care more about covering their pets against serious illness than their family
members, new research from Ageas Protect suggests.
have a critical illness policy - while 12% have taken out a pet insurance
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.
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.
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.