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

Debt-Ridden Late Millennials Unable To Save Any Money

Are you aged between 25 and 34 years old? Do you live in rented accommodation? Then you belong to one of the most financially fragile groups in the UK.

Debt-ridden late millennials unable to save any money

Are you aged between 25 and 34 years old? Do you live in rented accommodation? New figures suggest you belong to one of the most financially fragile groups in the UK - and may be struggling to save any money for your future.

It’s not easy being a late millennial...

New research from Liverpool Victoria* suggests that adults aged between 25 and 34 are among the least financially resilient in the UK. 34% of people within this age bracket would only be able to survive for a month or less if they lost their income.

The picture is even less rosy for 24 to 34 year olds who live in rented accommodation, 45% of whom would only be able to survive for a month or less if they lost their income - that’s almost double the national average.

Mirroring the findings of this research are new figures released by UK debt charity StepChange. Since 2013 there has been a 10% increase in the number of under 40s contacting StepChange for debt advice. And 4 out of 5 of their clients live in rented accommodation.

Unfortunately, a lot of late millennials are struggling financially.

But why?

Overheads overload makes saving a fantasy

Everyone knows it’s important to have a rainy day fund. (The Money Advice Service recommends having enough savings to cover three months worth of overheads.) Unfortunately that’s simply not possible for many late millennials. A trapping cycle of repayments on credit cards, overdrafts, payday loans and even loan repayments to friends and family mean many are in a precarious financial position with recurrent money anxieties. 43% of those who are aged between 25 and 34 and living in rented accommodation are unable to save any money at all each month.

Is debt crisis the new normal?

If you have debt worries, by no means are you alone. 8.3 million people in the UK are living with problem debt. And in September 2017 the Financial Conduct Authority urged action from the government to help tackle the debts being racked up by vulnerable consumers.

Unsecured consumer credit - that’s things like credit cards, bank loans and overdrafts - has increased by 19% in the last five years and is growing at 10% per year, six times faster than the economy’s growth. Meanwhile council tax arrears have increased by 12% in the last five years. StepChange’s latest data tallies with this - more than 2 in 5 of their clients are behind on household bills.

In short: UK consumers are struggling to meet their overheads and rely on credit to make ends meet.

How would you cope if you lost your income?

Income protection cover may not be something you have considered before. Especially as you could probably do without another monthly overhead. But have you considered how you would pay your overheads if you were temporarily unable to work because of injury or ill health? The government’s statutory sick pay is just £89.35** per week.

The sad reality is that losing your income would most likely plunge you into more debt.

It’s a slippery slope.

But it needn’t be.

Give yourself a safety net and build a savings pot for your future

Income protection cover from PG Mutual can cover up to 70%^ of your income if you are unable to work due to illness or injury. That means you can take as much recovery time as you need, safe in the knowledge that your overheads will be paid on time - without incurring late fees.

What makes PG Mutual difference?  We pay out 97% of claims.  And we’re a not-for-profit business.

All of the money we make goes back to our customers.  When you join us we create an investment account for you that is topped up annually from any profits we make.  Our aim is to provide you with a lump sum payment when your policy matures. The longer you stay with us, the bigger your potential payment - and there’s no penalty for making claims against your policy.

Ready to get started?

Income protection cover begins from a few pounds per month. Also, with PG Mutual, you build for your future while protecting your present.

All ‘AIA’ members benefit from a 20% discount on the first two years’ premiums with PG Mutual.*

Get an instant, no-obligation quote online or email enquiries@pgmutual.co.uk or telephone 0800 146 307.