underinsured

Brits are underinsured! Are you?

Many Brits are choosing to protect their pets over themselves. Are you one of them?

There’s no doubt about it: we are a nation of animal lovers, with the RSPCA estimating* that half of all UK households own a pet (excluding fish).

In fact, the animal charity says there are around 20 million pets in the UK as of this year, including 8.5 million dogs and 8 million cats. 

Digging deeper 

Back in July, YouGov conducted a study on behalf of Zurich and quizzed over 2,000 GB adults about their insurance habits. The results revealed an alarming fact: some Brits are more likely to protect their beloved pets than themselves!

While 18% of respondents said that they have taken out pet insurance, just 11% have purchased critical illness cover. Here are their insurance priorities in full:

Home contents – 70%
Motor insurance – 68%
Home buildings insurance – 57%
Travel insurance – 38%
Life insurance – 30%
Pet insurance – 18%
Critical illness – 11%
Income protection (individual plan) – 6%
Income protection (via an employer )– 5%

Chances are that you’ll have taken out a few of these insurance plans, but are there any you’re yet to purchase? If so, is it because you don’t feel clued up enough about the features and benefits of the plan? 

Critical illness cover 

With just 11% of respondents having critical illness cover, they were asked what factors were preventing them from taking out such a plan. We found the top reasons to be price, and not seeing the relevance of the cover. 

So, why take out critical illness cover? 

It might help to answer a question with a question: if you fell critically ill and were forced to give up work, could you and your family (including any pets!) cope financially, or would you struggle?

Do you have life insurance?

It’s not a nice thing to think about, but if you were no longer around, life insurance would at least help to protect those closest to you from any financial concerns. With Zurich life insurance plans, you can choose for cover to last your lifetime, or for a set number of years, and you have the option to add critical illness cover to your plan. 

Zurich’s critical illness cover pays out a cash sum if you are diagnosed with one of the 85 illnesses listed in our plan including cancer, heart attack and stroke. Coping with illness is stressful enough without having to worry about money – and this cover will help to alleviate any financial strain put upon your family. 

The money you receive could help to pay the bills while you were off work, be put towards specialist treatment, and help to cover day-to-day expenses like childcare costs. For a regular, monthly payment, you’ll have peace of mind that some of your financial needs are taken care of. 

We will also protect your children for no extra cost, from three months up to the age of 18 and provide access to professional counselling for you and your close family if you need it. Ultimately, we want to help to take away your financial and emotional stress as much as we possibly can.

Choose Zurich for peace of mind

In the insurance study, YouGov asked the respondents what the most important factors were when taking out a plan – price (72%), transparency (63%) and the likelihood of paying out (58%) made the top three.

We take pride in the fact that our plans are great quality and offer a high level of protection. We are transparent with customers from the outset and have even created comprehensive guides to help you get to grips with your plan (like our Life Insurance for beginners guide here). You can also trust that we pay out: in 2016, we paid 98% of all death claims and 90% of critical illness claims. 

By all means, protect your four-legged friends with quality insurance; just don’t forget to protect yourself and your family too.

*We’re not responsible for the content of other websites

The Press Release research around insurance was conducted by YouGov on behalf of Zurich in July 2017 - over 2000 GB adults.

Sources: 

https://media.rspca.org.uk/media/facts

https://www.zurich.co.uk/en/personal/insurance/life-insurance/get-critical-illness-cover-for-peace-of-mind

https://www.zurich.co.uk/en/personal/insurance/life-insurance

https://www.zurich.co.uk/_/media/dbe/united-kingdom/docs/life/existing-customers/113293.pdf?la=en&hash=EEF84E7245647A49C3C4FA60C4E692BC4118B5EB

 

 

 

 

 

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