Everyone knows that Britain is a nation of animal lovers with 40% of households owning a pet1, but new evidence has come to light which shows that people could be prioritising their pets’ health above their own!
A survey* by Sovereign Health Care has shown that Brits are more likely to have pet insurance than health insurance, with over 15 per cent having it, compared to just over eight per cent who have some form of health insurance policy.
What’s more, people putting their pets’ wellbeing ahead of their own could be risking real financial strife; the survey also showed that almost three-quarters of a million people in Britain would have to re-mortgage their homes if they were off work sick for a month or more. A fifth of people in the UK don’t have a plan to cover their finances if they were off sick, and don’t think that they need one.
However, with statutory sick pay amounting to just £353.80 a month, and the average person paying out almost £1,000 a month on bills, shopping, rent or mortgage, this leaves people who are too ill to work with a monthly shortfall of over £645.
Bradford-based cash plan provider Sovereign Health Care has expanded its range of services by offering an income protection product, Income Protection Plus, in conjunction with PG Mutual through its newly created subsidiary company, Sovereign Assured Partners Ltd.
Sovereign’s chief executive, Russ Piper, said: “Being off work due to illness can often be unavoidable, yet it appears that many people don’t have a plan to cover their costs if this should occur. The financial consequences could be severe, especially for people who don’t have savings to tide them over.
“We understand that illness has financial implications – particularly when statutory sick pay is such a small amount. This is where Income Protection Plus could help as it pays a regular income if you are unable to work due to illness or injury.
“From our research, it is clear to see that we are more concerned about our pet’s health and welfare than our own! However ironically, if you are unable to work and pay the bills due to ill health, your pet will be likely to suffer too.”
Income Protection Plus provides policyholders with a plan that pays a regular income to those who find themselves off work due to illness or injury until they either recover or reach 65, but the plus is that it also has an investment element which pays out when the policy matures. The flexibility of Income Protection Plus will allow you to tailor your plan to your circumstances.
Protect yourselves first, and you’ll be in a better position to protect your pets!
To find out more about Income Protection Plus, please click here.
*Censuswide survey of 1,000 UK adults aged 18 or over
1 Pet Food Manufacturers’ Association http://www.pfma.org.uk/pet-population-2016