PG MUTUAL INCOME PROTECTION

PG Mutual Income Protection Plus

INCOME PROTECTION PLUS COVER

20% DISCOUNT OFF YOUR FIRST TWO YEAR’S SUBSCRIPTIONS.*

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ARE YOUR FINANCES COVERED IF YOU WERE UNABLE TO WORK DUE TO ACCIDENT OR ILLNESS?

We understand that to qualify as an Accountant takes years of dedication and study, so why risk that hard work by exposing the lifestyle you have worked so hard to achieve?

Do you know what your sick pay entitlements are if you were off work with an injury or illness?  If you’re employed, we advise that you check this with your employer or HR department.  If you’re self-employed it’s more straightforward; you either provide cover for yourself or rely on the state to provide limited support in the form of Employment and Support Allowance (if you complete the paperwork and qualify).  You could be left financially exposed and could have a major impact on the current lifestyle of you and your family.

PG Mutual, income protection specialists, provide members of The Association of International Accountants with a tailored plan designed to help bridge the gap between normal income levels and those that the state would provide if you were unable to work due to illness or injury – after all, when we fall ill our financial commitments do not go on hold.

Highlights of the policy include:

  • A supplement to state sickness benefits
  • Option to tailor cover to suit your individual needs
  • No waiting period – cover starts as soon as your first contribution is paid
  • No penalty for making a claim and no limit to the number of claims you make

Why have income protection when you can have Income Protection Plus?

PG Mutual can provide you with an Income Protection Plus plan that ensures you receive a regular monthly income for an affordable monthly cost, plus it builds up an investment element for your future.  Not only this, as a member you are entitled to an exclusive member benefits scheme that provides members with discounts and cashback on leading brands from Apple, John Lewis, EE, Marks & Spencer and many more…

As an AIA membership benefit, we have negotiated for you a 20% discount off your first two years’.

For details of this exclusive offer visit www.pgmutual.co.uk/quotation and enter discount code ‘AIA’ or call 0800 146 307.

*For full Terms and Conditions, visit www.pgmutual.co.uk/terms-and-conditionsPG Mutual is the trading name of Pharmaceutical and General Provident Society Ltd. Registered office: 11 Parkway, Porters Wood, St Albans, Hertfordshire AL3 6PA. Incorporated in the United Kingdom under the Friendly Societies Act 1992, Registered Number 462F. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Firm Reference Number 110023.

LATEST INSIGHT FROM PG MUTUAL

Self-employed at a Greater Risk of Financial Strain if Unable to Work

Taking the leap to become self-employed is an exciting one. Self-employment brings with it many freedoms including flexible working hours, working from home, possibly decreasing your commute and the excitement that comes with the responsibility of your business’s success.

Today in the UK, there are nearly 5 million self-employed workers . However, as well as all of the positives, there may be cons to being self-employed as well. These cons include employment security and lack of sick pay to name a few. If you’re self-employed, it’s imperative to take a look at your financial safety net to ensure you’re prepared for unexpected difficulties, such as illness or injury that may come your way.

Sick pay and self-employment

According to a recent survey, the government is the most commonly trusted source of financial support (57%) followed by employers (50%) for families . 

However, being self-employed, relying on an employer isn’t an option. Instead, you may find yourself relying on your savings or Employment and Support Allowance (ESA). Based on data collected for the Protecting Our Families Report, it’s often underestimated as to the level of support ESA can provide. ESA is subject to assessment and can provide those that are found to be eligible and are off work due to illness or disability with just £109.30 per week .

In the same survey, nearly one in four (27%) families have experienced a loss of income due to ill health reasons and had to downsize, move back in with family, rent or become homeless as a consequence, while 6% took on debt from a non-high street lender . 

The effects of income loss could cause ripples in our professional and personal lives putting all we’ve worked for at risk.

With this in mind, have you evaluated lately how you’d keep everything afloat if you found yourself in this situation? Would your savings or ESA be enough to carry you through?

What is income protection insurance?

Income protection insurance is a long-term insurance policy that is designed to provide you with a regular income if you were unable to work due to illness or injury. Typically, this ranges between 50%-100% of your gross salary, depending on your needs and the policy you have. 

Income protection insurance continues to replace a percentage of your income until you’re able to return to your professional career or until you reach retirement age (whichever is sooner). 

With income protection, there isn’t a penalty to claiming and you’re able to claim as many times as you need. Also, you can choose to be covered from day one or you can select a deferment period of your choice (such as 1 week or 6 months). 

Having income protection insurance if you can’t work due to illness or injury could prove to be the necessary antidote if you’re self-employed, providing you with a financial safety net due to a lack of sick pay that could prevent exhausting savings, having to borrow from family, or taking on loans just to carry you through recovery, not to mention keeping your business going.  

What should I do next?

If you’ve established that income protection cover is something would be a benefit to you, don’t wait until it’s too late.

At PG Mutual, we can provide Income Protection Plus at an affordable monthly cost that can cover up to 70% of your gross salary should you find yourself in a situation of being unable to work due to illness or injury*. This can give you peace of mind that, no matter what comes your way, you’ll be able to cover the bills and focus on what’s important: recovery.

Find out all of the benefits to our Income Protection Plus plan by visiting www.pgmutual.co.uk. Plus, you can find out instantly just how little Income Protection Plus could cost you by receiving a quick quote. Be sure to use your “AIA” code to receive 20% discount off your first two years’ premiums.

Alternatively, if you’d like to learn more about Employment and Support Allowance (ESA), you can visit www.gov.uk/employment-support-allowance/overview

*For full terms and conditions, visit www.pgmutual.co.uk/terms-and-conditions