Pre-released statistics from the report indicate that while 20% of UK families have pet insurance, the proportion of UK families with either income protection (8%) or critical illness cover (11%) is marginally lower at 19%. The statistics are even more striking, given that only 46%* of the UK population actually has a pet.
While this is good news for pets and owners alike, the figures suggest that people could be neglecting their own financial wellbeing, potentially leaving themselves vulnerable, should they fall ill and be unable to work.
The proportion of families who have life insurance is reassuringly higher however, with four out of 10 families having this form of cover.
Louise Colley, Managing Director, Protection for Aviva says:
“It’s fantastic to see that we are a nation of animal lovers and so many families are taking the important step of protecting their pets. However, it’s a concern that we’re not always quite so prepared when it comes to safeguarding our own futures.
“Four out of 10 families have life insurance to protect their loved ones if the worst happens. But we’d also urge them to also think about how they might cope financially if faced with a critical illness, or if an income-earner was unable work due to accident or illness.
“A payment from an income protection or critical illness plan can allow people to focus on their health, knowing that money matters are taken care of. And because they can spend their payments on what they choose - including dog walking services or pet products - they can make sure all their loved ones are cared for at a time of need.”
Aviva life insurance, income protection and critical illness cover are available to advisers through Aviva’s ‘ALPS’ protection system (Aviva Life Protection Solutions)
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