Millions of pet owners have purchased insurance in case of an expensive trip to the vets’, but who will pick up the bill if something happens to you?
Many pet owners will know the stress and financial burden caused by an expensive vets’ bill and have taken out pet insurance to avoid having to make difficult decisions at stressful times. In fact, figures show 3.9 million dogs and cats are covered by pet insurance.
However, it seems we place more value on our pets’ wellbeing than our own, with almost 8.5 million people in the UK potentially needing some sort of insurance cover, having none.
Why aren’t we insuring ourselves?
One in four breadwinners does not have life insurance in place, risking leaving their families in financial difficulty if they were unable to work – or worse, died. It seems women are in a worse position than men, with 38% protected by some sort of policy, compared to 45% of men.
So what is it that puts us off buying insurance? Perhaps it’s the thought of paying out each month but not seeing any benefit from the cover.
Far from being a luxury, protection insurance should be considered essential. If you suffered a serious illness or injury you may lose your income, and this could lead to you losing your home. Similarly, if you died, would your loved ones be able to maintain their current lifestyle without your income?
If you think it’s not going to happen to you, you may be surprised to know:
• half of people in the UK born after 1960 will be diagnosed with some form of cancer during their lifetime
• In 2015/16 8.8 million working days were lost due to musculoskeletal disorders
• there are up to 175,000 heart attacks in the UK each year
Insurance policies can provide funds to help deal with the financial consequences of illness, an accident, unemployment or death. Whether that’s to help pay the mortgage, maintain your family’s lifestyle, or even help pay for medical treatment or specialist nursing support.
The next time you’re renewing your pet insurance, check our own level of cover too. If you’d like more information on the types of cover available and whether they are suitable for you, please get in touch.