People will cover pets against serious illness, but not children

Consumers care more about covering their pets against serious illness than their family members, new research from Ageas Protect suggests.

Only 9% have a critical illness policy - while 12% have taken out a pet insurance policy.

Parents are likely to have life insurance, critical illness or income protection cover. But six out of ten parents with children under 18 have no insurance to support their own or their child's medical bills, as well as any time off work to look after a sick child.

When parents were asked what the maximum they would be prepared to pay for a critical illness policy which covered themselves and their children, 15% said they would be prepared to spend £5 a month, 17% would spend up to £10 each month, and a further 10% would commit to a monthly premium of £20.

Andy Milburn of Ageas Protect comments: "It is clear that parents are willing to pay to protect themselves and their children for a reasonable monthly amount. 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, and will provide a vital support at a time of need."

As the amount that people are prepared to pay is lower than the price of most policies, it is up to insurers to develop new low-price value for money products, just as the supermarkets do.