PG Mutual: individuals taking responsibility
Growing recognition that individuals are taking responsibility for their financial health highlighted in figures released by PG Mutual
More and more people are realising the importance of protecting their income in the event of a serious accident or long-term illness, according to new member results released today by a leading UK Mutual insurer.
Figures from PG Mutual indicate that an increasing number of professionals are aware that they may receive no ongoing financial support from their employer, and the bare minimum from the state in the event of long-term sick leave. The Friendly Society has reported an increase of 62% in new members year on year in 2012 as well as record numbers of enquiries.
PG Mutual ‘s Chief Executive, Mike Perry, explains, “We are seeing rising demand for income protection cover as people know that in the current economic climate, many employers are having to review how long they can support an employee who is off work sick. Professionals have worked hard to achieve a reasonable standard of living and don’t want to lose their income through an unexpected accident or illness.
“What many people don’t realise is that it’s too late to get cover once you’ve been struck down by illness or injury. The figures clearly show that people are taking action to protect their future rather than waiting for an accident to happen. In the current climate, people cannot afford to take the risk.
“The increase in our figures could also be attributed to the fact we offer customers the ability to choose the cost of the cover they take out. Because they tell us what they can afford, rather than us telling them what it will cost, many people are realising that income protection is actually very affordable.”
For more information on the Income Protection Insurance offered by PG Mutual, please visit www.pgmutual.co.uk.