Britons are twice as likely to hold pet insurance than a critical illness policy, despite family and health issues being top concerns, research finds.
The survey from Friends Life found that just 12% of individuals had a critical illness policy in place, compared to 21% of respondents who insured their pet, with the vast majority of employees failing to insure themselves against a serious or life changing injury.
While this was the top worry among 45% of employees followed by redundancy (39%), just 9% of respondents said they had an income protection policy.
Friends Life said the figures revealed a disconnect between what was considered important and how people were insuring themselves and their possessions.
Friends Life individual protection sales and marketing head Mark Anders explained that personal insurance provided "peace of mind".
"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, so it is important that people look into their personal insurance options to provide financial security and peace of mind for themselves and their family in case the worst happens," he concluded.
