Independent research was conducted on behalf of income protection provider Cirencester Friendly by Censuswide, taking in responses from 2,000 UK workers aged between 18 and 54. It found that while 33 per cent of respondents either have taken or would take out pet insurance, only 30 per cent of people have taken or would take out insurance for their mobile phone – arguably the most common and essential gadget we carry in these modern times – and a mere 17 per cent either have taken or would take out income protection insurance. In terms of who would insure their pets, when looking at responses from just women, the figure rises to 38 per cent.
The figures from the survey are notably higher than the equivalent numbers from similar research undertaken three years ago, which found that 21 per cent of people would insure their pets and 16 per cent would insure their phone.
“It is pleasing to see increasing numbers of people turning to insurance to provide peace of mind should the worst happen,” said David Macgregor, Cirencester Friendly’s Commercial Director. “Only nine per cent say they would not take out any insurance at all – a significant drop from 16 per cent 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.”
The UK has oft been described as a nation of animal lovers, so it makes a certain sense that Brits would be more concerned about protecting their pets than themselves. But consumers would do well to take their own personal safety, and that of their finances, more seriously – hopefully this research, and the fact that income protection is often cheaper than pet insurance, will inspire more people to take precautions.