Dog Life Insurance: Is It Worth The Cost?

Life insurance for pets, or animal mortality insurance, is a real thing. This type of insurance is often purchased for working animals that generate revenue, such as show dogs, service dogs, and livestock. It can also be considered for valuable dog breeds such as French Bulldogs, which can cost up to $10,000. Pet life insurance covers funeral expenses, reimburses the value of the pet, and replaces future income. While it can be expensive, with premiums ranging from $250 to $900 a year, it may be a worthwhile investment for those who consider their pets as family members and want to provide a proper send-off.

Dog life insurance vs pet health insurance

Pet life insurance and pet health insurance are two different coverage options for dog owners. While pet life insurance covers the financial loss of a dog, pet health insurance covers the veterinary costs of keeping a dog alive and well.

Pet Life Insurance

Pet life insurance, also known as mortality and theft insurance, reimburses the owner for the value of the dog, provides replacement of future income, and covers the cost of pet funeral services. It is usually purchased for working dogs that generate revenue, such as show dogs, or for service dogs that are expensive to train. It is also considered for valuable dog breeds, such as French Bulldogs, which can cost thousands of dollars.

The cost of pet life insurance is influenced by the dog's breed, age, location, deductible amount, and level of benefit. The average cost is between $250 and $900 a year.

Pet Health Insurance

Pet health insurance covers the cost of veterinary care by reimbursing 70-100% of eligible vet bills. It is valuable for dog owners as it can be used to pay for their dog's treatment if it falls ill or is injured. There are about 20 pet insurance providers on the market, including Embrace Pet Insurance, Pumpkin Pet Insurance, and MetLife Pet Insurance.

Pet health insurance policies can be Accident & Illness policies or Accident-Only policies. Accident & Illness policies cover a wide range of medical expenses, including chronic conditions, hereditary conditions, congenital conditions, and cancer treatment. Accident-Only policies cover veterinary expenses in the case of a sudden emergency or accident.

The cost of pet health insurance depends on the species, breed, and age of the dog, as well as the level of coverage chosen. MetLife Pet Insurance, for example, offers plans starting at $16 per month for dogs.

The decision to purchase pet life insurance or pet health insurance depends on the needs and financial situation of the dog owner. Pet life insurance is generally only necessary for specific animals that generate revenue or are highly valuable, while pet health insurance is more suitable for the average dog owner.

Pet life insurance can be very expensive, with annual premiums reaching $900 or more. Therefore, investing in pet health insurance may be a more affordable option for most dog owners. However, some dog owners may choose to have both types of insurance to ensure their dog's health and financial needs are covered.

Who should consider dog life insurance?

Dog life insurance, also known as animal mortality insurance, is designed for high-value and working animals. It is an option some owners of pricey pets may want to consider. It is usually purchased for working animals that generate revenue, such as show dogs, service dogs, and breeding pets.

Working animals that generate revenue

Dog life insurance is typically purchased for working animals that bring in income, such as show dogs that earn money through product endorsements and breeding fees. For example, show dogs may not make money directly from their wins, but their fame can translate into six- or seven-figure incomes from breeding and endorsements.

Service dogs

Service dogs are typically expensive to train, and they may be impossible to replace without financial assistance. Dog life insurance can help cover the cost of buying and training a new animal.

Valuable dog breeds

Dog life insurance could also be considered for valuable dog breeds, such as French Bulldogs, which can cost between $3,000 and $10,000.

Funeral expenses

Dog life insurance covers funeral expenses, so people who consider their dogs to be family members might want to invest in a policy to give their pet a proper send-off. This can include the cost of cremation or burial in a pet cemetery, as well as an urn or casket.

Theft

Some dog life insurance policies also provide compensation if a lost or stolen pet is not recovered.

What does dog life insurance cover?

Dog life insurance, also known as mortality and theft insurance, reimburses the value of the dog, provides replacement of future income, and covers the cost of pet funeral services.

Dog life insurance covers the following:

• Animal theft policies
• Full animal mortality coverage
• Limited animal mortality coverage
• Livestock or equine transit coverage
• Livestock feeding and growing facility coverage
• Long-term disability coverage
• Loss of use (revenue lost during the gap it takes to replace your pet)
• Optional medical endorsements
• Major medical or veterinary services

Some common perils and causes of death covered by dog life insurance include:

• Accidental shooting or drowning (except by the insured or employees)
• Accidents during transit, including loading or unloading
• Bridges, buildings or culverts collapse
• Death due to fire, flood, tornado, earthquake, lightning or other weather events
• Illness related to a sustained injury
• Theft of the animal without a death certificate
• Wild animal or predator attacks

Dog life insurance does not cover acute health care, health problems among purebred dogs arising from hereditary conditions, or preventive care such as vaccinations.

Dog life insurance costs

Dog life insurance, also known as mortality and theft insurance, is a type of insurance that is usually purchased for working dogs that generate revenue, service dogs, or valuable dog breeds. The cost of dog life insurance can vary depending on several factors, and it tends to be quite expensive.

The average cost of dog life insurance is approximately $250 to $900 per year. This means that for a dog that lives ten years, you could expect to pay around $90,000 in total premiums. The monthly premiums are based on factors such as the dog's breed, age, location, deductible amount, and level of benefit. The higher the death benefit and the lower the deductible, the more you will pay.

Additionally, the purchase price and value of the dog, as well as its use (whether it is a service dog, show dog, or livestock, for example) will impact the cost of insurance. Dogs with shorter life expectancies may also be more expensive to insure.

When considering dog life insurance, it is important to shop around and compare different insurance providers to ensure you get the best value for your investment. It is also worth noting that dog life insurance is not necessary for the average dog owner, and pet health insurance may be a more suitable option to cover veterinary costs.

Pros and cons of dog life insurance

Dog life insurance, also known as mortality and theft insurance, is a type of insurance that covers the cost of a dog's funeral, reimburses the value of the dog, and replaces future income. It is usually purchased for working dogs that generate revenue, such as show dogs or breeding pets, or for valuable dog breeds.

Pros

• Assistance with replacement costs: Dog life insurance can help cover the cost of buying and training a new animal, which can be expensive for working animals and service dogs.
• Coverage for theft: Some policies provide compensation if a lost or stolen dog is not recovered, which is useful for expensive breeds that are often targeted by thieves.
• Financial protection for sudden death: Dog life insurance can help mitigate the costs of losing a high-value breed or a dog that generates income.
• Flexible options: Policy providers offer various levels of coverage to suit different situations and needs.

Cons

• High annual premiums: With premiums of $1,000 or more a year, the annual costs may outweigh the benefits, especially if the dog lives a long and healthy life without needing the coverage.
• Limited availability: Dog life insurance is only available for high-value animals, such as livestock, police dogs, and zoo animals. It may be difficult to find suitable coverage for a family dog that is not a show animal, used for breeding, or highly trained.
• Coverage limitations and exclusions: The list of what is not covered by dog life insurance can be longer than what is covered, including death due to undisclosed pre-existing conditions, new illnesses, natural causes, intentional harm, or high-risk activities.

Overall, dog life insurance may be a worthwhile investment for those with working dogs, service dogs, or valuable breeds. However, for those with regular pets, pet health insurance or a savings account for final expenses may be a more practical option.

Frequently asked questions