PG Mutual have been working with self-employed locums and pharmacy owners since 1928 when the society was first set up by pharmacists for pharmacists. Today, 90 years later, PG Mutual continues to specialise in providing income protection for pharmacists, whether employed or self-employed.
Employee Sick Pay
If you are employed, your employer may provide some level of sick pay. Check your employment contract or speak with your HR department to see just what you’re entitled to.
Alternatively, Statutory Sick Pay, provided by the state for those that qualify, could provide just £89.35** per week. As an employee, you still may find yourself dipping into your savings to get you through recovery and back into your career.
There are many benefits to being a self-employed pharmacist. You are in control of your own work schedule including when you work and when you are off. The rates tend to be better than employed workers.
However, the workload as a self-employed pharmacist can be straining and moving from one pharmacy to the next can be stressful. You may have overheads such as office space and the other costs associated with providing your products or services.
As a Self-Employed Pharmacist, How Would You Cope If You Lost Your Income?
Being a self-employed pharmacist means you won’t receive employee sick pay or Statutory Sick Pay (SSP) in the event that you weren’t able to work due to illness or injury. Instead, you would likely be reliant on your savings or Employment and Support Allowance (ESA), provided by the state to cover your financial commitments. Did you know that ESA, if you complete the paperwork and qualify, provides just £73.10** per week?
If you were unable to work due to illness or injury, would this be enough for you to keep everything afloat? Would your savings be able to cover your mortgage or rent, bills and other financial responsibilities?
The sad reality is that losing your income could push your savings to the limit.
An Alternative Option
Income protection cover may not be something you have considered in the past. When we are heathy and able to put in the hard work required to build and sustain a business, protecting our income from the uncertainties such as serious illness or an injury that prevents us from working may not be high on our list of priorities.
However, income protection could be key to getting back to your career should the unexpected happen and could certainly provide the peace of mind that should you be unable to work due to illness or injury, you are covered and able to focus on what’s most important – recovery.
Isn’t it time you take the steps to protect your income from the unexpected?
My Locum Choice has negotiated a 15% discount on your first two years’ premiums.*
What’s more, you will receive access to our exclusive member benefits scheme providing discounts, cash back and offers currently from leading brands such as Currys PC World, EE, Virgin Active and Marks and Spencer’s and many more.
*Join by 30th April 2018 to receive a £25 high street shopping voucher*
PG Mutual is the trading name of Pharmaceutical and General Provident Society Ltd. Registered office: 11 Parkway, Porters Wood, St Albans, Hertfordshire AL3 6PA. Incorporated in the United Kingdom under the Friendly Societies Act 1992, Registered Number 462F.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Firm Reference Number 110023.