Research from Friends Life finds that as a nation we put the well-being of our pets and smartphones ahead of our own. People are twice as likely to hold pet insurance (21%) than they are a critical illness policy (12%), despite family and health being top concerns for those polled. The research highlights that the vast majority of us (87%) fail to insure ourselves against serious or life changing injury.
While pets (14%) came towards the bottom of the rankings when people were asked about what was most important to them, they were more likely to choose to protect these than top concerns such as income (26%) or health (42%).These figures show a disconnect between what is considered important and how people are insuring themselves and their possessions. Just 9% claimed to hold any form of income protection.
Mark Anders, Head of Sales & Marketing for Individual Protection at Friends Life said: “It is all very well being able to replace a cracked phone screen, but the ability to pay for ongoing medical treatment or pay off your mortgage when a serious accident or injury impacts your ability to work is a lot harder to fund, so it is important thatpeople look into their personal insurance options to provide financial security and peace of mind for themselves and their family in case the worst happens.”
31% of Friends Life’s customers consider purchasing Protection products a luxury. 84% consider running a car a necessity.
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