However, With About One In Three Insurance Policies Not Providing Cover For Ongoing Treatment Beyond The Year Mark, Many Pet Owners May Find Themselves Coming Under Financial Hardship Should Their Animal Continue To Suffer

Category: Finance, Personal Finance.

As the winter months set in, many consumers could see themselves developing financial difficulties as a result of health conditions, new research indicates. According to the financial services firm, animal lovers should take the time to ensure that they have an adequate insurance policy for their furry friends as 37 and 35 per cent of policies on the market do not cover conditions lasting for more than a year for dogs and cats respectively.

However, the study conducted by Sainsbury s Bank shows that Britons may not discover they have problems in managing money because of medical problems experienced by themselves, but rather those which are suffered by their pets. As a result, consumers who own animals which have ailments likely to last for more than 12 months, epilepsy or diabetes, such as eczema, could see themselves be forced to meet the costs of medical treatment themselves. Overall, almost a third( 30 per cent) of animal medical conditions were reported as lasting for at least 12 months. Consequently this could impact upon their ability to make repayments on loans and plastic card bills. However, with about one in three insurance policies not providing cover for ongoing treatment beyond the year mark, many pet owners may find themselves coming under financial hardship should their animal continue to suffer. Meanwhile, one in every 26 trips results in costs of more than 1, for which a, 000 pounds low- rate loan may be a competitive way of meeting the expense.

Research from the firm also indicated that the typical veterinary bill stands at about 300 pounds. Commenting on the figures, Sainsbury, Claire Moyles s pet insurance manager, reported that not getting a suitable level of insurance could cause many animal owners to develop financial difficulties as they may be forced to meet the cost of vet treatment themselves. She said: "With such a large number of policies not providing adequate long- term treatment for conditions lasting longer than 12 months, pet owners need to make sure that the insurance they choose will provide the cover they need in the event of their dog or cat suffering from a recurring condition. In turn this could impact upon their capacity to make payments on home loans, store cards and, utility bills other sources of demand on their expenditure. It is imperative that people check what their policy covers before purchasing it, as otherwise they could end up having to foot a large unexpected bill. Speaking earlier this year, insolvency director for, Derek Oakley Debt Free Direct, reported that access to home loans and other types of credit keeps people s lives" going" .

Good quality pet insurance does not need to be expensive because extensive cover at a competitive price can be found by shopping around. " As a result, those who are concerned about their capacity to meet medical expenses for their pet, in addition to other spending commitments, may wish to take out a low- cost loan. Claiming that it gives consumers the opportunity to do things and make purchases that they may not have been able to do otherwise, Mr Oakley reported that the vast majority of people are able to make regular repayments on loans" without a huge amount of difficulty" .

Read more...

You Shouldn T Have Any Trouble Finding A Reliable Financial Planner, And There Is No Reason Not To Do So - Finance and Personal Finance Articles:

throughout the course of your career, you should be constantly thinking ahead. Although such popular expressions are usually ignored, there is a good deal of truth in the saying: "Those who fail to plan, plan to fail. " And, nothing can be as devastating as reaching your Golden Years without an appropriate and adequate retirement plan in place.

The Food And Refreshments Are Important For A Wonderful Wedding Day - Colleen Klosterman about Finance and Personal Finance:

A lady dreams of her special day since she was a little girl. Marriage is about two people becoming one.

Meanwhile, Some 32 Per Cent Plan To Financially Lean On Their Friends, Partners And Family Members For Extra Money - Finance and Personal Finance Blog:

As thousands of young people are set to go abroad with friends over this summer, a lack of budgeting skills could see their parents develop debt problems, it has been suggested. Meanwhile, some 32 per cent plan to financially lean on their friends, partners and family members for extra money.