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Second year of record growth for Income Protection Plus

Posted by / February 4, 2019

PG Mutual are pleased to announce for the second year running a record increase in new policy sales and total number of new members joining us.

In 2018, PG Mutual increased new policy sales by 34% and membership by 12%.

Last February, PG Mutual introduced three new membership benefits:

  • An Enhanced Loyalty Bonus* aiming to provide loved ones with a minimum capital sum of £10,000 as well as six months of income cover if they die before the maturity of the policy;
  • Free access to a 24/7 UK based GP via online app* where they can receive medical advice, schedule video-based appointments and receive prescription medication where necessary;
  • Free access to a confidential Telephone Counselling and Helpline Service*.

PG Mutual’s Chief Executive Officer, Mike Perry, said, “In addition to the existing profit share element of the plan, these new membership benefits have proved to be popular with existing and new members and reflect the added value members receive from taking out an Income Protection Plus policy from us.  As a mutual, we are always trying to find new ways to add value and help members and their families during difficult times. Our online claim process means members can be reassured that their claim will be dealt with quickly and efficiently by one of our in-house team.  That’s why we are especially proud of our 96% claims paid rate totaling £977,798 in 2018 which shows our continued commitment to support our members.”

Perry added, “We have particularly noticed in 2018 younger professionals are joining us as they now realise that Statutory Sick benefit, whether employed or self-employed, will not be enough to cover their mortgage, rent and regular outgoings and may even mean dipping into their savings.  As more and more families rely on two salaries, if one salary is lost due to illness or injury, covering the monthly bills can become very difficult and extremely worrying.  Having an income safety-net in place until you can return to work takes that worry away. As a not for profit mutual new members value the profit share element of Income Protection Plus with PG Mutual, they feel protected and valued”.

*T’s&C’s apply. See www.pgmutual.co.uk/Terms-and-Conditions/.

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