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People insure their pets but not themselves

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People are 3 times more likely to have insurance for their pets’ health as they are to have critical illness cover for themselves, a survey has found. Some 18% of people surveyed have taken out pet insurance while just 6% have critical illness cover. It suggested the volume of new pets being acquired during coronavirus lockdowns may have encouraged people to purchase protection for their animals.

The research also found nearly two-fifths (37%) of people have experienced a loss of income since March 2020 – the month the lockdowns started in the UK. More than half (52%) of people surveyed said that, in the event of the main earner in their household falling critically ill, they would not be able to stretch their savings beyond six months. Some 17% of people said that since March last year they or a family member had been diagnosed with a non-coronavirus-related serious illness for the first time.

Taking time to call an insurer or update a policy was one of the main reasons people did not have critical illness cover, along with affordability and a lack of trust that insurers will pay out, the survey found. About six in 10 (61%) people believe insurers’ communications are too complex while a third (33%) said they find it hard to contact their insurer, the survey found.

Posted by MMB Finance Swindon on 5 May 2021