Pet insurance more popular than critical illness cover
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.”