If you have a dog or cat, you may be familiar with pet insurance. Pet health insurance can cover a pet’s medical bills when they go to the vet for an accident, illness, injury, or routine checkup. But did you know that you can also purchase life insurance for your pet?
Pet life insurance is also called mortality and theft insurance. It’s not very common, and the average dog or cat owner probably doesn’t need it. Pet life insurance is only necessary for specific animals that generate revenue, such as show dogs or racehorses, dogs used for breeding, zoo animals, or pets that are highly valuable.
How Does Pet Life Insurance Work?
Pet life insurance is similar to life insurance for humans. If the animal passes away, the life insurance will provide a death benefit. You can use the money for anything you like, but people generally use it to pay for the animal’s funeral costs and/or cremation, or to replace the income you made from the animal. Most pet life insurance policies also cover theft of the animal.
“Pet life insurance can be beneficial for animals like thoroughbred horses or certain breeds of cattle that are insured for the potential revenue they generate,” says Dr. Matthew McCarthy, founder and veterinary medical director at Juniper Valley Animal Hospital in New York.
“It’s also possible to get life insurance for service dogs and working dogs, such as police dogs, that require an upfront investment for training and could have an assigned money value,” he says.
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How Much Does Life Insurance For Pets Cost?
The cost of life insurance for pets depends on a variety of factors, including the type of animal, breed and age.
Much like human life insurance, younger animals are usually less expensive to insure. If your pet has any pre-existing health conditions, you might pay more for pet life insurance. And depending on the animal’s medical conditions, it might not qualify for life insurance.
Pet life insurance premiums tend to be more expensive for highly valuable pets. For example, a French bulldog will probably cost more to insure than a mixed breed dog you adopted from a shelter. Some highly valuable animals also have an increased risk of theft, which can affect the cost of pet life insurance.
In addition to these pet-related factors, there are also policy-related factors that will impact the cost. Your chosen coverage limit and deductible will affect your premium: The higher your deductible is, the lower your insurance rate will be.
What Does Pet Life Insurance Cover?
A full mortality and theft insurance policy will cover any cause of death of the animal, whether it’s an accidental death or an illness. Theft insurance is generally included.
A “limited mortality” insurance policy will cover the animal’s death only when it’s caused by a specific reason (or “peril”) that’s listed in the policy. Limited mortality policies may also include theft insurance. Check the policy for the list of causes of death that will be covered before you buy it, but the list might include:
- A windstorm, cyclone, tornado or hail.
- Aircraft and falling objects.
- An explosion
- Earthquake or floods.
- Fire, lightning, or smoke resulting from either one.
- The collapse of bridges or culverts.
- The collision, derailment or overturn of certain conveyances while in transit including loading and unloading.
You may be able to add more “perils” to a limited mortality policy, such as:
- Accidental shooting (except by you or your employees).
- An attack by dogs or wild animals.
- Artificial electricity.
- Collapse of a building.
- Drowning
- Theft of the animal.
What Does Pet Life Insurance Not Cover?
A “limited mortality” insurance policy will not cover any cause of death that’s not listed in the policy. For example, a death from illness is generally not covered.
Is Life Insurance For Pets Worth It?
Life insurance for pets is only worth it if you own a valuable animal or a pet that produces income for you. If you would suffer financially if the animal passed away or was stolen, pet life insurance can be a smart purchase.
Pet life insurance is not necessary for the average dog or cat owner.
“Under current law, pets are considered property and aren’t thought of as the little four-legged humans we treat them as,” says McCarthy. Therefore, most insurance companies won’t write life insurance policies for animals that don’t have any income-generating value.
The Difference Between Pet Life Insurance and Pet Insurance
Pet life insurance and pet insurance are very different policies, with distinct benefits.
Pet life insurance is not included as a part of pet insurance policies, although some policies cover the cost of euthanasia of pets.
The best pet insurance policies help pay for a pet’s veterinary bills due to an unexpected accident or an illness. Pet insurance plans typically cover common illnesses, injuries such as broken bones, X-rays, medication and more.
Some pet insurers sell optional wellness plans that will help pay for routine vet visits, microchipping, spaying/neutering, vaccines and similar services.
Pet life insurance, on the other hand, does not provide any coverage for an animal’s medical expenses. It only pays a death benefit if the animal dies.
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How Do I Choose the Right Life Insurance Policy For My Pet?
Contact an insurance agent or broker who specializes in pet life insurance. They can help you choose between a full mortality or limited mortality policy, and understand exactly what causes of death will be covered.
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