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Brits more likely to insure pets than take out income protection

Michael Lloyd

January 7, 2020

Brits are twice as likely to insure their pets as they are to take out income protection, research by Cirencester Friendly has found.

A third of people said that they have, or would take out pet insurance in case their pet were to need medical help.

A further 30% of people would take out mobile phone insurance.

However only 17% of workers either have or would take out income protection.

David Macgregor, commercial director at Cirencester Friendly, said: “It is pleasing to see increasing numbers of people turning to insurance to provide peace of mind should the worst happen.

“Only 9% say they would not take out any insurance at all – a significant drop from 16% in 2016.

“However, insuring your income, in case illness or injury prevents you from working is still too low on the agenda.

“Double the amount of people would choose to insure their pets rather than themselves, sadly highlighting a questionable choice of priorities.

“Falling ill or being too injured to work can be stressful at the best of times and that is without considering the financial implications, which can result in people trying to return to work even if they are not really fit enough to do so – potentially creating even more distress.

“We hope that the rising trend in insurance will be echoed with income protection and we will see more people choosing to protect their earnings.”

Despite people’s reluctance to take out income protection, this is not necessarily a question of cost.

The younger generation of 16 to 24 year olds would pay an average of £25.47 per month to insure their pet, more than the cost to take out income protection, at less than £23 per month.


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