Parents insure their pets before their children Consumers are more likely to insure their pets than family members, according to new research. Fewer than one in 10 people, some 4.5m adults, have a critical illness policy - which pays out if you are diagnosed with a serious illness, such as cancer. In contrast 5.9m people have insured their pets. The survey - by insurers Ageas - found that while parents were most likely to have life insurance, a critical illness plan or income protect policy in place, six out of 10 parents with children under the age of 18 had no protection at all in place to cover with their own or their child's medical bills, or to replace income should they be unable to work for an extended period. When parents were asked what the maximum they would be prepared to pay for a critical illness policy which covered themselves and their children, 15pc said they would be prepared to spend £5 a month, 17pc would spend up to £10 each month and a further 10pc would commit to a monthly premium of £20. These figures are broadly in line with the cost of pet insurance - where some people will have "budget" policies and others pay for more expensive "lifetime" cover. Most people do not get any help at all with vets' fees, which have risen dramatically in recent years, so have increasingly bought this insurance to help cover these costs. In contrast medical treatment remains free on the NHS, however many people underestimate how their income would be affected if they were unable to work due to ill health, and would only receive statutory sick pay. While a critical illness plan pays out a lump sum if you are diagnosed with one of a number of serious illnesses (such as cancer, heart disease and stroke) an income protection plan pays a proportion of your salary each month while you are signed off work due to ill health. Most policies don't restrict payouts to a limited number of named conditions, and they will continue until you return to work. Andy Milburn, the head of marketing at Ageas Protect said: "It's clear that parents are willing to pay to protect themselves and their children for a reasonable monthly amount. [But] critical illness cover can be taken out for the same monthly outlay as a pet insurance policy, and will provide a vital support at a time of need.