Financial Grownup Guide: Pet Insurance Pros and Cons

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Pet insurance is expensive and can be a tough decision for pet owners.

We discuss some of the most important things to consider when making the decision about that special member of your family.

Some of the pros include:

  • Having a financial safety net when owning a pet so you can keep your financial goals on track.

  • Pet insurance is evolving in similar ways to human insurance and is including options like alternative medicine and other unexpected wellness and healing benefits.

  • Some plans now offer insurance that even protects owner’s vacation in the event of a sick pet.

  • The emotional benefits to owners of having pet insurance

  • Insurance takes finances out of the decision making process if a pet is seriously ill, allowing owners to be more proactive with early testing

  • While rare, at least one provider offers insurance for exotic pets as well.

Cons to having pet insurance

  • The costs can be very high, and still have high deductibles

  • Many plans do not cover wellness and routine visits

Episode Links:

Here are some of the sources mentioned in the podcast along with more resources to learn about pet insurance!

https://www.caninejournal.com/is-pet-insurance-worth-it/

https://www.thebalance.com/best-pet-insurances-4169714

https://www.caninejournal.com/pet-insurance-comparison/

https://www.avma.org/public/PetCare/Pages/pet-insurance.aspx

https://www.thesimpledollar.com/best-pet-insurance/

https://www.doughroller.net/insurance/best-pet-insurance/