By Victoria Bischoff, BeatThatQuote.com, 28/04/2009 00:00

Is your life worth less than your pet's?

Ever wondered how much your life is worth? Hopefully it's more valuable than your pet's…

Britain is famous for being a nation of animal lovers, and it seems many of us value our pets' lives even more than our own. According to research by MRL Insurance, pet insurance policies have been more popular in the past 12 months than life insurance cover - for every life insurance policy taken out, ten pet policies have been paid for. This means that while many people are willing to hand over money each month to protect their furry friends, they aren't as quick to provide cover for themselves.

See the top deals on life cover

Why you should protect your pet
Almost half of the households in the UK own a pet, according to the Pet Food Manufacturer's Association. And for many pet owners, their dog, cat or goldfish feels as much a part of the family as their children. Sadly, there is no NHS for animals, so if your pooch does need to visit animal hospital and you don't have pet insurance, you will have to pay. And, as any unfortunate pet owner will testify, vet's bills are not cheap. According to research by Petwise, the average trip to the vet can run to hundreds of pounds. If your pet requires complex treatment, such as for hip dysplacia, you could find yourself writing a cheque for over £4,000. For just a few pounds a month, pet insurance will protect your pocket in case your pet suffers an unexpected injury or illness. As well as covering medical expenses, some pet policies will also cover kennel fees if you are suddenly unable to look after your animal, or pay out if your pet damages someone else's property. However, while pet insurance may stop your animals from clawing at your purse strings, not having life insurance leaves you open to potential fiancial disaster.

Why private health insurance is still popular

Life insurance is not a luxury
Life insurance is not a cheery topic - but ignoring it could leave your loved ones without the vital protection they need when you die. If something unexpected happened to you, life insurance could save your family from a serious financial headache that would add to their distress at losing you.If you and your partner have a joint mortgage or pool your income to pay bills, having a life insurance policy in place will ensure your share of the household expenses is covered. This will prevent your other half being hit with expenses they can't afford alone should something happen to you. It's also important to make sure your life insurance covers all other outstanding debts, such as credit cards and personal loans. This will ensure that the money you leave behind is not swallowed up in debt repayments.Furthermore, being responsible for a financial dependent, such as a child, can cost thousands of pounds a year, so it is essential you have an insurance policy in place that will pay for their needs in case you aren't here to do so.And remember, if you are a stay-at-home mum or dad, this doesn't mean you don't need life cover. Although parenting and housework are unlikely to contribute to your household income, your work is still valuable; the price of paying someone else to be your family's nanny, chef and maid could easily add up to thousands of pounds per year.

Don't cancel your cover to save cash
Since the credit crunch, it seems many Brits have considered cancelling insurance cover in a bid to save money. Sadly, many of these cut-backs will leave people vulnerable to far greater expense down the line. However, there are ways you can lower the price of your life insurance premiums without cutting back on vital cover. Firstly, sit down and calculate accurately how much money your family would need if something happened to you. By just guessing, you could easily overinsure or underinsure yourself, and either mistake could cost you dearly in the long run. Also, make sure you shop around and compare a range of policies before you pick one. It's crucial that your policy provides you with the cover you need at an affordable price.It's important to be aware that life-changing events such as getting married, changing your job or having a baby could all affect your insurance needs. Therefore, you shouldn't simply purchase a life insurance policy and then forget about it. Ensure you rethink your cover regularly, especially at watershed moments in your life. All insurance policies are designed to offer you peace of mind and protection if things go wrong but ultimately, prioritising your pet's insurance above your own is not a smart financial move. Although Lassie always came to the rescue in the end, it's unlikely your own pet will be able to save you or your family if disaster does strike.