Life Insurance for Pets
Insurance is contingency planning that collects premium payments from policyholders in exchange for financial payouts after catastrophic events. Life insurance is available for pets. However, animal lovers should recognize that these policies differ from coverage upon people.
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Identification
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Life insurance for pets covers the costs of burial or cremation upon death of the animal. The insurer may also provide for counseling services. As of February 2010, pet life insurance may be bought for less than $10 dollars per month.
Features
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Life insurance for pets is often sold as part of a pet insurance package. These insurance packages combine health insurance with end-of-life benefits. Insurance coverage may be tailored to include veterinary bills related to life-threatening ailments.
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Considerations
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Consult with your pet's veterinarian to research life expectancy and possible medical conditions prior to investing in pet life insurance. Pet life insurance terms identify which illnesses are actually covered that lead to death.
Misconceptions
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Pet life insurance does not feature the same large death benefit payouts applicable to human life insurance. Income replacement is not a concern.
Risks
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Compare pet insurance policies to ensure that there is no overlap. Pet life insurance is an unnecessary expense if existing pet insurance already provides for burial costs.
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References
Resources
- Photo Credit dog image by Vasiliy Koval from Fotolia.com
