Studies reveal that most people would go into debt for their pet

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Studies reveal that most people would go into debt for their pet

Increased medical bills – and the debt they can create – is just one piece of evidence that pets are treated like family. Pet insurance can alleviate this stressor, so you can enjoy your fur babies without the financial worry.

My husband and I recently updated our estate planning documents. It’s a macabre exercise but really forced us to focus on the people who are most important in our lives. Naturally, our dog, Franklin, was a part of the conversation.  Just as we want to ensure our children are well provided for, we want to make sure we have named a guardian for Frank and provided for his care. This is just another example of the way we treat our pets like any other member of the family.

The other evidence of this relates to healthcare. More and more, we see people taking pets to emergency rooms and specialists. Some of the most common causes of specialty visits are allergies, cancer, eye conditions like cataracts and cruciate damage. Emergency visits are often needed for injuries sustained when a dog or cat is hit by a car or ingests poison.

Canine costs are far higher than feline

Overall, veterinary medicine has surged with medical advancements much like human medicine. Additionally, our love for our pets has increasingly become deeper than our finances might allow. Studies have shown than more than 3 out of 4 pet owners say they would go into debt for their pets.

Data shows that dogs are twice as likely to see a specialist compared to cats, and dog owners spend nearly three times as much at specialty clinics compared to cat owners.

Increased specialties lead to increased costs

Veterinary advancements in both treatments and technology can often mean better health outcomes for our furry family members, but they also come with higher costs. The growth of pet insurance year-over-year shows that people are concerned about those costs and are actively looking for ways to reduce financial worry. The North American Pet Health Insurance Association (NAPHIA) noted that 1.83 million pets in the U.S. are insured, a nearly 18% increase over the year prior.

Pet insurance is designed to take the financial worry out of decisions relating to animal healthcare, allowing pet families to focus on ensuring their dog or cat is happy, healthy and cared for – not worrying about the costs associated with a life-threatening injury.

Pet insurance, and all insurance really, is designed to be a safety net should something unexpected occur. We never hope to get our money out of insurance policies protecting our homes from fire, storms or earthquakes. We want houses to remain our homes. We maintain life insurance coverage for ourselves and property insurance for our belongings with the hope we never have to make a claim. Why should protecting the health of your pet be any different?

Pets are like family, and when they become sick or injured it takes a toll on the pet parent and other members of the family. Pet insurance won’t prevent accidents or illnesses, but it does alleviate a lot of worry and stress pet owners face when making decisions about their pet’s care. Pet insurance is peace of mind, providing financial assistance when you need it most.