For many of us, a pet is part of the family. Your four-legged friend is all about being there when you need a friend. With this in mind, it is only natural for you to leave some life insurance behind for your favorite non-human animal. Believe it or not, it is more common than you think.
Does life insurance for pet parents allow me to name my pet as a beneficiary of the policy?
No, but you can name a trusted friend or family member as a beneficiary or a co-beneficiary of a policy with instructions on how to use the death benefit to care for your pet.
How does a life insurance policy benefit my pet?
Your pet can receive all the care they need with help of a life insurance policy. You can set up a trust and designate a dollar amount to be available for your pet’s care when you die and a caretaker for a pet. If your pet has an allergy or other special consideration, you can make those things clear to a potential caretaker in your trust agreement.
Life insurance payouts happen quickly after someone dies as they do not go through probate, which a will might be subject to. Unlike a will, life insurance cannot be contested. That means that your pet will benefit from the death benefit money more quickly.
What’s the best type of life coverage for parents of pets?
In general, the most affordable life insurance is term life insurance as you receive a greater coverage amount for less money. However, work with your life insurance agent to determine what is best for you and your pet, especially if your animal has a longer life expectancy than what a term policy can offer you.
At Young Insurance, we work with you to ensure that your family are protected through it all. Our life insurance experts can help everyone secure quality coverage. Serving Burbank and neighboring cities, contact us for assistance today.