Why People Insure Their Pets But Not Their Lives — And Why That Needs to Change
Life Assurance in the UK is a curious phenomenon.
Many people will happily pay monthly premiums to insure their pets, but overlook protecting the most important assets-themselves.
According to recent data, over 60% of UK pet owners have insurance for their furry friends.
Yet less than 35% of adults have Life assurance in the UK.
As independent financial advisers, we often ask clients, “If your pet is worth protecting, why aren’t you?”
Let’s explore why this disparity exists, what Life assurance really is, and the benefits of having cover in place at every stage of life.
What Is Life Assurance?
Life assurance (sometimes referred to as whole-of-life insurance) is a policy that pays out a lump sum when you die. It’s designed to provide financial support to your loved ones, covering things like:
- Mortgage repayments
- Every day living expenses
- Funeral costs
- Inheritance tax bills
It can give your family breathing room at an emotionally difficult time and peace of mind while you’re still around.
Why the Disconnect about Life Assurance?
Many people view pet insurance as a practical necessity, as it helps avoid unexpected veterinary bills and protects against the high costs of emergency treatment. The decision is often driven by emotion as well. We love our pets and want the best care for them.
Life assurance, on the other hand, is often seen as less urgent. Death feels like a distant concern, especially for younger people, and the process of getting life cover may seem complicated or unnecessary.
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However, this approach can be risky and costly in the long run.
The Benefits of Life Assurance at Every Age
In Your 20s and 30s:
This is the best time to secure cover as premiums are typically much lower when you’re young and healthy. Even if you don’t have dependents now, future-proofing your finances is a smart move. Plus, if you develop health issues later, securing cover could become difficult or costly.
Life Assurance in your 40s and 50s:
At this life stage, many people have mortgages, children, and other financial responsibilities. Life assurance ensures that your family is financially protected in the event of the unexpected. It can also be used alongside critical illness cover or income protection.
In Your 60s and Beyond:
Life assurance can help cover funeral costs or pass on a guaranteed inheritance. For those with larger estates, it can also be used to help mitigate inheritance tax, allowing your loved ones to retain a greater share of your wealth.
A Simple Step Towards Financial Wellbeing
Pet insurance is important, no question. But if you’re willing to pay £20–£40 a month to protect your dog or cat, it’s worth asking what you’re doing to protect your family’s future.
It isn’t just for older people or those with kids. It’s a key part of responsible financial planning for everyone.
As Independent Financial Advisers, we can help you find the right cover at the right price, tailored to your circumstances.
Final Thought
Your pet is part of the family, just like you. Let’s make sure everyone’s protected.
