Some people even purchase life insurance for their children that allow them to secure low-cost policies that can stay with them into adulthood.
But what about your family pets? After all, they may be bona fide members of your family as well.
Should you buy life insurance policies for them too? If you want to know more details related to your situation, contact a local insurance agent.
Pet Life Insurance
In most cases, the answer is No. Animals rarely have income potential, so while your pet may be invaluable to your family, in the eyes of insurance companies, it’s only worth its value. on the paper.
That is, the value assigned to it will be either the price you paid to buy it or the cost of replacing it with an animal of the same breed.
Emotional value does not come into play. There are exceptions, of course. Rare breeds, show dogs, and famous pets often have a value that far exceeds their purchase or replacement price.
Costs Associated with Pet Funerals
- Cost to cremate a pet: $60 to $150.
- Cost of an urn for a pet’s ashes: $35 to $400
- Cost of a burial plot in a pet cemetery: $400 to $600
- Pet casket cost: $50 to $500
When a beloved pet passes away, it can be very hard on the family that loved them.
Many people feel compelled to provide their pets with a proper burial or memorial service. Unfortunately, these costs can be quite high.
Therefore, you may think that purchasing a life insurance policy for your pet can help alleviate these costs.
However, these policies have limits that make them a good financial decision for only a small handful of pet owners.
What are the limitations of pet life insurance?
Pet life insurance is different from pet health insurance. It is designed to cover unexpected deaths such as those that may result from an accident or sudden illness.
Your insurance company may offer you compensation for the value of your pet, as determined by its purchase or replacement cost, or its estimated value.
Some insurers will also offer to cover the costs of euthanasia, burial, or cremation in exchange for higher premiums.
However, not all pet deaths are covered. You are likely to face a number of policy exclusions, 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 hereditary kidney disease and inguinal hernias; Irish Setters are vulnerable to hemophilia and certain neurological disorders.
pre-existing conditions
Your insurance company will require a health evaluation by a veterinarian before issuing a policy.
If your pet is already suffering from a serious illness, hereditary or not, it may not qualify for coverage.
Old age
Pets’ age and their life expectancy are shorter than that of humans.
Pet life insurance limits coverage to a set period of time that provides coverage while your pet is in the prime of life.
Therefore, coverage is limited to accidental death and sudden illness.
The most popular dog breeds and their life expectancy
- Labrador Retriever, 12 years old
- German shepherd, 10 years old
- Golden Retriever, 12 years old
- Beagle, 12 years old
- Bulldog, 6 years old
- Yorkshire Terrier, 14 years old
- Boxers, 9 years old
- Poodle, 12 years
- Rottweiler, 9 years old
- Dachshund, 13 years old
dog life insurance
Small dogs tend to live longer than large ones. The time limit of your dog life insurance policy will depend on the breed of dog you are insuring.
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 in television shows or have become popular on the Internet as these canines can provide a source of income for their pets. owners.
Alternatives to pet insurance
If you don’t like the idea of pet insurance, there are alternatives, but they will require a more proactive approach on your part. One option is to start funding an account for your pet’s care, setting aside those insurance premiums anyway in case your pet has a major health issue or an unforeseen emergency.
To establish an accurate budget, the first thing you need to do is research your pet and see what types of common inherited conditions it might have. Then call your veterinarian and ask for a rough estimate of the cost of care.
With these in hand, you can create a hypothetical makeshift payment plan. Be sure to include issues like potential broken bones and dental work.
As for the treatments themselves, shop around for the best deals. Costs are going to vary depending on your location, but many larger cities have less expensive nonprofit clinics or universities that are willing to work with you on pricing and payments if needed. These are often on a first-come, first-served basis, so be prepared to spend a lot of time in the office. Some offices may offer annual visits and low-cost medications, but not treat major chronic conditions.
Some vet clinics even offer subscription care plans that give you access to discounts on services like vaccinations and unlimited preventative care visits for a monthly or yearly fee. VCA’s CareClub is an example: our membership costs about $30 per month.
The benefit of pet insurance will depend on your location, type of pet, and lifestyle. If your pet roams the streets freely, it will be more accident-prone, and pet insurance might be worth it. If you have a dog that wants to eat anything it can put in its mouth and chase anything that moves, buying a plan might be the right choice. If you have a healthy, active indoor cat, the cost-benefit ratio may make less sense
