Is Buying Life Insurance for Your Pet Worth it?
It makes sense to purchase a life insurance policy to cover yourself or your spouse if you want to ensure that your family is protected financially in the event of a tragedy. Some people even purchase life insurance for their children to enable them to secure low-cost policies that can stay with them into adulthood. But what about your family pets? After all, Fido and Whiskers may be bona fide members of your family too. Should you buy life insurance policies for them as well? If you want to find out more details related to your situation contact a local insurance agent.
In most cases, the answer is “No.” It is rare for animals to have income potential, so although your pet may have incalculable value to your family, in the eyes of insurance companies, it is worth only its value on paper. That is to say, the value assigned to it will be either the price you paid to purchase it, or the cost to replace it with a pet of the same breed. Emotional value does not come into play. There are exceptions, of course. Rare breeds, show dogs, and famous pets frequently have an assessed value that greatly exceeds their purchase or replacement price.
Costs Associated with Pet Funerals
- Cost to cremate a pet: $60 to $150
- Cost for an urn for a pet’s ashes: $35 to $400
- Cost for a burial plot in a pet cemetery: $400 to $600
- Cost for a pet casket: $50 to $500
When a beloved pet passes, it can be very hard on the family who loved it. Many people feel compelled to provide their pet with a proper burial or funeral service. Unfortunately, these costs can often run rather high. You may therefore think that purchasing a life insurance policy for your pet can help to alleviate these costs. However, these policies have limits that make them a good financial decision only for a small handful of pet owners.
Pet Insurance Covers:
This policy covers the following
- Accidental poisoning
- Third Party liability
- Treatment expenses
- Accident while in transit (via rail, air or road)
- Death due to accident
- Illness contracted while the policy is in effect
- Loss/ theft of the pet
Pet Health Insurance
MetLife Insurance Plans1 offer robust annual benefit amount options, chronic care coverage and no lifetime or per-incident limits for pets of all ages. You can customize your deductible and reimbursement rates so they work best for your pet’s needs and your budget. Get a quote and customize a pet health plan that’s just right for you and your pet.