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Written by
Heather Dauterive
Heather Dauterive is a multi-format content creator and freelance writer with over 20 years of experience.
Heather Dauterive
Edited by
Aylea Wilkins
Aylea Wilkins has been at Bankrate since 2019, editing content in student, personal and home equity loans and auto, home and life insurance before taking on editing content in a variety of other categories. She has nearly a decade of editorial experience with a primary focus on helping people confidently make financial and purchasing decisions by providing clear and unbiased information.
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Many families purchase life insurance for loved ones. But what about life insurance for your pet?
The loss of a pet can be devastating, emotionally and financially. Pet life insurance speaks to the growing recognition of pets as invaluable family members and, in some cases, income contributors whose departure can cause financial strain.
Human life insurance plans typically base coverage on age and health issues, whereas life insurance for pets has more strict qualifications. To decide if pet insurance is worth it, you need to know how it works and its benefits.
Pet life insurance, or animal mortality insurance, provides financial coverage for pets in the event of illness, injury or death. While human life insurance is available to everyone, pet life insurance is primarily designed for high-value animals, such as show or breeding pets, livestock, racehorses, service dogs and zoo animals.
That’s not to say getting life insurance for a family pet is impossible. Pet health insurance often has death benefit add-ons that cover end-of-life costs like euthanasia, burial and even grief counseling.
When acquiring life insurance for your pet, you will fill out an application to provide details about your pet’s breed, age and health status. Should your pet pass away due to a covered event or peril, you must submit a claim and provide proof of death, such as a death certificate from a veterinarian, to receive the death benefit specified in your policy.
Pet life insurance is a niche offering, so only a handful of companies provide coverage. Here are the four pet life insurance providers:
Once you find a company that offers pet life insurance, it’s crucial to look for transparency in terms of what is and is not covered. Several companies provide:
Common perils covered by pet life insurance include:
As with most insurances, coverage will depend on age, breed and pre-existing conditions. Certain dog breeds may be excluded from coverage due to hereditary or congenital diseases, and many policies exclude death from natural causes.
By researching each plan and comparing them to other pet insurance policies, you can make an informed decision and feel confident in your choice.
Pet life insurance costs come down to annual premiums. The premium price is determined by several factors, such as:
For instance, a representative at Ark Agency said their mortality insurance policies could be as low as $250 a year for a limited mortality coverage policy or $1,750 or more for a full-coverage mortality policy.
The agent further explained that the premium is based on the value of the animal’s purchase price, and then health, age and use case come into play. For service, show or working dogs, Ark only considers a percentage of the training costs when deciding the pet’s value.
Coverage and costs can vary between insurers, so it’s best to get several pet life insurance quotes to ensure you get the best value for your investment.
Getting pet life insurance for family dogs and cats may be worthwhile, but it has advantages and disadvantages.
Deciding whether to purchase pet life insurance can depend on a few factors, such as your financial situation, your pet’s age and health, the length of time you’ll need coverage and the potential impact of losing the animal to anything other than natural causes.
Because pet life insurance premiums can top out in the thousands, take the time to research the company’s coverage options, ratings and even customer reviews. If the emotional and financial peace of mind outweighs pricey premiums, pet life insurance can help give you peace of mind should the unthinkable occur.
In 2023, pet owners spent $4,800 on food, treats, toys and vet visits. This doesn’t include unexpected medical bills, the cost of purchasing a specialty breed or money to train a show or service animal. Pet life insurance is becoming an option worth considering, especially if you rely on your animal for income or service work.
The next step in obtaining pet life insurance is to consult an insurance provider who can assess your situation and provide an accurate quote based on your pet and needs.
You can get pet life insurance for dogs and cats, but it’s usually reserved for those who earn income, like show or breeding animals. It’s also available for pets considered high-value, such as service animals or working pets.For family pets, the costs may outweigh the benefits.
Annual premiums can cost between $250 and $900 or higher, depending on the type of animal, age, breed and extent of coverage.
Yes. Some pet health insurance providers, like Lemonade, have end-of-life add-on fees that cover euthanasia, cremation, urns and burials. These often cost much less than pet life insurance premiums.
Heather Dauterive is a multi-format content creator and freelance writer with over 20 years of experience.
Aylea Wilkins has been at Bankrate since 2019, editing content in student, personal and home equity loans and auto, home and life insurance before taking on editing content in a variety of other categories. She has nearly a decade of editorial experience with a primary focus on helping people confidently make financial and purchasing decisions by providing clear and unbiased information.
