Life Insurance for Dogs
If you are a dog breeder or you own a show dog you may want to consider life insurance for dogs. Even if you are a normal dog owner and you don’t enter shows or plan to do any dog breeding you may still be interested in a policy of life insurance for dogs because you own a very expensive breed of dog.
Some insurance companies determine the payout amount by the market value of the dog at the time it dies. Others determine payout based on the original purchase price of your dog. Some companies cover the costs of euthanasia, burial or cremation of your dog but again, this varies between insurers.
Life insurance for dogs differs from dog health insurance in that the policy only gets paid out if your dog dies. Some policies for life insurance include the veterinary expenses of treatment that leads to death but there are often still out-of-pocket expenses for prescription drugs or excluded services.
If you derive an income from your dog, such as through breeding, it is worth doing a simple calculation to see if you should invest in life insurance for dogs. Determine the expected life span for your breed of dog in years and then multiply this number of years by the annual premium cost. This is the total expected cost of your insurance. If the income you expect to derive from your dog over its lifetime is greater than the total expected cost of the insurance then you may consider taking life insurance for dogs.
This form of insurance is a very personal choice since every dog owner has individual plans for their dog. It is often not worth the cost of the premiums for the average dog owner but if your dog is a good earner or the cost of your dog was a big investment due to its breed being expensive then you may want to take the insurance. If you are a dog breeder it makes sense to invest in life insurance for dogs because your dogs are your livelihood and it is similar to business insurance.
Of course, like any dog insurance, make sure you get at least half a dozen dog insurance quotes before you make a commitment to a policy. This is important because most people, once they make the first decision on an insurance company, tend to stick with that company for many years to come. Apart from the hassle of having to change over a policy, it also makes sense to stay with the same insurer because you know what you are covered for and you know your dog has started their insurance from an age when they were eligible to obtain that insurance. Since we usually stay with the same insurance company, it pays to get quotes and save money by being on the right policy year after year.