Pets the priority for insurance

Britons are more likely to insure their pets than insure themselves against an accident or ill health, according to new research by insurance firm AXA.

The data shows that while 15 per cent of UK residents have pet cover, only 13 per cent hold insurance that will sustain their income should they be unable to work.

Commenting on the findings, AXA's protection marketing manager Paul Bennett, said: "While it is encouraging to see that Brits are planning ahead to protect dependants through life insurance cover in the event of death, there are a great many other risks that face us and our families.

"As consumer debt continues to rise, it becomes increasingly important to cover family income, mortgage payments and health."

Mr Bennett also noted that while a third hold payment protection cover for specific debts and loans this should not be a substitute for income cover: "This is only short term cover on isolated commitments and could prove to be merely a drop in the ocean if they become unable to work and lose their income."