your income. Your income is based on your Gross Professional Income, this amount of money determines how many Units Of Benefits you can afford. A level premiums is paid for these Units of Benefit. The other aspect of PPS is the investment model. The wealth accumulation happens in the Surplus Rebate Account where all profits of PPS is shared amongst the members. The more (UOB) the more profit your receive. Additional Units of Benefits can be bought. At the age of 60 years, people can either withdraw the SRA balance, leave it in the Retention plan and withdrawals at regular intervals, or they can invest the money in a chosen fund.
Insurance Products
PPS offer a variety of insurance products. Here is a list of some of their products:
? Life Insurance- whole and term Life Insurance
? Short term insurance
? Income protection
? Permanent Incapacity cover
? PPS Business Provider
? PPS Provider
There are many more other products on the market such as PPS Investments and PPS Beneficiaries Trust. PPS Insurance may cost a little more in comparison with other insurance companies, yet the value you are getting far exceeds that extra cost.
For more information about PPS insurance company visit the website http://www.ppshomeandcarinsurance.co.za
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