If you’re an animal lover, you’ll know that life is much nicer with a fur-baby by your side. The thought of your pet passing away, or you not being around to take care of them, might make you wonder if you can get life insurance for your pet. The short answer is no, but there are other ways to financially take care of your furry friend.

A Bit About Life Insurance

First up, let’s talk about what life insurance can do. It’s a great tool to help create financial security for your loved ones in the event of your passing. You can use it to insure your own life or the life of a loved one – but they’d have to be human. How it works is that you’d pay a monthly premium and then, in the event of the life insured’s passing, be it you or a person that’s close to you, the beneficiaries of their policy would receive a lump sum payout. This amount can be used as they wish, be it to pay off debt, cover the cost of a funeral or cover important things such as a child’s education. As the policy payer, you get to choose who your beneficiaries are but they get to choose how to spend the payout.

Many people who are concerned about the welfare of their beloved pets nominate a beneficiary that they know would take good care of them. Naturally, you’d have to give clear instructions to this beneficiary on how you’d like the payout to be used and trust that they’d use this money according to your wishes, ensuring Fido or Felix get to live their best lives ever, even without you being there to personally look after them.

Another Way To Go

As your pet isn’t a person, you won’t be able to cover them as a life insured. This means you can’t take out a life insurance policy for them and receive a payout when they pass away. Still, what you could do is take out pet insurance, something that’s gaining popularity globally and now being offered by a growing number of South African insurance companies.

Typically, you pay a monthly premium and can then claim for things like vet visits, medication and in some instances, even prescribed food and training classes if your dog starts acting out. Also, while nobody likes to think about it, there are pet insurance companies that include cover to give your pet a dignified farewell when it’s finally time to cross the rainbow bridge. To find the best coverage to suit your needs, be sure to do your research online, read up on all the benefits and get multiple quotes.

The Bottom Line

Nobody likes to think about losing a precious pet or not being around to look after them. But it’s good to know that you do have options. If you’re interested in getting life insurance cover and nominating a beneficiary that you know will give your pet the love and care they deserve why not get a quick quote from MiWayLife?