Bradford-based cash plan provider Sovereign Health Care is expanding its product range by offering an income protection product in conjunction with PG Mutual through its newly created subsidiary company, Sovereign Assured Partners Ltd.
Income Protection Plus will pay a regular income if the policyholder is unable to work due to illness or injury, but the plus is that it also has an investment element which pays out when the policy matures. The partnership between the two organisations will see Sovereign act as an introducer to individuals and businesses, with PG Mutual acting as the insurer.
Commenting on the new partnership, Sovereign Health Care’s chief executive Russ Piper said: “After meeting PG Mutual chief executive Mike Perry through the Association of Financial Mutuals, we quickly realised that there was a lot of synergy between the two organisations, and that Mike’s approach to business was closely matched to my own.
“Sovereign has a history of supporting individuals and businesses with the cost of everyday health care, helping people to stay fit and well. An income protection product is a natural addition to our product offering because it can also provide financial support following accident or ill health.
“Working together to offer Income Protection Plus makes perfect sense for our organisations and I am confident that this will be a very successful working relationship for both parties.”
Income Protection Plus provides policyholders with a tailored plan that pays a regular income to those who find themselves off work due to illness or injury; Government statistics show that around 300,000 workers fall into the welfare system because of health-related issues.1 The plan is designed to try and avoid this from happening by helping to pay bills such as rent or mortgage repayments while the person recovers. Cover lasts until the policyholder returns to their career, or reaches the age of 65.
Mike Perry, PG Mutual’s chief executive said: “At PG Mutual we are always looking for ways to introduce our services to more people, and so I began expressing an interest in working with other companies in similar sectors which share our values. Meeting Russ presented us with an excellent opportunity to achieve this and I am very excited about the future of this shared initiative.”
PG Mutual is a not for profit membership organisation that has specialised in income protection since 1928. As a Friendly Society, PG Mutual does not have outside shareholders and returns any profits to its policyholders.
Similarly, Sovereign Health Care doesn’t have shareholders and any surplus it makes is reinvested in the business or donated to good causes. Sovereign Health Care is one of the UK’s longest established health care cash plan providers.