Our Product
Our Income Protection policy is exclusive to the Pharmacy industry and has many benefits.Take out an Income Protection policy with PG and you will benefit from more than just peace of mind.
Our Plan is designed to not only provide both a short and long term benefit should you fall ill, it is also designed to build up a fund on your behalf, which pays out on termination1. In both cases the payments to our members are normally free of tax2.
Taking out a PG Income Protection Policy gives you the security of knowing that should you be unfortunate enough to fall ill or have an accident which prevents you from working, you will get a Benefit of up to 70% of your salary or earnings1, up to a maximum of £1,200 per week (whichever is the lesser), whilst you're incapacitated1.
Additionally, you can choose for this benefit to start from the first day you're incapacitated - which is a rare option in the insurance industry.
PG is a Mutual Friendly Society, which means we have no shareholders, instead we give any ‘profits' back to our members3. When you take out a Plan you automatically become a member of the Society.
The combination of our Holloway Insurance Product and our Mutual Status are a perfect match in that all money we make, after the payment of claims and our operating expenses, goes into an Investment Fund and every member of our Society shares in that Fund. By this method, we are able to give any profits we make back to our members.
Your level of Benefit determines how many Shares and Units you buy, and, in turn, your share of the Investment Fund is determined by how many Shares you have and how long you've held them for1.
Although the total Fund available to be shared is dependent on the total number of sickness and accident claims we pay, your own personal claim record makes no difference to the share you have in the remaining profits. In other words, no matter how many claims you have made for Sickness or Accident, you will still be entitled to your share of the Investment Fund.
Under existing legislation, the cash sum paid at your chosen retirement age is normally free of tax, as are Claims, provided they are being used to replace a loss of income through illness or accident.
We aim to be completely up-front about our policy and there are no hidden costs or policy fees associated with our product.
1 Subject to PG's terms & conditions.
2 Provided the Benefit does not exceed your post-tax earnings and based on our understanding of current legislation and HMRC practice. If in doubt, you should seek financial advice; PG accepts no responsibility for a member's tax arrangements.
3 Other than funds kept in reserve to meet anticipated future claims.
SEE OUR RESOURCES PAGE FOR KEY FEATURES , POLICY SUMMARY DOCUMENTS AND FURTHER INFORMATION.