Should You Buy Life Insurance For Your Pet?

By Dr. R.J. Peters

Many pet owners are learning the value and benefits of purchasing life and health insurance for their furry friends. And as more people learn about the benefits of pet care insurance, it has become a burgeoning part of the insurance profession, with more and more companies offering plans along with their other services. An increasing number of companies specializing in pet care insurance have sprung up also.

However, when compared to human needs for health and life insurance, cats and dogs don't really have the enormous final costs for burial and funeral expenses that people do, unless the owner wishes to make an expensive event out of it... or if they are professional breeders or involved in showing. But the fact remains, besides old age, dogs and cats can perish from health issues or accidents. It is during these traumatic events, when veterinary care is most needed... and usually most expensive... that pet care insurance coverage will be most appreciated, and crucial.

The bottom line for many owners is cost, and that alone can make the decision as to whether a pet lives or dies in the face of an emergency. If a veterinary procedure is outside one's budget, it often leads to the very hard decision to go ahead with euthanasia, to prevent further suffering. However, there is emotional suffering afterward by family members who may have had a close bond with the animal. For many, pets are like children and fulfill a need for unconditional love in one's life.

Fortunately, pet care insurance is becoming more common and more readily available at still reasonable prices. In fact, many companies offer the first 30 days free as a signup bonus, especially if the animal was adopted from a shelter. You will need to provide proof of the adoption, of course, and sometimes the shelter earns "points" or credits for bonuses from the company or a sponsor. So, buying dog insurance or cat insurance, in conjunction with a rescued pet adoption, helps animal shelters to provide services for more animals.

Depending on what kinds of care you think your pet might need, prices can range from less than $10 a month to $20 or $30 per month. For more extensive pet care insurance coverages, it can go even higher. Purchasing an expensive breed pet is another reason to obtain coverage, to protect an owner's investment in the animal, so be sure your policy specifies the correct amount.

Only a pet's owner can decide if they want complete pet care insurance coverage, or a less costly plan for specific health events in a pet's life. Do your homework and pick a plan that fits your budget.

Dr. R.J. Peters is a retired health professional who established a pet rescue shelter in 2002. Learn why pets need insurance, too, at Every Pet Matters.