Losing a pet is devastating and can lead to similar or even worse grieving than if you lost a human family member. But pet life insurance isn’t usually needed unless you have a valuable pet or animal that makes money.
For instance, pet life insurance can be an option if you have a show dog or cat. It might also be worthwhile for owners of service dogs or police dogs or even for zoos and racehorse owners
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What is Pet Life Insurance?
Pet life insurance, also known as mortality and theft insurance, pays the policy’s beneficiary, such as a pet’s or animal’s owner, if the animal dies. You can think of it like a person’s life insurance polcy.
Similar to a human’s life insurance policy, the beneficiary can use the death benefit money for any reason. That might include burial or cremation costs. It could mean funds to purchase a new animal. Or you can use funds to donate to a charity. The beneficiary makes the decision about where the money goes.
If you’re applying for coverage, an insurance company will likely request proof that your pet or animal meets the insurer’s coverage requirements. That may include proof of income that the animal makes.
Don’t confuse pet life insurance with pet insurance. While pet life insurance pays a death benefit if the pet dies, pet insurance provides health coverage while the pet is still alive. For instance, pet insurance covers veterinarian services, such as checkups, illnesses and accidents. Some pet insurance policies cover end-of-life care like euthanasia and burial.
What Pet Life Insurance Covers
What a pet life policy covers depends on the indiviual policy. You can break down policies into two categories: full mortality and theft insurance or limited mortality.
| Type of policy | What it covers | Additional causes you may be able to add to a policy |
|---|---|---|
| Full mortality | Any cause of death | n/a |
| Limited mortality | Cause specifically listed in the policy, such as:
|
|
Not all pets are eligible for pet life insurance. Insurance companies may not provide coverage to certain dog breeds that are considered a higher risk or older pets. Your pet may not be eligible for coverage or you may pay more for coverage.
Pet Life Insurance Cost
Pet life insurance costs between $250 and $900 annually, according to Pets Best.
Factors that impact pet life insurance costs include:
- Pet’s age
- Animal type
- Type of policy
- Health status of animal
- If you have policy add-ons or riders, such as a rider to reimburse you for lost income related to the pet’s death
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Should You Buy Pet Life Insurance?
The average pet owner won’t benefit from pet life insurance. The only reason to get life insurance for pets is if they’re earners and losing the pet will result in lost income for you.
In other words, your dog may be your life, but it’s unlikely that you need pet life insurance. You instead may want to invest in pet insurance, which helps cover care for your living pet.
If you’re interested in pet life insurance, you can contact an insurance borker or agent with that specialty, who can walk you through your policy options. Make sure to understand the fine print and what exactly each policy covers and what it doesn’t cover.
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