UK workers put their pets insurance before personal income protection
- Currently in the UK there is over 9 million pets insured, and only 3 million people who have individual income protection
- British adults are more likely to get insurance for their pet than income protection and critical illness cover
- The price and knowledge of benefits of insurance are they main reasons people whose to insure pets over income
Britain’s are now more likely to insure their pets than their income or health, according to studies done by Zurich Insurance Company.
In studies conducted by YouGov, which looked at 2,000 people in the UK, it highlights this relationship, showing that over 10 million pets are covered by insurance. When we compare this to the 3 million people that are covered by critical illness, or personal income insurance, it demonstrates clearly to us that UK workers are more inclined to protect their pets than their personal finances.
Despite people deciding to put their money into their pets rather than critical illness insurance, a third of Britain’s have taken out life insurance to ensure those they leave behind will have the help they need. This is estimated to be around 15 million citizens.
In a research study conducted by Epoq, it was revealed that 32% have pet insurance compared to the 25% that have income protection. It has been speculated that many employees have not been properly educated by their employers, and do not understand the benefits of taking out income protection insurance, which could be a key reason as to why they are choosing pet insurance over their own health or income insurance.
Income protection guarantees you income if you find yourself in a position where you are no longer able to work due to illness or disability. If employees do not have this and they are involved in an accident or get an illness, they may not have the financial backing they would expect to have.
These findings from the research highlights the bond between a pet and their owners, and our tendency as humans to put financial wellbeing aside. Although we are a nation of pet lovers, it is important to protect ourselves, and not to underestimate the possible impact that illness, injuries and disabilities will have on our income and wellbeing.
The research conducted by Zurich Insurance Company also concluded that the price of such insurance, along with employees not seeing the relevant of illness or income protection are the main reasons for people choosing pets over personal insurance.