Pet insurance can ease the financial burden of medical care. It can also cover the loss or death of expensive exotic breeds. Pet insurance policy options can include:

  • Accident only — This is typically the least expensive policy type available and provides basic coverage. It can help pay veterinary bills if a pet is involved in an accident or succumbs to an emergency illness.
  • Time limited — This type of policy allows pet owners to make claims for eligible conditions up to a specified amount during a predetermined period, typically 12 months. When a 12-month policy expires, an owner can renew the policy but it would exclude any conditions for which claims had already been paid.
  • Maximum benefit — With this policy, no time limits exist on making claims for certain conditions, but a set monetary limit does. Once the insurer has paid out the claim, the pet owner must pay all remaining expenses associated with that condition out-of-pocket.
  • Lifetime — This is the most comprehensive and expensive basic pet health insurance option. It covers veterinary fees up to a certain amount each year for the life of the pet so long as the owner keeps the policy active.

For some, animals are more than loving companions. They can also be a person’s livelihood. Imagine losing a dog slated to compete at the esteemed Westminster Kennel Club Dog Show or a prize racehorse: It could mean financial disaster on top of heartbreak. In these cases, animal mortality insurance can cover an owner’s financial losses if an income-producing animal dies, is injured, falls ill, or is stolen. What is and isn’t covered in an animal mortality policy can vary depending on the carrier, so those who rely on animals for their income should research all options to find the policy that best suits their specific needs and situations.