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What Is a Pet Life Insurance Policy? 

A pet life insurance policy helps offset the costs associated with your beloved animal’s unexpected death. It is designed to provide you with compensation in the amount of your pet’s value. Your pet’s value is determined by the purchase price, replacement costs or assessed value. A pet life insurance policy is different from traditional life insurance for people because it doesn’t provide the “income-lost” portion of insurance money because the animal generated no actual income. 

A pet life insurance policy pays for euthanasia, creation and burial plots. The policy also covers other funeral expenses if you decide to hold a service or memorial for your animal. The value can be determined based on appraisals or what you paid when you initially purchased the pet. While your quirky sock-stealing mutt may be priceless to you, the insurance payout will only reflect the value of the animal from the insurer’s objective.

How Much Does Pet Life Insurance Cost?

The cost of pet life insurance varies with average premiums ranging from as low as $10 to higher than $100. The pet’s species, breed and age will factor into your insurance coverage and rate. Most pet owners can expect premiums between $30 and $50 per month for a one-pet plan. The average cost of pet life insurance is 60% higher for dogs than cats, and older and larger animals face higher premiums as these groups generally have more health issues. 

What Does Pet Life Insurance Cover?

Pet life insurance covers a limited number of death causes, such as accidents, sudden death and terminal illnesses. Be sure to speak with your insurance company about compensation and what they will cover exactly. Not all deaths are covered, and insurers may exclude the following: 

  • Preexisting conditions: Your pet will likely undergo a physical at an approved veterinary office before being issued a policy. If your pet already suffers from a serious ailment, you may not qualify for coverage. 
  • Hereditary diseases: Some dog breeds are prone to serious illnesses and conditions, and many insurance companies will not provide policies that cover those deaths. 
  • Old age: A pet life insurance policy is going to factor in the age of the animal and determine the amount of coverage based on overall health and expected life span. 

Some insurers will cover costs like burial fees and cremation. The more coverage your pet’s insurance policy provides for, the higher your premiums and deductibles will be. 

What Is the Difference Between Pet Health Insurance and Pet Life Insurance?

Pet health insurance is a policy that covers expensive and unexpected veterinary costs. From illnesses to accidents, a pet health insurance policy could help offset the out-of-pocket fees for treatment. It generally does not cover wellness appointments or routine care without incurring higher premiums. As long as your four-legged companion is young and healthy, obtaining pet health insurance coverage is relatively simple and inexpensive.

Pet life insurance pays benefits out upon the death of your beloved animal. People don’t generally buy pet life insurance policies unless their animal is a rare breed or a working animal that generates income, such as a show horse or popular dog actor, for example. Pet life insurance policies vary, so shopping around and talking to your veterinarian is the best way to find and compare the right coverage that fits your goals. 

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