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Categories:Protection

Pet insurance more popular than critical illness cover

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More people take out pet insurance than critical illness cover, according to new research from Ageas Protect.

After surveying over 2,000 consumers, Ageas found 12 per cent of respondents had taken out pet insurance, compared to 9 per cent who had taken out a critical illness policy and 4 per cent who had an income protection policy.

The most popular type of protection policy was life insurance, which had been taken out by 33 per cent of respondents. The least popular protection plan was long-term care insurance, which had been taken out by less than 1 per cent of those surveyed.

According to the research, consumers with children are more likely to take out protection policies.

Take-up of life cover increased to 40 per cent and 43 per cent for those with children aged between 0 to nine and 10 to 17 years of age respectively. 

The take up of CI policies also increased to 14 per cent for those with children aged up to nine and 15 per cent for those with children aged between 10 and 17.

IP take up increased to 6 per cent for those with children aged up to nine and 8 per cent for those with children aged between 10 and 17.

Ageas Protect head of marketing Andy Milburn (pictured) says: “It is clear parents are willing to pay to protect themselves and their children for a reasonable monthly amount.

“So starting off with a small amount of critical illness cover, which can always be increased at a later date, could be the perfect solution to help educate not only parents, but consumers up and down the country that critical illness cover can be taken out for the same monthly outlay as a pet insurance policy.”

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Readers' comments (4)

  • Perhaps we should all be marketing pet critical illness.

    Distemper is covered from birth to 3 months.

    Canine hepatitis is excluded but Hookworm is covered for the first £100 or 25% of the sum insured, whichever si the lower.

    I feel a bonanza coming.

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  • I was involved in a focus group last year where one of the ladies said that she thought that £10 per month was too expensive for a £200,000 life assurance policy.

    Five minutes later she revealed that she had a £25 per month pet insurance policy on her cat.

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  • I can understand the impact of the headline but the two policies aren't comparable. Pet insurance is better compared to National Insurance and pet owners should be able to pay a small amount each month to cover animals in the household. Unless of course you own Lassie, then you may want to take out CIC.

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  • The most important aspect of a pet insurance policy is to cover high veterinary fees. It takes away all the financial tensions that come first to our mind. There is nothing wrong in pet insurance policy if we purchase it carefully.

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