Life Insurance for Dogs – Do you know you can buy life insurance for your dog, including other pets you have? One of the most cherished pets and sources of companionship for humans is dogs. In the hearts of many pet owners, dogs usually hold a special place because of the bond they have formed with their owners over time. Due to the bond created between the dog and the owner, losing a dog can be as devastating as losing a loved one, especially if the dog is a source of income for you.
The realization of the aftermath of losing a dog has led to many pet owners seeking financial security and protection by purchase life insurance for their dogs. Life insurance for dogs is worth it as it helps to cover a wide range of risk and perils that can affect your dog.
How Does Pet Life Insurance Work?
Pet life insurance is similar to how life insurance policy works for humans. If your pet passes on in the event of an injury or disease, your insurer will pay you a death benefit. How you use the money depends on you but most pet owners often use the death benefit to cover burial and final expenses of the pet. Part of the money can also be used to compensate for the loss of income due to the death of the pet. Depending on the type of policy and coverage options, life insurance for pets can cover theft.
What Does Life Insurance For Pet Cover?
If you purchased a theft insurance or full mortality policy, it covers the death of your dog or pet, regardless of whether the cause of death was an accident or illness. If your dog dies as a result of any of the following perils, your insurance provider will provide a death benefit;
- Explosion.
- Earthquake.
- Flood.
- Falling objects.
- Windstorm.
- Tornado or hail.
- Bridge collapse.
- Collision in the process of loading and loading goods.
You may be permitted to add other perils in a limited mortality policy, such as; theft of the animal, drowning, attack by wild animals, accidental shooting and artificial electricity.
What Is Not Covered By Pet Life Insurance?
While pet life insurance covers a wide range of perils, there are some limitations and things that are not covered by the policy. They include;
- Cause of death not listed in the policy.
- pre-existing medical conditions
- Injuries sustained from owner’s
- routine preventive check ups
Essentially, pet life insurance will not cover cause of death that is not listed in the policy when it was purchased.
How Much Does Life Insurance Cost For Dogs
The amount you will be charged when purchasing a life insurance policy for your dog depends on several factors such as the age and breed of the dog. Like life insurance for humans, the younger the dog, the lesser the premium and vice versa. So, if your dog is still young, the cost of insuring it may be less expensive. Also, f your dog has a previous health issue, expect to pay higher premium and in some cases, your dog may not qualify for life insurance depending on the medical condition it has.
Other factors that can adversely influence the cost of life insurance fordogs is the deductible on the policy and the coverage limit. Here’s the logic, the higher your deductible, the lower the premiums.
What Is The Difference Between Pet Insurance And Pet Life Insurance?
These two types of insurance vary significantly, and this is because in pet insurance policies, pet life insurance coverage is not included. Pet insurance will help cover the medical bulls of your pet in the event of an illness, injury, routine checkup or a visit to the veterinarian. It pays for medical expenses if your bet suffers from broken homes or need preventive medication.
On the other hand, pet life insurance does not cover medical expenses of your pet. It is designed for paying the policyholder a death benefit in the event of the animal passing on. So, if your dog passes on due to an illness or disease, your insurance company will cover all bills related to the final expenses.
How to Choose the Best Life Insurance Policy for Your Pet
The best way you can choose the right policy for your dog or any other pet is by consulting an experienced insurance agent. Working with an insurance agent who is experienced about life insurance for pets is a game change. Insurance agents are more knowledgeable when it comes to determining the right type of policy for your pet.
In addition, it is important to evaluate the need of your best as this would also help in choosing the right life insurance policy for it. If you pet is prone to a specific medical condition that should be taken into account, ensure you take it into consideration when selecting a policy.
To make the most out of your decision, shop around and get quotes from several pet insurance companies. By doing this, you can weigh and compare the options to find the best insurance company that offers a competitive rate for your pet. You can also take advantage of available discounts if available.