Pet insurance more important than critical illness cover?

| February 23, 2012 | 0 Comments
Pet insurance more popular than critical illness cover

Insurance provider Hastings Direct is advising pet owners to take out the most comprehensive policy they can afford when their pet is under one year old.

Dec Fisher, head of ancillaries at Hastings Direct warned that when people buy a new pet, they do not know what health issues they may have to face and during their first year of life pets are most likely to need expensive veterinary treatment.

It is therefore important to take out a policy which offers a good level of cover for illness, accidents and injury, he suggested.

However, many insurance providers do not offer policies until a pet is more than eight weeks old and it may also be difficult to secure cover for an elderly animal.

Recent research conducted by Ageas Protect suggests that consumers are more likely to take out health insurance for their pets than for themselves or their family.

While 12 per cent of adults in the UK have taken out a pet insurance policy, only nine per cent have taken out a critical illness policy.

Critical illness insurance provides a tax-free lump sum if the policy holder becomes seriously ill or disabled.

Although parents are more likely to take out life insurance, critical illness or income protection cover, 60 per cent of parents with children under 18 years do not have insurance in place to pay medical bills or to compensate for loss of wages if they have to take time off work.

Fifteen per cent of parents surveyed said they would spend £5 per month on critical illness cover for themselves and their children, 17 per cent said they would spend up to £10 each month, and 10 per cent would spend up to £20 a month.

Tags: Ageas Protect, Critical illness insurance, Hastings Direct,

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