Article date: 24 June 2015
More UK families have pet insurance than income protection or critical illness cover combined, according to figures from Aviva’s upcoming Family Finances Report.
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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Notes to editors:
* Figures from Pet Food Manufacturers’ Association Pet Population Report 2014.
The Aviva Family Finances report is an in-depth study into the financial needs of the 84% of the UK population who live as part of a modern family. Based on customer profiles and Government data Aviva has recognised the six most common types of modern family as:
– Living in a committed relationship with no plans to have children
– Living in a committed relationship with plans to have children
– Living in a committed relationship with one child
– Living in a committed relationship with two or more children
– Divorced/separated/widowed with one or more child
– Single parent raising one or more child alone
2,000 adults aged 18-55 who live as part of one of these family types were interviewed in May 2015.
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* Before the deduction of overlapping customers.