According to a study conducted in 2012 it has been seen that consumers are more likely to insure their pets than family members including their children.
The study reveals that less than 10 adults have a critical illness policy in place which pays out a lump sum if you are diagnosed with a critical illness including conditions like cancer, stroke etc.
Pet insurance vs Critical Illness Insurance
Another study conducted this very year has also seen that one out of three individuals are ready to invest a sum of their money into insurance policies for their furry friends that would help them with vet bills and other related expenses, yet more than 80% of the same individuals admitted to not having an insurance policy in place to pay for their medical expenses if they were to be diagnosed with a critical medical expense and were unable to work.
While these numbers are encouraging than the ones obtained back in 2012, the financial protection gap is still worrying. It can be argued that the NHS does provide free medical assistance but a loss of income has further financial implications than just the ability to pay one’s medical bills. In the absence of sufficient savings and suitable insurance, the financial situation of an entire family can be at risk.
Pet insurance vs Income Protection Insurance
Studies show that about 17% of individuals in the UK already have or would purchase an income protection insurance compared to the 33% of the individuals who already have or would like to purchase insurance to cover their pets.
Income protection insurance is special insurance policies that help to maintain a constant flow of income even if you lose your prime source of income due to illness or injury. The money from the policy helps to cover your monthly expenses including your children’s fees and their other expenses.
While we encourage the divine love between a pet and his/her parent and support the idea of insurance for even out fur babies we cannot ignore the fact that the insurance gap that exists in our population is a worrying number. The solution to this is to understand the importance of insurance for your family’s and your wellbeing and invest in insurance policies that will help you in your times of need.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00