What you need to know
Our Income Protection Plan is designed to provide you with a replacement income in the event that you become "Incapacitated". You can choose the amount of Benefit per week that you wish to subscribe for, up to a maximum of 70% of your gross income, to equate to your take home pay after tax, or £1,200 per week, whichever is less.
For more details please refer to our Key Features Document
Any "Surplus" we generate is apportioned back to our members’ ICAs in accordance with their Benefit Levels.
Please note, however, that some causes of incapacity are not covered by our policy, such as anxiety or depression - see our Terms & Conditions for details of exclusions.
Ours is also what is called "Long Term Insurance" so claims that we pay for sickness or accident that leave you unable to work, will continue until you recover, or until you reach the age of 65, whichever is sooner.
Any "Surplus" we generate is apportioned back to our members’ ICAs in accordance with their Benefit Levels. ("Surplus" is the Society’s Subscription plus Investment Income less the Sickness Claims we pay, the Statutory Reserves we must hold to ensure that the Society remains solvent and the expenses of running the Society - effectively what a non Mutual organisation would call profit).
What’s more, subject to your individual circumstances, any benefits we pay and the balance of your ICA, are normally free of personal income and capital gains tax under current legislation, and your own ICA is not affected by any claims that you may make during your membership, for whatever value or duration.
Call us on 01727 840 095 or email info@pgprotects.co.uk
If you apply, please do not cancel any existing income protection cover you may currently have in place until an acceptance date has been confirmed by PG.
