People are twice as likely to insure their pets rather than themselves, according to new research.
Out of those surveyed, 21 per cent of people said they had pet insurance, whereas only 13 per cent had health insurance and 12 per cent had critical illness cover. Furthermore, more people had smartphone insurance (18 per cent) than health insurance.
However, when asked what was most important to those interviewed, immediate family and health were the top two with 76 and 42 per cent respectively. Pets were towards the bottom of the list with just 14 per cent.
The emergency event most feared was a serious or life-changing injury or accident, yet the data suggests that not everyone has sufficient insurance to cover such an emergency if it were to happen.
Mark Anders, head of sales and marketing for individual protection at Friends Life, said: “It is all very well being able to replace a cracked phone screen, but the ability to pay for ongoing medical treatment or pay off your mortgage when a serious accident or injury impacts your ability to work is a lot harder to fund.”
Mr Anders encouraged people to look into their personal insurance options to provide financial security in case the worst were to happen.