Do I Need to Have Pet Insurance?

You include life insurance in your estate planning, so why not include pet insurance in your pet plan?  There are many ways create your pet plan, including trusts or pet care agreements.  In addition to those tools, you can also incorporate pet insurance into your plan.  Pet insurance can be a very practical and useful way to plan for your pet’s future care.  Just be sure to consider how pet insurance may affect other elements of your estate plan.

What is pet insurance?

Pet insurance was created to defray the cost of veterinary care.  It is much like health insurance for us.  Veterinary care expenses have begun to soar over the years, and many pet owners are either unwilling or unable to pay such high prices for pet care.  For a monthly premium, anywhere from $10 to $90 depending on the type of policy, a pet insurer will pay portions of your veterinary bills.  There are various factors that affect the amount of the premium, including your pet’s breed and age.  The main goal of pet insurance is to prevent pet owner’s from having to make the decision to euthanize a beloved pet because they cannot afford the veterinary costs.

What type of pet insurance do I need?

There are different types of pet insurance, just as there are different types of life and health insurance.  Likewise, each different type has its own advantages and disadvantages.  Some types are more affordable than others, so if you are considering pet insurance, look at your budget to determine what you can afford.

Another important step in selecting pet insurance is discussing potential health problems with your veterinarian.  Some breeds of animals are prone to develop certain types of medical or health problems.  Understanding what you can expect in your pet’s future will allow you to determine which kind of policy is best suited for your pet, and affordable, as well.

What happens to pet insurance after my death?

The purpose of a pet plan is to make sure your pet will be cared and provided for after your death. One  common way to do this is to create a pet trust, where you set aside assets sufficient to pay for your pet’s care, and all related expenses.  If you have pet insurance in place, then your trust can be directed to maintain a sufficient level of insurance coverage for your pet, as well.  You may also want to give your trustee the authority to find better coverage if your pet’s needs change at any point.

What should I do?

The right pet insurance plan should be easily incorporated into your existing estate plan.  It is important to always consider the big picture.  An experienced estate planning attorney can assist you in determining the type of insurance you need and how it will fit into your estate plan.

If you have questions regarding pet insurance, or any other pet estate planning needs, please contact Wilcox Attorneys, PA online or by calling us at (479) 443-0062.