Table Of Contents
- Life insurance for pets is extremely rare and not available through the standard pet insurance market
- Pet life insurance is more frequently known as “animal mortality and theft insurance” as it is meant for animals that provide a service
- Animal mortality and theft insurance is typically reserved for working dogs, show animals, and horses
- To purchase a life insurance policy for your pet you’ll have to go through a special type of insurance company
What Is Pet Life Insurance?
Pet life insurance is an insurance policy meant to protect against financial loss due the death of a working animal. These policies are more frequently known as animal mortality and theft insurance and are typically used for police and military dogs, service dogs, show dogs, breeding dogs, horses, and other farm animals.
What Does Pet Life Insurance Cover?
Covered costs under an animal mortality and theft insurance policy are for the economic value of the animal. This can include the cost of the animal and any lost income resulting from the death or theft of the animal. Some policies may also include burial costs.
Animal mortality and theft insurance also only insures against accidental deaths, not illness or old age. Pets enrolled in these policies must be of working age and have a clean bill of health.
Can You Get Life Insurance For Pets?
Getting a pet life insurance policy is much more difficult than other types of pet insurance. It’s not available on the standard pet insurance market and won’t make much financial sense for the average pet owner.
While it’s possible a pet owner may be able to obtain animal mortality and theft insurance for their non-working pet, it’s likely they won’t reap much benefit from it. The purpose of animal mortality and theft insurance is to reimburse the owner’s financial loss of the animal on the basis of the service it provides.
How Much Is Life Insurance For Pets?
The cost of pet life insurance can vary considerably since it is based on the economic value of the pet. There is no set premium guide across the mortality and theft insurance market. One analysis by Pawlicy Advisor indicated that the average cost for a dog could range from $250 to $900 per year but certain types of working dogs can be much higher.
Overall, costs will be calculated by the insurance company during an assessment period and will be based on several factors. Determining factors can include the age, breed, and sex of the animal as well as what the animal is used for and any income the animal brings to its owner.
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Life Insurance For Dogs
Dogs that are insured under animal mortality and theft insurance include:
- Police dogs
- Military dogs
- Search and rescue dogs
- Guard dogs
- Service dogs
- Guide dogs
- Hunting dogs
- Trial or competition dogs
- Show dogs
- Herding dogs
- Breeding dogs
- Rare/exotic dogs
- Acting dogs
Life Insurance For Cats
Cats that are insured under animal mortality and theft insurance include:
- Show cats
- Rare/exotic cats
- Breeding cats
- Acting cats
Life Insurance vs. Pet Insurance
Life insurance or animal mortality and theft insurance covers the cost of lost income or investment caused by the death or theft of the insured animal. It does not cover veterinary bills or any care of the animal during their life.
Animal mortality and theft insurance is only for certain types of animals and not available on the regular pet insurance market. This type of policy is typically reserved for working or show animals and not your average companion animal.
Pet insurance on the other hand, covers the cost of veterinary expenses during your pet’s life. It is meant to help extend the health and life of your pet. Pet insurance is easily obtainable and there are a variety of policies on the market to suit any dog or cat.
Should You Get A Life Insurance Policy For Your Pet?
For the average pet owner, a pet life insurance policy won’t make much financial sense. You’ll likely pay more for the policy than the benefits you’ll receive. It’s also possible you won’t find an insurance company willing to insure your pet if they are not a working or show animal. A standard pet insurance policy to cover the pet’s medical bills is a much more worthwhile investment.
Pet owners that do have a working dog or show animal may find a pet life insurance policy to be a good investment. It all depends on the type of animal you have and what “job” they do.
Where Can You Get A Life Insurance Policy For Your Pet?
Pet life insurance is not as easily accessible as other types of pet insurance policies. There are a few well-known companies that operate across the US offering animal mortality and theft insurance including Hartford, Ark International, and Amwins.
There are also smaller, regional insurance companies that specialize in agricultural insurance that also offer animal mortality and theft insurance. A bit of research into your local insurance market may offer some promising results.
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Find out more
- What is Pet Insurance? – Get to know the ins and outs of pet insurance.
- Pet Insurance Worth It? – Understand the value of pet insurance for your companion.
- List of Pet Insurance Companies – Browse through different pet insurance providers.
- Pet Insurance That Pays the Vet Directly – Learn about the convenience of direct payments.
- Does Pet Insurance Cover Cremation? – Find coverage options for end-of-life services.
- Healthy Paws Pet Insurance Review – Gain insights into Healthy Paws’ offerings.
- Pets Best Review – See what Pets Best has to offer for your pet.
- Spot Review – Check out Spot’s take on pet insurance.
