WEALTH WATCH: PPS product range still evolving
From income protection for professionals to a provider of advice and short-term insurance, writes Stephen Cranston
PPS under Izak Smit offers many appropriate solutions for professionals. This certainly wasn’t true when Smit’s predecessor, Mike Jackson, took over in 2003. In those days, PPS still revolved around the sickness benefit it introduced into the market in 1941. It pays out for loss of income over sick days. Of course, it is still an essential product for self-employed professionals such as advocates and medical doctors. It has been imitated by other providers, such as Discovery and Sanlam. And clients should look closely at their options with a financial adviser. Vitality fans, for example, might be attracted to the extra points provided by taking out a Discovery plan. I have been to detailed presentations on why it is better than the PPS original. I have yet to be convinced, given the power of the PPS profit share account. PPS, as a mutual insurer, does not have to pay dividends. The profit it makes and the investment return are distributed into policyholder accounts based on each cli...
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