Getting to know Lifetime Pet Cover or Pet Insurance is mandatory if you want to avoid financial difficulties. Almost every household owns a pet or two, and they treat them like family. However, pets get sick every once in a while, and they must get the proper care.
To avoid euthanasia, vets have other alternatives that can save the pet and improve their well-being. Pet parents agree to what their vet suggests, but when the bill comes – they realize they could use some financial help.
Here, we’ll discuss more on the Lifetime Pet Insurance meaning, and how it can prevent you from sinking into debt.
Let’s kick it off by examining what is a lifetime pet insurance policy.
What is Lifetime Cover Pet Insurance?
Just like humans have Lifetime Insurance – so do pets. Lifetime Pet Cover or Pet Insurance cover your pets in case of illnesses, accidents, and injuries – to name a few. The things it covers depend entirely on the plan pet parents choose. Hence, there are two types of Lifetime Pet Insurance Policies:
- Annual Limit per Condition
- Condition Limit
What is the Annual Limit per Condition?
The annual limit per condition covers accidents, injuries, certain conditions, etc. It’s usually the most expensive because it covers all the incident liabilities that can occur in a pet’s life. In specific cases, Pet Insurance policies include vets in the construction for the conditions because they best know the possible inconveniences that can happen.
When the inconvenience does occur, the annual limit per condition will cover your bills up to a certain limit, and that limit is estimated by a certain percentage.
Pet Insurance gives you 70%, 80%, 90% of coverage, but no insurance policies offer 100% coverage.
Condition Limit Pet Insurance
With this type of policy, you get an annual limit per condition and annual limit coverage for conditions. That limit is usually $7,000.
So, if your dog develops some disease, and the expenses cost $6,500, the insurance will cover the expenses on their own. But, if your pet suffers an injury and then develops some illness, then the insurance will cover you until it meets the annual limit coverage.
Non-Lifetime Pet Insurance
Non-lifetime pet insurance is a cheaper alternative to have your fluffy friend covered. There are three types of non-lifetime pet insurance:
- Accidents-only: This type of plan is a basic cover. Every insurance policy offers it. With this plan, the insurance policy covers only in case of an accident. For example, if your pet is a victim of a hit-and-run case, the insurance will cover it. But, in case the pet falls ill or develops some disease, its treatment won’t be covered.
- Per Condition Only: This type of plan secures your pet exclusively for the condition you pick – a disease you know it’s prone to developing. But, after you meet the coverage limit – the insurance won’t cover you further.
- Time-Limited Pet Cover: This insurance has a pre-condition restriction as well as a duration limit of one year before the condition terminates. It’s one of the most popular, and we elaborate more below.
What Is Time-Limited Pet Cover?
Time-limited insurance has a cap or a pre-set sum for each condition your pet develops or accident it endures. When we speak of time-limited pet covers, we usually refer to a cheaper insurance option where the options are limited. That means you’re financially limited by how much you can claim.
In most companies like Toto, Pet Assure, etc. the time-limited pet insurance policy covers your pet’s illness or injury for a year. After a year, you must renew the deal again. But, the tricky part with time-limited insurance is that if your doggo or cat suffers a severe injury after being ill, the insurance will cover you with the funds that remain. In this case, you’re out on your own again.
Best Lifetime Dog Insurance Policy
Every insurance policy offers different plans for cats and dogs as they have different needs. Dogs are more prone to developing certain conditions and accidents as they are more clumsy and active than other pets. So, there’s always combat for the best lifetime dog insurance on the market with various benefits and programs.
Below are the top five finalist Pet Insurance companies we found and examined:
- Pet Assure
- PetFirst
- ASPCA
- Embrace
- Figo
