Pharmaceutical & General, the specialist income protection insurer for pharmacy and other healthcare professionals, has announced that it is changing its name to PG Mutual from 1 March.

Mike Perry, Chief Executive of PG Mutual, said, “Pharmaceutical & General is a Friendly Society established in 1928 for the benefit of its members. At a time when the word ‘trust’ is not always associated with financial institutions, we feel it is right to promote that our mutuality makes us different – and we believe, better. Our new name PG Mutual, reflects the fact that we are owned by our members and exist solely to serve their needs.”

The question we are asking everyone is ‘Could you survive on £67.50 a week?’ because for most of us, state sickness benefit is not enough to live on. People are now much more aware of their financial priorities and the need to have adequate income protection cover in place. They tell us that being able to rely on an income from the first day off work because of illness is an important aspect of their professional lives, especially as our cover lasts until they can resume their career; state benefit stops if they can perform any work. 

Our Mutual status means we don’t make a profit but return any surplus to members, and we have seen the number of new enquiries grow by over 40% year-on- year.

Mike added that in addition to modernising its name, PG Mutual is helping members enjoy a range of new benefits. Recently, online access to Commercial Loans was launched, along with Buy to Let products available from lenders across the UK, rather than just the high street.

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