How To Get Pet Life Insurance – To some it may sound unbelievable, and to some who have already been there it may seem like a normal thing to do.
If you are asked, is pet life insurance actually worth it?, in some scenarios, the answer may be a no, because many animals do not have income potential no matter the value it may have to your family.
Why is this so?
It is because insurance companies base their estimates and life insurance policies off of paper and numbers, which most household pets do not have.
That said, the value that was assigned to it, will either be the price that you paid for it, or the cost of replacing the pet of the exact same breed.
Other exceptions applies if you have a pet that is in competitions or if you have extremely rare breeds/animals. This could be a racing horse, a show dog, or a famous pet.
These types of animals will normally have an assessed value that exceeds their purchase or replacement price.
What is Pet Life Insurance – How Does It Work?
Pet life insurance as the name implies, is a contract between you and an insurance company. The coverage, is designed to cover unexpected deaths like those that may result from an accident or sudden illness of your pet.
The insurance company on its part, provides you with compensation in the amount of your pet’s value, which will either be decided by purchase or replacements cost, or its assessed value.
Some companies may also offer coverage for euthanasia, burial costs, cremation costs in exchange for higher premiums.
Limitations of Pet Life Insurance
Pet life insurance does not apply to all deaths, and you will be more than likely to face a number of policy exclusions which includes:
Preexisting Conditions: Insurance companies, will require a health assessment through a veterinarian before issuing a policy. Thus if your pet is suffering from any illness, be it hereditary or not, you may not be eligible for coverage.
Old Age: Pets get older, and their and their life expectancy is much shorter as compared to humans. Because of this, life insurance companies restrict coverage to a stipulated time span that offers coverage while your pet is in the prime of it’s life.
Hereditary Disease: Many purebred dogs, may be prone to serious illnesses, and deaths covered by these illnesses will not be covered by dog life insurance.
How To Get Pet Life Insurance
Check Your Existing Insurance Policies
You can never tell what you may find in your auto or homeowners insurance. Why it is important you check before you think of buying a separate pet policy is because of these insurance policies, cover certain pet-related injuries.
Discuss With Your Vet
Before you consider buying a policy, is advised you talk first, with the vet that manages your pets, to get more specific information about the pet’s current medical conditions.
Gauge Your Finances
It is important you think things through, on why you really want to get a pet life insurance. You have to consider the coverage as well as how much you will parting with, and how it affects your overall income and budget.
Compare Available Pet Life Insurance Policies
U.S alone, boasts of about eleven companies that offer these kinds of policies, along with regular health insurance policies for pets.
So you see why you should take your time, and review every aspect of a pet life insurance policy. Pay more attention to the exclusions and the fine prints and ask questions where necessary, in order to know if it’s right for what your pet needs.
Is Pet Insurance Worth It?
To answer this question, we will only say that it depends on the size of your pocket, and what your preferences are. Having a pet is already a huge commitment on its own, talk less of having burial or cremation added to it.
So we will say unless your pet has a high assessed value, there might not be any need to get one, but if you feel like it, go ahead and get one.