04 May 2021

Britons 'three times more likely' to insure their pet than themselves

Britons 'three times more likely' to insure their pet than themselves

Britons are three times more likely to put their pets' health before their own.

New research has found that 18% of people have taken out insurance for their furry friends, compared to just 6% who signed up for critical-illness cover for themselves.

Almost two in five Britons have experienced a loss of income since the first Covid-19 lockdown in March 2020 - having faced furloughed hours, time off work for caring duties or a period of illness.

So it's unsurprising that more than half of respondents in the Halifax survey now admit that, in the event of the main earner in their household falling critically ill, they wouldn't be able to stretch their savings beyond six months.

Peace of mind

Allan Gardner, Financial Services Director, believes critical illness cover is a "must" for peace of mind.

"We never think a critical illness, such as cancer, is going to happen to us, especially when we feel fit and health," he said.

"However, sadly it can and does. If the worst does happen, it's important to make sure you're protected against the financial impact such illness could have on you and your family.

"Critical illness cover is designed to pay you a tax-free lump sum to help minimise the impact on you and your loved ones.

"For example, if you needed to give up work to recover, or if you passed away during the length of the policy, the money could be used to fund the mortgage or rent on your home, everyday bills or even simple things like the weekly food shop - giving you and your family peace of mind when you need it most."

Barriers

Since March last year, 17% of people or one of their family members have been diagnosed with a non Covid-related serious illness for the first time.

Despite this, more than one in five still don't see critical-illness cover and life insurance as a priority.

According to the survey, the top barriers to investing in adequate protection are:

  • The assumption that people need to take time out of their day to call their insurer to apply for or update their policy (36%).
  • Affordability (33%).
  • A lack of trust that the insurer will actually pay out (13%).

Mr Gardner said that that the truth is insurers pay out "on the vast majority of claims".

Speak to our protection experts

If you would like to speak to one of our advisers about opening a protection policy, click here.

Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Tick this box if you wish to receive news and offers from Aberdein Considine. By doing, you indicate your consent to receiving targeted email marketing messages from us. On each occasion that we contact you in the future, you will be given the option to opt-out from receiving such messages. You may also email marketing@acandco.com at any time to opt-out.

The personal information that you provide to us in this form will only ever be used by Aberdein Considine (as the Data Controller) for the following specifically defined purposes:

  • email you content that you have requested from us
  • with your consent, occasionally email you with targeted information regarding our service offerings
  • continually honour any opt-out request you submit in the future
  • comply with any of our legal and/or regulatory obligations