Brits in Wales are more likely to protect their pet than themselves, according to new research by Zurich UK.
The bond between a pet and its owner is certainly a special one, as adults in Wales insure over 590,000 of their beloved companions. Whereas 92% of Welsh adults are not protected should they unexpectedly lose their income due to an accident, sickness or become unemployed. Just 198,000 people have income protection and around 220,000 have critical illness cover.
The research of more than 2,000 UK adults from YouGov, found that nearly a quarter (24%) of Welsh adults have pet insurance, whereas only 8% have income protection cover and 9% have a critical illness policy.
Despite the nation choosing to insure their furry friends over themselves, nearly half (41%) of Welsh adults are preparing for the worst by having a life insurance policy – equating to over 1 million people.
The most popular types of insurance policies purchased in Wales are:
- Motor insurance – 80%
- Home contents insurance – 78%
- Home buildings insurance – 66%
- Travel insurance – 42%
- Life Insurance – 41%
- Pet insurance – 24%
- Critical illness cover – 9%
- Income protection – 8%
The research also found that relevance, price and the need of both income protect and a critical illness policy were the main barriers preventing people from taking out such cover. Whereas, price (72%), transparency (63%) and the likelihood of paying out (58%) are the most important factors for Brits.
Chris Atkinson from Zurich UK, comments: “We are a nation of animal lovers, so it’s not surprising that we all do that we can to protect our beloved companions. That said, as we continue to weather tough economic conditions, high unemployment, rising debt, not to mention the increase in health related issues, it’s vital that people take precautions to protecting their futures. Having an income protection plan in place means that adults can enjoy life, without having to worry about the prospects of losing their regular income should they become ill or lose work.”