PG Mutual Income Protection PlusIncome protection that gives back to its policyholders - get 20% off your first two years*

Protect your savings while building a lump sum for your future.

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What is income protection - and why does it matter? 

Like everyone else, you have monthly overheads. Rent or mortgage payments, insurance premiums, the weekly food shop. You name it. But have you considered how you would cover your overheads if you were suddenly unable to work due to extended illness or injury? Nobody likes to consider the unexpected, but it can happen to anyone - from sports injuries to freak accidents to complex viruses.  

Most employers have a limit on the amount of sick pay you can claim, if any. After that you are left to rely on the government’s Statutory Sick Pay: £92.05 per week^. Self-employed? You would need to apply for Employment and Support Allowance: £57.90 - £110.75 per week^ depending on your circumstances.

Be honest with yourself. Would those figures cover your monthly expenses? If not, you could find yourself denting your savings or applying for a loan. But with PG Mutual you can get cover for up to 70% of your income if you are unable to work through sickness or injury. So you can concentrate on getting better, with the peace of mind that your overheads are taken care of. And there’s more...

Protect your present, build for your future  

Income protection with PG Mutual isn’t like other insurance policies. As a not-for-profit, they share their profits with their policyholders. When you join you will be assigned a capital account that they aim to top up year-on-year. PG Mutual even add interest from their investments to help the pot grow faster.

Once your policy matures, the funds in your capital account can be paid to you as a lump sum. This lump sum could be free from income and capital gains taxes under current legislation (depending on your individual circumstances). No matter how many times you claim you will still receive a share of any profits they make.

Why choose PG Mutual? 

  • Save 20% on your first two years of premiums
  • Up to 70% of your income (or up to £1200 per week) can be covered until you are well enough to return to your career (or reach age 65, whichever comes first)
  • Simple online claims process with some claims paid within 24 hours
  • Between 2015 and 2017 they paid out on 98% of claims, totalling £1.44 million
  • No penalties, excess payments or premium hikes if you make a claim
  • Unlimited claims for the duration of your policy
  • Build towards a lump sum that you receive when your policy matures 

Everyone likes a little extra...

New additions to PG Mutual’s policies mean you get even more for your money as a policyholder.

Enhanced Loyalty Bonus protects your nearest and dearest

PG Mutual policyholders can now receive an Enhanced Loyalty Bonus* that aims to provide your loved ones with a minimum capital sum of £10,000 as well as six months of income cover if you die before the maturity of your policy.

Taking care of your mental and physical health just got easier...

You can also benefit from free use of a 24/7 app-based GP service**. It puts healthcare in the palm of your hand with instant access to a GP - anytime, anywhere. A confidential telephone counselling service is also available whenever you feel the need to talk.

Save money on thousands of products - every time you shop*

Treat yourself to the latest tech gadgets. Conquer your fitness goals. However you spend your money, you can do it for less as a PG Mutual policyholder.  Access current discounts or cashback deals with a range of top brands including Currys PC World, M&S and Virgin Active.  

The AIA has negotiated a 20% discount on your first two years premiums.*

For details of this special offer visit and enter discount code ‘AIA’ or call 0800 146 307.

^Under current legislation, DWP, April 2018.

*This applies to existing members as well. Terms and conditions apply. See

**This service is currently free of charge with your membership.

PG 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.


Why Women are Less Prepared for Financial Difficulties

From debt and savings to income and pensions, women of all ages tend to be financially worse off than their male counterparts.

Why women are less prepared for financial difficulties

There are plenty of great things about being a woman. Financial prosperity isn’t one of them. That’s if you believe the data collated from a number of studies, which suggest that women have far less financial resilience than men. From debt and savings to income and pensions, women of all ages tend to be worse off than their male counterparts.

So what’s the cost of arbitrarily lacking a Y chromosome?

And how can you better protect yourself from financial risks?

Young adults with spiralling debts

The average total of debt among 15-24-year-olds grew more than 200% between 2006 and 2012. That’s more than 10-times faster than the average debt of the wider population, trapping young adults in the red. Research by The Chartered Insurance Institute suggests women are less prepared than men to cope. 18-24-year-old women are less confident than men when it comes to managing money (37% vs 48%) and more likely to worry about money (57% vs 45%).

Student debt - levels of which doubled between 2011 and 2017 - is totemic of the bigger picture. In many public sector professions - such as teaching, social work and healthcare - women take 13 years longer than men to clear their student loans, with outstanding total debts of between £29,000 and £49,000 not uncommon up to 30 years after graduation. Most people go to university to enhance their career prospects and earning potential. For that ‘privilege’ female students are subject to the same tuition fees as male students.

So you would expect some semblance of parity in the employment market after graduation, wouldn’t you?

The great divide: exploring the gender pay gap

They say you get what you deserve; the gender pay gap says otherwise. Figures from the Office for National Statistics put the national average median gender pay gap in the UK at 18.4%. Read that again: 18.4%. The disparity between male and female income isn’t a gap, it’s a yawning chasm.

Male employees are paid more than female employees in 7,795 out of 10,016 companies and public bodies in Britain, based on median hourly pay. Women are drastically underrepresented in top-paid jobs across almost every sector. In short: the highest-paid jobs are typically filled by men.

So it’s understandable that as well as having more debt, women aren’t saving as much as men. The average ISA value for women aged between 25 and 34 is 83% (£5,118) of the average value for men (£6,180). Bigger debt, smaller savings: without careful management the month-to-month effects of that can become compounded across an entire lifetime.

Women are critical to household income

And yet women make up almost half of the UK workforce and make a critical financial contribution to their households. Research by Canada Life suggests that around 49% of UK households are at risk of losing as much as £25,000 a year or more should the woman of the house (aged 25-45) fall ill and become unable to work.

On top of their financial contribution is the fact that women tend to take the lead role in responsibilities like childcare, school runs and domestic duties. These are tasks that would cost the household money were they not taken care of personally. In a study by Scottish Widows, 74% of women in families said their household would struggle to pay household bills and complete everyday responsibilities if they fell ill.

The government’s statutory sick pay is just £89.35 per week. It’s why income protection is so important. Yet 50% of UK women aged between 25 and 45 have never even considered the need for a financial safety net.

Protect your present, build for your future 

Income protection covers a share of your income if you are unable to work through illness or injury. For instance, PG Mutual policies cover up to 70% of your income while you take the time to recover - without the added burden of financial anxieties. We pay every eligible claim, and over the last three years, 98% of all claims have been eligible. And as a mutual society we pay profits back to our policyholders in the form of a nest egg that builds throughout their policy. Find out more at

Even retirement can be more expensive for women...

That nest egg may come in handy. Saving for retirement is increasingly difficult. 59% of 18-34-year-olds are concerned about not having enough money when they retire. And 52% of women in their late-20s say they are unsure of decisions about retirement savings.

With longer life expectancies than men, retirement can be another financial challenge for women. Not only do you need to make sure you have enough set aside to enjoy yourself in your autumn years, there’s also the cost of care and comfort to think about as you get older.

Women entering a care home aged somewhere between 65 and 74 will end up paying an average of £132,000 for their stay. That’s almost double the average amount paid by men. It may be of some consolation that women have typically amassed a pension pot of £35,700 by the age of 65. Of less consolation will be the fact that men have an average of £179,091 to play with.

Beat the odds, protect your lot

When it comes to financial prosperity, the odds favour men. That doesn’t mean you cannot overcome the odds. And you can protect your wealth from the unexpected while building a nest egg for your future with PG Mutual.