Pet life insurance. They’re worth it?

You’ve probably heard of pet health insurance, which can help cover your pup’s health care costs, especially if they get sick or have an emergency. But did you know that you can also buy pet life insurance?

While many people leave money, property, and even life insurance benefits to their pets when they die, it is much less common to obtain life insurance for a. Why? Well, because policies tend to be expensive and, for the average pet, an unnecessary expense.

Read on to learn when it makes sense to purchase life insurance for your canine companion, what these policies cover, and the difference between pet health and life insurance.

health insurance vs. pet life insurance

Similar to human insurance policies, pet health insurance covers any expensive and unexpected medical expenses. Let’s say your pet has cancer or is hit by a car. Such a policy would help defray the cost of treatment.

Pet health insurance typically doesn’t cover wellness exams or euthanasia costs, though such coverage is often available for a higher premium. Pet health insurance has its pros and cons, but as long as your furry friend is young and healthy, the policies are often worth the price.

Now, when it comes to pet life insurance, it pays a benefit when your beloved companion dies. Although most people do not buy life insurance for the family pet, there are situations when it is the most convenient thing to do.

For example, show dogs, celebrity dogs (think Boo, the “cutest dog in the world”), and even rare breeds are frequently insured because of their monetary value. But this doesn’t mean that pet life insurance is exclusive to the rich and famous.

Life insurance for pets (whether it’s a dog, cat, bird, or any other animal), can help defray the costs associated with their death, such as cremation, burial plots, and even some funeral expenses in in case you want to carry out a service.

The pros and cons of animal life insurance

But nevertheless, Keep in mind that pet life insurance is not like human life insurance.which is intended to cover the loss of income following the premature death of someone who is the breadwinner for your family.

In fact, pet policies are more like renters insurance. Sometimes they are even called “mortality and dog theft insurance”. Coverage limits are based on the monetary “value” of the animal. In other words, how much money would it cost to replace your pet when it died?

Also, there are usually exclusions. Most pet life insurance policies only cover unexpected deaths caused by accidents or sudden illness. If your pet dies of old age, pre-existing conditions, or even an inherited disease, the policy may not pay the benefit.

Therefore, it is important that you speak to a veterinarian about your pet’s health. (you may want to consider a comprehensive exam for some common illnesses) and then talk to an independent insurance agent or broker about the details of the policies available on the market.

What are the limitations of pet life insurance?

As we have explained, life insurance for pets is different from health insurance, since it is designed to cover unexpected deaths such as those that may result from an accident or sudden illness.

In this order of ideas, the insurer can offer compensation for the value of the animal, as determined by its purchase or replacement cost, or its estimated value. And as mentioned above, some insurers will also offer to cover euthanasia, burial or cremation costs in exchange for higher premiums.

However, not all deaths are covered. You are likely to face a number of exclusions in the policy, including things like:

  • Hereditary diseases. Some purebred dogs are prone to serious illnesses, and deaths caused by these illnesses will not be covered by the dog’s life insurance. For example, Lhasa Apsos are prone to developing kidney disease and inguinal hernias; Irish Setters are vulnerable to hemophilia and certain neurological disorders.
  • Pre-existing conditions. Before issuing a policy, the insurance company will require that the pet be checked by a veterinarian in order to verify if the animal suffers from any disease. If so, the insurer will most likely choose not to insure you.
  • Old age. Pets age, and their life expectancy is shorter than that of humans. Pet life insurance limits coverage to a set period of time, thus providing coverage while the animal is in the prime of life.

cost of life insurance

As we’ve mentioned, age restrictions come into play when insuring a pet, which is why getting a policy for an older pet is difficult, if not impossible. In this sense, pet life insurance is like human life insurance.

The older they are, the riskier they are to insure, and therefore the greater the chance that they will be denied a policy or charged higher premiums. However, regardless of age, pet life insurance policies are very expensive. Unless your pet is very valuable monetarily, chances are you don’t want or need life insurance.

dog life insurance

Small dogs tend to live longer than large ones, so the time limits on a life insurance policy will depend on the breed of dog.

Typically, dog owners who can benefit from purchasing a life insurance policy for their pets have breeds that cost a lot of money. Others who may consider a policy are those whose pets compete in Best of Show events or are famous (such as those who have roles on television shows or have become popular on the Internet) as these canines can provide a source of income for their owners.

In fact, it has been reported that Paris Hilton shelled out $25,000 for two teacup Pomeranians. Although these dogs may have a value that justifies life insurance coverage, if you have the money to pay that much for a dog, chances are you also have enough money to cover any expenses related to the dog’s death.

life insurance for cats

Cat owners tend to be less likely than dog owners to seek life insurance for their pets. Cats tend to live longer than dogs, so cat life insurance has longer coverage periods. Also, some cats, such as Persians, Bengals, and Savannahs, can cost several thousand dollars.

“Grumpy Cat” is an example of a cat that might be worth insuring with life insurance. This cat, whose real name is Tardar Sauce, was born with prognathism and dwarfism, and because of this he looks like he’s always frowning. Grumpy Cat became famous in the form of a meme, and its owner has earned millions of dollars through commercial projects in which his cat has been the protagonist, which is why it is worth much more than its purchase price in the market. .

It’s really necessary?

According to data from Harris Interactive, Americans spend an average of $1,191 a year on their pets. The biggest expenses are for food, with 476 dollars, and health, with 425 dollars. For this reason, there is no reason to incur the extra cost of cat or dog life insurance unless the animal has a high appraised value.

The American Pet Products Association reports that there are approximately 86 million cats and 78 million dogs living with families in the United States. While many of these families could benefit from health insurance for their pets, very few would benefit from life insurance.

With a few exceptions, it would make more financial sense to put the money that would go toward a pet life insurance policy into a savings account established specifically for the purpose of covering your furry friend’s eventual burial or cremation expenses.

Making the decision to get pet life insurance

If you believe that your pet has an estimated value that justifies the cost of a life insurance policy, we recommend that you seek more information about it. An agent or broker can help you find an insurance company that offers this type of policy, so you can review costs and any other important details.

Preparing for the end of your pet’s life

Having pet life insurance is a good strategy to reduce the financial blow that the death of your furry companion can cause; however, we know well that dealing with the pain and sadness of a moment like this is something that goes beyond the monetary aspect. This is something that, in a nutshell, is completely and solely up to you, so it’s important that you give yourself time to grieve and go through the grieving process at your own pace.

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