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Cats fare better than kids when it comes to covering loved ones for serious illnesses, according to Surrey, England-based insurer Ageas Protect Ltd.
A recent Ageas survey showed that 9% of British consumers, or 4.5 million, have critical illness insurance that would cover their children. However, 12% of British consumers, or 5.9 million, have purchased such coverage for their pets.
About 9.5 million parents have no financial protection or sick leave available if they needed to care for a seriously ill child, the survey showed.
Ageas said 42% of those surveyed would be willing to buy critical illness insurance if the premium was £20 ($31) or less per month.
“It's clear that parents are willing to pay to protect themselves and their children for a reasonable monthly amount,” said Andy Milburn, head of marketing for Ageas Protect, in a statement.