Marvin OnumonuResearch from LV= has found that UK workers are now more likely to have pet insurance than personal protection cover.
The fourth Reaching Resilience Report showed 33% hold pet insurance, compared to 29% with term life insurance, 25% with critical illness cover and 25% with income protection.
Nearly half (43%) of working adults do not have any personal protection, leaving many at risk if illness or injury stops them working.
The report also showed men are more likely than women to hold life insurance (31% compared with 26%), critical illness cover (27% compared with 23%), income protection (28% compared with 22%) and private health insurance (32% compared with 26%).
Pet insurance rates were the same for both at 33%.
Gary Beyer, protection proposition director at LV=, said: “These findings highlight a valuable opportunity for advisers to support clients in building long-term financial resilience.
“While it’s important people have protection for their pets, it’s vital that they also safeguard their own health, income and families.
“Professional financial advice plays a crucial role in helping individuals understand not only the importance of protection, but which solutions are most suitable for their circumstances.”
Beyer added: “Advisers are uniquely placed to bridge the gap, simplify complex decisions and ensure clients have the right cover in place.
“The protection gap remains significant, and advisers will continue to be central to helping households navigate uncertainty and improve financial resilience.”
