About Income Protection Plus
Everything you need to know
Below you can find our FAQs and answers to questions we frequently get asked by our customers.
We’re here to help. Our friendly team are always happy to discuss cover options with you. If you would like to talk to us about income protection you can book a call with us, phone us direct on 01727 228565 or email us at ipp@mddus.com.
How do I apply for income protection cover?
After selecting your options and submitting a quote through our online Quick Quote tool, you can proceed by completing our quick and easy online application form. Once submitted, we will contact you to progress your application.
What is the maximum level of cover I can apply for?
You can apply to insure up to 70% of your pre-tax occupational income, or £5,200 monthly, whichever amount is least. Please note the higher the level of cover you select, the higher your monthly premium is likely to be.
Can I include dividends as part of my gross earnings?
Yes, you can include income you receive from dividends as part of your gross earnings when choosing your monthly benefit entitlement. However, if you continue to receive any such dividend income during a claim for incapacity your benefit payments will be proportionately reduced until it either falls or stops.
What if my employer pays me sick pay?
The maximum cover you can apply for is 70% of your gross income, and therefore if you receive any payment from your employer – other than Statutory Sick Pay – we will take this into account when determining what we can pay during a claim. The cover we provide can be tailored to suit your own circumstance and a range of options are provided to allow members to select cover that takes into account how much sick pay is received from an employer and for how long.
Will my payments increase each year?
Our premiums are based on your age and generally increase over the term of the policy. This is because the likelihood of sickness and injury – and the time it takes to recover – increase as you get older.
How flexible is my cover?
You can apply to amend your cover at any time if your circumstances change, subject to approval by our underwriters, by logging into your Members Area.
What if I change my occupation?
Simply inform us of any changes to your occupation – we will then submit these changes for approval by our underwriters, and inform you of any changes to your plan.
How long are claims paid for?
We pay a claim until you can return to your career, subject to the definition of occupation on your policy certificate. Please refer to the Summary Document for full details.
What if I don't want to continue with income protection insurance?
If you are thinking of ending your policy, you can contact a member of our team who can talk through the options, including but not limited to amending or terminating your cover. We offer members the option to ‘commute’ their membership and continue their Profit Share. When weighing up the options available, you may choose cancellation as the best option for you. Please be aware that if you choose to cancel your plan before age 60, a cancellation penalty may be charged. For further details on options or commuted membership, please contact us.
What happens when I reach 65?
Your income protection insurance expires on your 65th birthday. You can then either cancel your membership, or alternatively ‘commute’ your membership and continue your investment element, as explained above.
Who are PG Mutual?
PG Mutual is a not-for-profit membership organisation which has specialised in providing income protection insurance since 1928. As a friendly society they don’t have outside shareholders – they are owned entirely by their policyholders.