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Written byAnna Baluch
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4+ years writing insurance and personal finance content
MBA from Roosevelt University
Anna leverages her personal finance and insurance knowledge to create educational content that helps people make smart financial decisions.
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Edited byAshley Cox
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7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Updated March 3, 2024
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Most people invest in life insurance to protect their loved ones if they pass away unexpectedly. But did you know that you may also be able to purchase a life insurance policy for your pet?
With pet life insurance, you can cover funeral and end-of-life expenses for your furry family member. Here’s what you need to know about pet life insurance.
Quick Facts
Pet life insurance isn’t as common as life insurance for humans, but several companies offer it.
Life insurance policies for pets are primarily meant to insure valuable animals, like service animals, show dogs, and breeding dogs.
If your pet suddenly loses its life, pet life insurance can help you financially.
How does pet life insurance work?
Also known as mortality and theft insurance, pet life insurance has several purposes. First, it may help cover the high cost of funeral and burial expenses for your pet. It might also replace any future income that your pet may have generated. In addition, a pet life insurance policy can reimburse the financial value of your pet.[1]
Let’s say you have a dog that breeds or models. If it suddenly loses its life, a pet life insurance policy might come in handy. It can compensate you for any income you were relying on and make funeral costs more affordable.
How much does pet life insurance cost?
The cost of pet life insurance varies and depends on factors like the age and breed of your pet, your location, and whether your pet generates income. In general, you can expect annual premiums that range from $250 to $900. You’ll pay more to insure a large purebred than a smaller, mixed-breed animal.[2]
But pet life insurance might not be worth it for everyone. Compare average pet funeral costs against the monthly premiums you’d pay over the life of your pet to determine if this type of insurance makes sense for your situation.
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Pet funeral costs
If you’d like to honor your pet after it passes away, you may face several expenses. Here’s an overview of what you might pay, on average, for some of the most common funeral-related items:
Cremation (cat and dog): $140 to $200
Urn for your pet’s ashes: $50 to $450
Pet casket: $200 to $1,000
Burial plot in a pet cemetery: $400 to $600
Euthanasia: $50 to $150
What does pet life insurance cover?
Pet life insurance is designed to cover the costs that come with unexpectedly losing a pet due to a sudden accident or illness. While every policy is different, many of them cover the following:
Your pet’s value: If your pet passes away, a pet life insurance policy may kick in and compensate you for its value. To determine what your pet is worth, an insurance company will likely consider how much you paid to purchase your pet or what it would cost to replace it.
Burial, euthanasia, and cremation costs: Some insurers will pay to bury your pet, put it to sleep, or cremate it. But insurers usually have strict limitations for what types of deaths are covered.
Lost income: If your dog earns you money through an activity like breeding or modeling, pet life insurance may cover the income you’ll lose if it dies. This can mitigate some of the financial losses you might face.
What doesn’t pet life insurance cover?
Pet life insurance covers only your pet’s funeral and end-of-life expenses. A pet life insurance plan won’t cover a cause of death that isn’t specifically listed in the policy.
Pet life insurance also doesn’t cover accidents, illnesses, or injuries for your pet while it’s alive. If you want coverage for those things, you’d need to get a traditional pet health insurance policy.
Is pet life insurance worth it?
Whether you need pet life insurance is a personal decision. But in general, a pet life insurance policy doesn’t make sense for family pets. This is because the cost you’ll pay in premiums will likely exceed the value of the benefits you’ll receive.
But if you own a highly valuable pet, such as a show dog or breeding dog that brings in income, you might want to consider pet life insurance. This is particularly true if you rely on the money your pet brings in and would suffer financially if it passed away.
Most pet owners forgo pet life insurance and opt for pet health insurance instead. In general, you’ll get more bang for your buck with a pet health insurance policy than with a pet life insurance policy.
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Is Pet Insurance Worth the Cost?
Where to get pet life insurance
While pet life insurance is less common than pet health insurance, some companies offer it — often as an add-on to a traditional pet insurance policy. If you’re in the market for pet life insurance, here are some companies you might want to consider.
24PetWatch
24PetWatch is part of 24Pet, an organization with many pet-related services and products. If you need to put your pet down due to a covered injury or illness, 24PetWatch will reimburse you for euthanasia and cremation costs of up to $200.
AKC Pet Insurance
AKC Pet Insurance is based out of the American Kennel Club headquarters in Raleigh, North Carolina, and was one of the first pet insurers in the U.S. It offers a life insurance policy known as Final Respects Coverage, which covers cremation, burial, urn, and memorial expenses up to $300. To enroll in this plan, your pet must be younger than 5.
Figo
Figo was founded by pet owners and prides itself on “flexible, reliable pet insurance.” It offers a number of “power-ups,” or upgrades to traditional pet health insurance plans. One power-up is the Extra Care Pack, which can cover cremation and burial expenses in addition to pet theft or loss, lost pet advertising and awards, and vacation cancellation as a result of pet emergencies.
Pets Best
Pets Best Insurance was founded in 2005 and offers insurance for dogs and cats. You can choose from accident only, accident and illness, and wellness coverage.
While Pets Best doesn’t offer a specific life insurance policy, its BestBenefit accident and illness plans cover euthanasia for humane reasons.
Pet life insurance FAQs
If you’re considering life insurance coverage for your pet, this additional information may help as you research your options.
Does pet insurance cover end-of-life care?
While every pet insurance policy is different, some plans do cover end-of-life care. This may include burial and cremation costs, euthanasia, and even counseling for you and your family.
How do you file a pet life insurance claim?
Each pet insurance company’s claims process is different. But in most cases, you can file a pet life insurance claim in several ways. Use your insurance company’s app, call an agent, submit a claim online, or send an email, fax, or letter.
What are the drawbacks of pet life insurance?
The main drawback of pet life insurance is that it only pays a death benefit if an animal passes away. It won’t cover any medical expenses for an animal that gets sick or has a chronic medical condition. Another drawback is that pet life insurance might not be worth it because the monthly premium costs could add up to more than the value of any benefits you’d receive when your pet passes away.
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Sources
- Canine Journal. "Dog Life Insurance: Does It Make Financial Sense?."
- Money.com. "Life Insurance for Pets: What You Need To Know."
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Anna BaluchInsurance Writer
Anna Baluch is a Cleveland-based personal finance and insurance expert. With an MBA from Roosevelt University, she enjoys writing educational content that helps people make smart financial decisions. Her work can be seen across the internet on many publications, including Freedom Debt Relief, Credit Karma, RateGenius, and the Balance. Connect with Anna on LinkedIn.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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