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Frequently Asked Questions

How do I apply for Income Protection Plus cover?

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

What is the maximum level of cover I can apply for?

The most cover that you can apply for is £1200 a week, or 70% of your gross earnings – whichever is the lowest.

Can I include dividends as part of my gross earnings?

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.

What if my employer pays me sick pay?

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.

What happens once I have applied?

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

Do I need to have a medical examination?

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.

What is the “investment element”?

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 2015 - 2017
Average interest rate applied to members balances 3%
Average dividend per share £2.66
Total annual bonuses to members £4,418,837
Total amount paid to departing members £2,385,981

Figures taken from fully audited accounts 2015, 2016 & 2017.

How can I pay for my income protection plan?

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.

Will my payments increase each year?

Your subscriptions may change from year-to-year as your age increases.

How flexible is my 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.

What if I change my occupation?

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.

What happens if I can’t continue working within my profession, but could carry out another occupation?

PG Mutual's definition of incapacity' is based on your ability to continue the duties of your profession. Your policy schedule will confirm if your cover is not "own occupation".

  • Own occupation - we will not decline your claim if you could not continue your profession but could do another job.
  • Any suitable occupation - skills, quals, training, etc. suitable occupations.
  • Please see our policy document for full details of our terms for claiming incoming benefit.

Income Protection Plus Summary Document

What if I don’t want to continue with income protection insurance?

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.

What happens when I reach 65?

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.

Around 300,000 UK workers fall into the welfare system because of health-related issues each year, with those on long-term sick leave missing out on £4 billion a year in lost earnings.

February 2016

An estimated 137.3 million working days were lost due to sickness or injury in the UK in 2016.

March 2017