Professional Provident Society (PPS), a financial services company that provides intelligent financial solutions to graduate professionals, has optimised its Critical Illness cover with enhanced benefits, including the coverage of diseases detected at an early stage such as pre-stage 1 cancer. These enhancements aim to protect the well-being of members by providing benefits that members can use to pay for shortfalls in medical treatments. These funds could even be channelled towards making adjustments to members’ home or work environments, in order to accommodate the effects of illness on their lifestyles.
PPS’s current Critical Illness Cover CI100% benefit option bumps up pay-outs to 100%, irrespective of severity for a large number of diseases, giving it a competitive edge.
“Medical technology has played a meaningful role in early detection and treatment of dread diseases. At PPS, we believe in following the mutuality principle by maximising our offering to our members with the Critical Illness Cover and taking into account that when we introduce enhanced benefits, these meet our members’ needs,” says Motshabi Nomvethe, Head of Technical Marketing at PPS.
For many, the diagnosis of a critical illness is devastating, both emotionally and financially, bringing with it, disruptive lifestyle changes. The enhancements to the product will be applied to existing Critical Illness policyholders, without increasing member premiums.
Amongst these amendments are the reinstatement of cover feature that increases potential pay-outs under the Cancer and Cardiovascular benefit categories to 200% each; the enhancement of Child Critical Illness that removes the 14-day survival period and providing cover for children from birth and allowing up to a maximum claim of R250 000 per child, per claim.
Prevalent diseases modified
According to PPS statistics, claims related to cancer and cardiovascular diseases were the most prevalent in 2019. Critical illness relating to cancer claims accounted for 49%. This was followed by cardiovascular diseases at 18%.
To ensure that members gain maximum value, they are covered at 5% for early cancers such as Group 1 cancer of the prostate, a benefit that was excluded previously.
The cover now provides access to claims for minor heart attacks and other cardiovascular diseases. Members can qualify for up to 25% in claims for balloon stretching or stenting of one coronary vessel (previously this applied to two or more diseased vessels).
Respiratory diseases expanded
Members can claim for moderate-severe, severe-obstructive and restrictive lung disease. This includes emphysema, severe non-responsive asthma and chronic bronchitis.
Kidney disease is a common debility amongst the South African population. Critical Illness Cover now covers members with acute transient kidney failure requiring dialysis where before only chronic failure was covered.
Over and above, the Critical Illness Cover provides further benefits best suited for professionals, including for frontline workers. These benefits cover other physiological failures within the neurological, endocrine, gastro-intestinal, connective tissue, musculoskeletal and sensory systems. As part of the sensory system cover, members can claim for cochlear implants, an exclusive PPS offering. For trauma, burns claim events has also been improved.
“It is important that we adjust to challenges that our members experience, especially in the area of Critical Illness Cover to ensure that we offer them financial solutions that meet their unique needs. Through the enhancements and introduction of additional benefits to our Critical Illness Cover, we are able to offer our members greater flexibility without necessitating significant lifestyle adjustments during an unexpected medical event. For example, contracting COVID-19 is not of itself a defined critical illness event, but should it result in a critical illness event it will be assessed under the normal critical illness claim definitions.”
“The pandemic has reminded us of the emotional and financial impact of financial unpreparedness. We encourage members to prioritise their financial planning to ensure that they have the necessary covers in place for unplanned events. Regularly reviewing your clients' policies plays a significant role in making intelligent financial decisions and ensuring that their health and investments are well taken care of.
PPS is a Licensed Insurer and Financial Services Provider.