Brits still prefer pets to loved ones
Although parents are more likely to buy protection, almost two thirds (60%) do not have any cover in place.
The research from Ageas found that less than one in ten (9%) people have bought critical illness (CI) protection, while 12% have pet insurance.
One fifth of parents said they would have to rely on savings if they needed money for medical treatment or to fund time off work.
Less than half the respondents (42%) were prepared to pay up to £20 a month for cover; 15% willing to pay £5 a month, 17% £10 a month and 10% £20 per month.
The findings are similar to those published last year which revealed people were twice as likely to insure pets as they were to protect their income.
Andy Milburn, head of marketing at Ageas Protect, said:
“It’s clear that parents are willing to pay to protect themselves and their children for a reasonable monthly amount.
“Starting off with a small amount of critical illness cover, which can always be increased at a later date, could be the perfect solution to help educate not only parents, but consumers up and down the country, that CI cover can be taken out for the same monthly outlay as a pet insurance policy, and will provide a vital support at a time of need.”