As a pet owner, you should know the two main categories of pet insurance coverage. Understanding these categories will help you determine which one to go for.
The two main categories are Lifetime Pet Insurance Policy and Non-lifetime Pet Insurance Policy. Today we are only going to explore the Lifetime Pet Insurance Policy by understanding;
- What Lifetime Pet Insurance Policy is.
- The different types.
- Why it is a good option.
- And how much it costs.
Before discussing the lifetime pet insurance policy, it is important to know what the Pet Insurance Policy is?
A pet insurance policy is an insurance coverage bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills. It is similar to a health insurance policy for humans. Depending on the type of coverage, a pet insurance policy will often cover costly veterinary procedures either partially or entirely.
Related Article >>> What to know about Pet Insurance Policy.
What is a Lifetime Pet Insurance Policy
The Lifetime Pet Insurance Policy provides coverage for the treatment/procedure expenses and veterinary bills throughout your pet’s lifetime.
Suppose you’re getting a lifetime pet insurance policy for your pet. In that case, you’re getting complete coverage for the treatment expenses of various illnesses/diseases and injuries caused by physical accidents for the whole life of your furry companion. Since the lifetime pet insurance policy provides you comprehensive coverage for your pet, it is the most expensive level of pet insurance cover.
Lifetime coverage is a perfect option if you want your pet dog or cat to be covered for a wide range of illnesses and injuries throughout their life. A lifetime policy deals with all sorts of financial problems related to the treatments of chronic or recurring health issues your pet might suffer from during their lifetime.
One of the most significant advantages of having a lifetime pet insurance policy is that it covers pre-existing medical conditions. For example, suppose your pet is suffering from chronic arthritis. In that case, they will get coverage for this condition.
In contrast, you can’t get coverage for the treatment expenses of arthritis from a non-lifetime pet insurance policy if your pet had this condition before.
What are the different types of Lifetime Pet Insurance Policy?
They are two major types of Lifetime Pet Insurance Coverage:
1. Annual Limit Per Condition Lifetime Coverage
This type of lifetime pet insurance coverage sets an annual limit per condition. It offers a specific yearly limit for a specific medical condition.
For example, if your pet developed diabetes, the maximum coverage you can claim for the medical treatment of diabetes would be $5000 per year. If your pet develops both arthritis and diabetes, you could claim $5000 for diabetes treatment and $5000 for arthritis treatment in one year.
So, the annual limit per condition lifetime coverage provides you the annual coverage for the treatment of each medical condition separately.
Suppose the treatment expenses of specific medical conditions surpass the coverage limit you have under your annual limit per condition lifetime cover. In that case, you will have to pay the costs above your coverage limit from your pocket.
In other words, if the veterinary bills of the treatment of diabetes came to $6000 in one year, you will have to pay $1000 from your pocket if we consider the above example.
With the annual limit per condition lifetime cover, the treatment can continue across the policy years without interruption as long as you renew the policy. So your pet can get maximum wellness care throughout its life.
2. Annual Limit Lifetime Pet Insurance Policy:
This type of Lifetime Pet Insurance Policy will insure your pet for a predefined amount per policy year. If your pet is insured for up to $8000 per policy year, you can claim up to $8000 for multiple conditions per policy year.
Let’s say your pet has diabetes and arthritis; you can only claim up to $8000 per policy year to treat both conditions. If both treatments cost $13000 per year, you will have to pay $5000 from your pocket. However, if you renew the policy in the following year, the insurance policy amount will reset to $8000.
Three Reasons Why Lifetime Pet Insurance Policy is a good option
A lifetime pet insurance policy is a perfect choice for your pet due to the following reasons:
1. Continual coverage for each medical condition
No matter the nature of your pet’s medical condition, you will get continual coverage for each specific medical condition in your lifetime pet insurance policy. The coverage limits are high for more serious medical conditions such as cancer or arthritis.
2. Best Choice for pedigree pets
Suppose you have pedigree pets that are more susceptible to developing a severe illness. In that case, you must have a lifetime pet insurance policy for them. Lifetime pet insurance coverage is a sensible choice if you are concerned about the high medical cost of chronic illnesses.
3. Free of Time Limitation
Unlike basic pet plans, which are time-limited, a lifetime pet insurance policy is free of time limitations. You can get financial help for paying veterinary bills for the treatment of mild to severe medical conditions throughout your pet’s lifetime.
How Much Does Lifetime Pet Insurance Policy Cost?
The cost of a lifetime pet insurance policy depends on several factors, but generally, it cost around $48.5. These factors are:
>> Pet Species:
Pet species is the most significant factor in determining the cost of lifetime pet insurance policies. Dogs usually cost more than cats because they are bigger, and more claims are submitted for them. Subsequently, pets smaller than cats are cheaper to insure.
>> Pet Breed:
Some pet breeds are more predisposed to the illnesses than others; therefore, more expensive to insure.
>> Pet Gender:
You will be surprised to see the pet gender as a cost-determining factor. Still, the gender of your pet indeed impacts the cost of the overall insurance policy. Statistically, male pets are expensive to insure because more claims are submitted for them as compared to females.
>> Pet Age:
Pet Age, for no doubt, is an essential factor that can impact the cost of the lifetime pet insurance policy. Older pets are costlier to insure as compared to younger ones because they are more susceptible to developing illnesses and injuries.
Lifetime Pet Insurance Policy is a good option if you want to provide lifetime coverage to your beloved pet. The cost of a lifetime pet insurance policy depends on several factors such as age, species, and gender, but your location and area can also impact it.
As you know, the veterinary care rates are different in different areas, which can indeed impact the cost of your lifetime pet insurance policy.
In the overall situation, a lifetime pet insurance policy should be your preference if you are looking for maximum coverage for the treatment of chronic medical conditions.