UK workers more likely to insure their pets than their own lives

Figures from LV= reveal that a third of workers (33%) have pet insurance, yet fewer hold life insurance (29%), critical illness cover (25%) or income protection (25%).

The research also suggests a deeper issue: many people aren’t sure what personal protection they need, or assume it’s something they can put off. LV= found that 43% of working adults have no protection at all, despite the risk that illness or injury could suddenly stop their income. Women remain even less likely than men to have life insurance or other forms of cover.

With household budgets already stretched, the absence of a financial buffer can quickly become a problem. A short period out of work can make it difficult to cover rent, bills or childcare, let alone unexpected costs.

Gary Beyer, LV= Protection Proposition Director, said: “While it’s important people have protection for their pets, it’s vital that they also safeguard their own health, income and families.”

On a similar theme, research from OneFamily shows almost half (44%) of 18 to 40‑year‑olds rarely or never save for periods when they might be unable to work. That’s despite rising rates of long‑term health conditions.

It’s all a reminder that putting some money into savings or insurance can be a wise move to help us stay financially afloat when life takes an unexpected turn.