New research has found that 18% of people have taken out insurance for their furry friends, compared to just 6% who signed up for critical-illness cover for themselves.
Almost two in five Britons have experienced a loss of income since the first Covid-19 lockdown in March 2020 - having faced furloughed hours, time off work for caring duties or a period of illness.
So it's unsurprising that more than half of respondents in the Halifax survey now admit that, in the event of the main earner in their household falling critically ill, they wouldn't be able to stretch their savings beyond six months.
Peace of mind
Allan Gardner, Financial Services Director, believes critical illness cover is a "must" for peace of mind.
"We never think a critical illness, such as cancer, is going to happen to us, especially when we feel fit and health," he said.
"However, sadly it can and does. If the worst does happen, it's important to make sure you're protected against the financial impact such illness could have on you and your family.
"Critical illness cover is designed to pay you a tax-free lump sum to help minimise the impact on you and your loved ones.
"For example, if you needed to give up work to recover, or if you passed away during the length of the policy, the money could be used to fund the mortgage or rent on your home, everyday bills or even simple things like the weekly food shop - giving you and your family peace of mind when you need it most."
Barriers
Since March last year, 17% of people or one of their family members have been diagnosed with a non Covid-related serious illness for the first time.
Despite this, more than one in five still don't see critical-illness cover and life insurance as a priority.
According to the survey, the top barriers to investing in adequate protection are:
- The assumption that people need to take time out of their day to call their insurer to apply for or update their policy (36%).
- Affordability (33%).
- A lack of trust that the insurer will actually pay out (13%).
Mr Gardner said that that the truth is insurers pay out "on the vast majority of claims".
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