Careers Corner: Professionals face hidden risks in income protection coverage
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GUEST – Motshabi Nomvethe, PPS Head of Technical Marketing
South African professionals are facing a critical gap between their perceived financial security and actual protection against career-disrupting illnesses or injuries, says Wimpie Mouton, CEO of PPS Life Solutions. While many professionals spend years building successful careers and accumulating wealth, they remain dangerously exposed to financial devastation if they become temporarily or permanently unable to work.
The Financial Sector Conduct Authority (FSCA) recently reported that South Africans face increasing financial vulnerability due to a combination of personal circumstances, behavioural biases, and challenging market conditions. The FSCA’s March 2024 statement noted that 79% of middle-class South Africans use their net income to service debt, leaving little room for unexpected expenses. Additionally, 63% of South Africans are anxious about their finances, while 87% feel financially stressed. These statistics highlight the precarious financial position of many professionals who may falsely believe they are adequately protecte
South African professionals are facing a critical gap between their perceived financial security and actual protection against career-disrupting illnesses or injuries, says Wimpie Mouton, CEO of PPS Life Solutions. While many professionals spend years building successful careers and accumulating wealth, they remain dangerously exposed to financial devastation if they become temporarily or permanently unable to work.
The Financial Sector Conduct Authority (FSCA) recently reported that South Africans face increasing financial vulnerability due to a combination of personal circumstances, behavioural biases, and challenging market conditions. The FSCA’s March 2024 statement noted that 79% of middle-class South Africans use their net income to service debt, leaving little room for unexpected expenses. Additionally, 63% of South Africans are anxious about their finances, while 87% feel financially stressed. These statistics highlight the precarious financial position of many professionals who may falsely believe they are adequately protecte