New research from investment, protection, and retirement specialist, LV=, reveals UK workers are increasingly prioritising pet insurance over personal protection.
The findings, uncovered in LV’s fourth Reaching Resilience Report, highlight a clear protection gap that could leave many financially exposed if illness or injury were to prevent them from working. The data shows that one in three UK workers (33%) currently hold pet insurance, compared with lower uptake of essential personal protection products, including term life insurance (29%), critical illness cover (25%) and income protection (25%).
Rather than signalling a lack of interest, this shift suggests workers may be uncertain about their personal protection needs, creating a clear opportunity for advisers to guide their clients toward appropriate cover.
LV’s findings also show that almost half (43%) of UK working adults currently hold no personal protection at all, leaving many potentially exposed if illness or injury were to impact their ability to work. Gender disparities also persist, with men more likely than women to hold life insurance (31% vs 26%), critical illness cover (27% vs 23%), income protection (28% vs 22%) and private health insurance (32% vs 26%). Pet insurance uptake remains consistent across genders at 33%.
This imbalance could have serious consequences, especially as households face rising living costs and financial pressures. Without the adequate personal protection policies in place, many workers could struggle to meet everyday costs if the unexpected were to happen.
Gary Beyer, LV= Protection Proposition Director, said:
“These findings highlight a valuable opportunity for advisers to support clients in building long-term financial resilience. While it’s important people have protection for their pets, it’s vital that they also safeguard their own health, income and families.
Professional financial advice plays a crucial role in helping individuals understand not only the importance of protection, but which solutions are most suitable for their circumstances. Advisers are uniquely placed to bridge the gap, simplify complex decisions and ensure clients have the right cover in place.
The protection gap remains significant, and advisers will continue to be central to helping households navigate uncertainty and improve financial resilience.”
LV= supports advisers by providing a comprehensive range of products to protect people’s income as well as relevant insights, tools and resources to help advisers have impactful protection conversations.
