PG Mutual

PG Mutual: income protection for healthcare and veterinary professionals

PG Mutual is a not-for-profit mutual based in St Albans (United Kingdom) that focuses on income protection insurance for healthcare and veterinary professionals. The organisation was founded by pharmacists in 1928 and operates under the corporate name Pharmaceutical & General Provident Society Ltd. Its main offering is the Income Protection Plus plan, designed to provide a monthly income in the event of illness or injury that prevents you from working.

Insurance tailored to healthcare and veterinary professionals

The company serves a broad spectrum of professionals: dentists, doctors, health and care professionals, general practitioners, large animal veterinary professionals, healthcare and veterinary staff working as locums, nursing professionals, optometrists and opticians, paramedics, pharmacists and veterinary professionals, among others. It covers both full-time and part-time employees as well as self-employed individuals and locums, with flexible solutions for the latter.

How Income Protection Plus works

The policyholder pays a monthly premium and, if they are unable to work due to illness or injury, the mutual can pay them a monthly income of up to 70% of their pre-tax income. The payment continues until the policyholder recovers sufficiently or reaches age 65, whichever comes first. The policy allows you to choose the deferral period: from the first day of absence, or from day 7 or 14, or after 1, 3, 6 or 12 months.

Benefits and additional services

The plan includes a Profit Share Account that builds up a lump sum over the life of the policy and is paid to the policyholder at retirement, whether or not they have claimed. In addition, members have access to additional services:

• 24/7 online GP consultations for the policyholder and their family.
• Vocational rehabilitation to help members return to work.
• Wellbeing Counselling for members and dependants.
• HealthHero app with health and wellbeing content.

Examples of cover

PG Mutual's website features real member cases (with names changed) that illustrate how the insurance works. A veterinary professional who suffered serious injuries when a wall fell on him while treating a horse was off work for two years; during that time the mutual paid him 100% of his covered income and provided a specialised rehabilitation programme at no additional cost. Another case is that of a general practitioner who, after being diagnosed with a progressive neurological disorder, began receiving £4,000 per month and, having chosen the level benefit option, will maintain the benefit until age 65. A third beneficiary, self-employed, was able to cover her expenses during a short absence due to gastroenteritis without dipping into her savings.

Mutual structure and governance

PG Mutual operates as a mutual owned by its customers, which means it is accountable solely to them. Profits are shared among members through the Profit Share Scheme. The organisation is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under reference number 110023. Its registered office is at 11 Parkway, Porters Wood, St Albans, Hertfordshire AL3 6PA, and it is incorporated in the United Kingdom under the Friendly Societies Act 1992 with registration number 462F.

Location and contact

11 Parkway, Porters Wood, St Albans, Hertfordshire AL3 6PA · Phone: 0800 146 307 · Email: info@pgmutual.co.uk