People are twice as likely to hold pet insurance (21%) than they are a critical illness policy (12%), despite family and health being top concerns for those polled by protection provider Friends Life.

According to the research 87% of Brits fail to insure ourselves against serious or life changing injury.

While pets (14%) came towards the bottom of the rankings when people were asked about what was most important to them, they were more likely to choose to protect these than top concerns such as income (26%) or health (42%). Friends Life explains that the figures show a disconnect between what is considered important and how people are insuring themselves and their possessions.

Only 9% claimed to hold any form of income protection.

Mark Anders, head of sales and marketing for individual protection at Friends Life, said: “It is all very well being able to replace a cracked phone screen, but the ability to pay for ongoing medical treatment or pay off your mortgage when a serious accident or injury impacts your ability to work is a lot harder to fund, so it is important thatpeople look into their personal insurance options to provide financial security and peace of mind for themselves and their family in case the worst happens.”

Friends Life said that 31% of its customers consider purchasing protection products a luxury. 84% consider running a car a necessity.