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June 16, 2011updated 13 Apr 2017 8:48am

Pet insurance outdoes income cover in the UK

Specifically, the life insurer found 12% of UK adults have insurance to protect their income should they be unable to work because of ill health, while 15% insure their pets and 13% their mobile phones

By LII editorial

Consumers in the UK are more likely to insure their mobile phones and pets than their income in case of ill health, reveals a report by Scottish Widows.

Specifically, the life insurer found 12% of UK adults have insurance to protect their income should they be unable to work because of ill health, while 15% insure their pets and 13% their mobile phones.

The lack of critical illness cover is despite the fact 86% of adults are aware of it, noted Scottish Widows.

The situation is similar when it comes to life insurance, of which 97% of adults are aware yet only 44% have any. When it comes to income protection insurance, there is an 83% awareness but a take up rate of only 7%.

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