Income Protection

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MikyMouse

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Does anyone have experience in dealing with Discovery with regards to Income Protection? I'm currently with Liberty (due to my old FA choosing them) and am sick of the service and lack of transparency, just to find out what I'm covered for etc is a mission.

I've only been with Liberty for a year so very tempted to change while I'm still young. While on the topic are there any other good, transparent income protection companies that one can sign up with easily without the need of a financial advisor?

Thanks!
 
If you qualify, PPS is the best by far.
 
MikyMouse said:
are they in anyway linked to Profmed as I have my Hospital Plan with them atm
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Nope. PPS is completely independent. They're sort of an invite only insurance/investment scheme for registered professionals / graduate professionals (as in professional bodies recognised by South African Law i.e. Doctors, Engineers, Accountants, Lawyers etc.)

Otherwise my parents are with Discovery and are pretty happy with their services.
 
agentrfr said:
Nope. PPS is completely independent. They're sort of an invite only insurance/investment scheme for registered professionals / graduate professionals (as in professional bodies recognised by South African Law i.e. Doctors, Engineers, Accountants, Lawyers etc.)

Otherwise my parents are with Discovery and are pretty happy with their services.
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Growl - I have a 4 year Bachelors Degree in design so will see if they allow me to join. Otherwise I'm looking into Discovery, seems straight forward and clear - unlike Liberty

Only thing that I found out about Discovery which is very surprising and concerning is that they don't have income protection for retrenchment, they only cover the payment of your insurance premiums :wtf:
 
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PPS only has sickness and disability cover as far as I know.
 
MikyMouse said:
am sick of the service and lack of transparency, just to find out what I'm covered for etc is a mission.
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Rather find yourself a new Liberty consultant 1st before moving, I moved from Discovery to Liberty as Liberty's products for me are simpler ;-) At discovery everything is linked; medical, insurance, vitality and it started to become a mission to keep track of everything ;-) it might again fit you perfectly, everyone has different needs.
 
hermansteyn said:
Rather find yourself a new Liberty consultant 1st before moving, I moved from Discovery to Liberty as Liberty's products for me are simpler ;-) At discovery everything is linked; medical, insurance, vitality and it started to become a mission to keep track of everything ;-) it might again fit you perfectly, everyone has different needs.
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Ha! you make a good point though - although looks like PPS is a very viable option

Verde and Freshy-ZN - for interest why do you guys say PPS?
 
I used to market PPS and the competition. 9 times out of 10, when doing a detailed analysis for clients, I found PPS was a better proposition all things considered.

I no longer market any products so unless things have fundamentally changed I cannot see why you shouldnt have a look see.

Just make sure you get an objective comparison.......
 
Discovery can be quite confusing, but the products are very good imo. Would also like to know about PPS, some guys in our office changed from PPS to Discovery as they said Discovery was cheaper. Not sure what benefits PPS has over Discovery though?
 
brakpanpolisie said:
Discovery can be quite confusing, but the products are very good imo. Would also like to know about PPS, some guys in our office changed from PPS to Discovery as they said Discovery was cheaper. Not sure what benefits PPS has over Discovery though?
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A big draw to PPS is their Profit Share Account.

I'm battling atm with terrible service (and that's being polite)
 
Sorry to hijack the thread, but with income protection policies, does one need to prove current income when setting up the policy and claiming, or can one set any monthly amount and pay the appropriate monthly premium?
 
FlashSA said:
Sorry to hijack the thread, but with income protection policies, does one need to prove current income when setting up the policy and claiming, or can one set any monthly amount and pay the appropriate monthly premium?
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You design your policy on the amount of income you need and pay a premium accordingly. If you earn R1000 a month but want income protection of R10k per month, that's your prerogative - the premium will be adjusted accordingly.

Another thing not commonly know about Income Protection is that, financial institution dependent, you can claim from the Policy if you go for an operation and will be unable to work for a specific period. This is particularly useful to commission earners
 
lcbxx said:
You design your policy on the amount of income you need and pay a premium accordingly. If you earn R1000 a month but want income protection of R10k per month, that's your prerogative - the premium will be adjusted accordingly.

Another thing not commonly know about Income Protection is that, financial institution dependent, you can claim from the Policy if you go for an operation and will be unable to work for a specific period. This is particularly useful to commission earners
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Great - thank you for the info!
 
As far as I know you cannot cover more than 70% of gross (maybe 75). Not sure if it is a statutory requirement or just imposed on me. I am with Momentum. When my income increase and I want my income protection to match, I need to make an appointment with their nurse and be reassessed.
 
BloodBurner9000 said:
As far as I know you cannot cover more than 70% of gross (maybe 75). Not sure if it is a statutory requirement or just imposed on me. I am with Momentum. When my income increase and I want my income protection to match, I need to make an appointment with their nurse and be reassessed.
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That could be only with Momentum. I'm about to join PPS and they cover 100% of my nett salary together with my bonuses.
 
MikyMouse said:
That could be only with Momentum. I'm about to join PPS and they cover 100% of my nett salary together with my bonuses.
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Did you verbally tell them your salary figures or provide them with a payslip \ IRP5?
 
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