You are here: Home - Insurance - News -

Fido comes first: People insure their pet over themselves

0
Written by:
06/09/2017
Protecting yourself from chunky vets bills is undoubtedly important, but new research from Zurich has found that British adults are more likely to have pet insurance than income protection or critical illness cover.

Over nine million pets are insured, compared to 5.5m adults with critical illness cover, and almost 3m with individual income protection. The research showed that people are deterred by the price, and not understanding the benefits.

Individual protection insurance is designed to replace income if an individual cannot work because of accident, sickness or unemployment. Critical illness cover is designed to protect you if you have a serious illness that stops you from working.

However, nearly a third (30%) of Brits have life insurance policy to help those they leave behind – equating to an estimated 15 million people. Chris Atkinson from Zurich, said: “While we’re able to access some health support via the NHS for ourselves, we shouldn’t underestimate the impact of illness or injury on our lifestyles and those of our families, including our pets…Having an income protection or critical illness plan in place ensures a financial cushion should the unexpected happen.”

Price (72%), transparency (63%) and the likelihood of paying out (58%) are the most important factors for Brits purchasing an insurance policy. Certainly, income protection and critical illness are both considerably more expensive than life insurance. According to MoneySupermarket, the cheapest policies that also cover unemployment start at around £50 per month for a 45 year old looking to replace £2000 of income, and that is with a 120 day ‘buffer period’. Extending these buffer periods can make cover cheaper.

People may have some protection from their company if they are employed, but this type of cover may be more important for the self-employed or small business owners.

The most popular types of insurance policies purchased:

  1. Home contents insurance – 70%
  2. Motor insurance – 68%
  3. Home buildings insurance – 57%
  4. Travel insurance – 38%
  5. Life Insurance – 30%
  6. Pet insurance – 18%
  7. Critical illness cover – 11%
  8. Income protection (individual policy) – 6%
  9. Income protection (via employer) – 5%

 

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Banking on gramps: 13% of grandparents support adult grandchildren

Wealth is trickling down the generations, according to a new report from OneFamily, with 13% of UK grandparents providing regular...

Close