Frequently Asked Questions
Once you have chosen your cover options via our online calculator, you can apply by using our quick and easy online application form. Simply complete the application form and then submit. We will contact you to take your application forward.
Income Protection Plan Application Form
The most cover that you can apply for is £1200 a week, or 70% of your gross earnings – whichever is the lowest.
Yes, you can include dividends as part of your gross earnings when calculating your weekly benefit entitlement. However if you continue to receive dividend income during a period of incapacity, your benefit payments will be reduced. Once you stop receiving dividend income, the reduction to your benefit will be reviewed.
We aim to tailor your cover to suit your own personal circumstances. If you are unsure as to when you would need cover to start from, simply call a member of our team to discuss your options.
Once we have received your application, our trusted partner MorganAsh will contact you to arrange a telephone interview to run through your medical history at a time convenient to you. As soon as we have a copy of your tele-interview our underwriters will review your application in full. We will then inform you in writing of our decision. If you’d like to know more about our medical interviews and the kind of questions that we may ask, please see our Guide to Tele-Interviews.
Your Guide To Tele-Interviews
We would only ask you to undergo a medical examination by your own GP if we cannot make a decision based on your medical interview, which we can normally do. We may however, ask to see your medical records. We will inform you in writing should this be the case.
PG Mutual, as the name suggests is a Mutual Society formed back in 1928. Whilst we are a fully regulated by the FCA & PRA we are also different from most other insurers in that we are “not for profit”.
PG Mutual does not have external shareholders but is run for its members (policyholders), and each year our members receive a share of our profit. (See Key Features for more information)
The profit we return to our members is held in each individual’s “Capital Account” and builds every year in a similar manner to an investment.
PLUS each year we apply an interest element to our member’s capital accounts which helps their investment grow even faster.
PLUS each member receives their share whether they have claimed on their income protection policy or not.
Take a look below at how much PG Mutual members have benefited over the last three full accounting years of membership:
|PG Mutual members profit share 2012 - 2014
|Average Interest Rate Applied to members balances
|Amount paid into members accounts
|Amount paid out to leaving members
Figures taken from fully audited accounts 2012, 2013 & 2014.
You can pay via direct debit on a monthly basis. Your direct debit payments will be taken on the first working day of each month.
Our subscriptions do increase each year, in line with your age, as this affects your cover.
You can apply to amend your cover at any time if your circumstances change, subject to approval by our underwriters, by logging into your Members Area.
Simply inform us of any changes to your occupation – we will then submit these changes for approval by our underwriters, and inform you of any changes to your plan.
PG Mutual’s definition of ‘incapacity’ is based on your ability to continue the duties of your profession. We will not decline your claim if you could not continue your profession but could do another job. Please see our Policy Document for full details of our terms for claiming income benefit.
Income Protection Plus Summary Document
If you are thinking of ending your membership with PG Mutual, you can contact a member of our team who can talk through the options for amending or terminating your cover. Alternatively, PG Mutual offers its members the option to ‘commute’ their membership and continue their investment element. For further details on commuted membership, please contact us.
Your income protection insurance expires on your 65th birthday. You can then either cancel your membership, or alternatively ‘commute’ your membership and continue your investment element, as explained above.