Income protection insurance is frequently in the news these days, often against a background of reduced state or employer benefits when UK workers are ill or have an accident. More of us understand that there is very little in the shape of a state-funded safety net, and that the government now expects individuals to take responsibility for their own financial wellbeing.

This raised public awareness is shown by PG Mutual’s figures for the first quarter of 2012, with the number of new members between January and March up by 55% compared with last year, and enquiries up by 51%.

“People know that if their income stops the bills keep on coming, which raises the question ‘How do I pay them?’” says PG Mutual’s Chief Executive, Mike Perry.

Mike Perry added “At a time when the state is cutting back it is important that all healthcare professionals make sure their income is protected if they fall ill or have an accident. Ask yourself or your employer how much would I receive and for how long? If you are self-employed the state would provide £71.00 a week* which will hardly protect most current lifestyles”.

“PG Mutual’s recent marketing message had highlighted the amount received from the state which we believe is one of the reasons our first quarter results are so strong”.

*Employment Support Allowance is £71.00 a week. Source: DWP website, April 2012.

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