Lifetime Pet Insurance: What is it and is it for me?

Why would you want lifetime pet insurance? Despite what the name suggests you may not want this type of insurance from the beginning of your pet's life. In this article we're going to talk about why you might want lifetime pet insurance and who it's suitable for.

Certain types of pet insurance policies are limited by the amount of time a condition can be claimed for. These are usually the cheapest because insurers have a 'cut off period' where they can say "I'm sorry it has now been x months since you started your claim. You are no longer able to claim for any further bills."

There is no limit with lifetime pet insurance (also known as lifelong pet insurance). However, although this is a great feature, it is not only found in lifetime policies. You may be aware that you can get 'per condition' policies, which also have no time limit on how long you can claim for a particular condition. Per condition policies are usually slightly cheaper than lifetime too.

So, what makes lifetime pet insurance any different from 'per condition policies'?

Many of the articles you will read miss this crucially important detail out when they talk about this type of insurance. They will talk about how it covers your pet for life but not much about how. So let me give you some details.

First of all there is still a limit on the amount you can claim. Yes, I'm afraid it's not totally unlimited, although the limits are usually quite generous. Often you'll get a massive £4000 difference in cover between a standard limited time policy and a lifetime one. Not only that but (and this is the big difference) lifetime insurance resets the cover amount every year.

So, say you have £7500 veterinary fees cover and you've claimed £1000 within a policy year. At the end of that policy year when you come to renew, your cover for vet's fees will go back to £7500 again. This assumes you stay with the same insurer and renew each year.

Who is Lifetime Pet Insurance Suitable For?

As with any insurance policies there are a couple of details to note:

1. You may be charged excesses yearly if you're claiming for a condition over several years.

2. Once your pet gets to a specific age, your insurer could ask you to pay a percentage towards the costs you've claimed for.

Those are small points but ones you need to know nevertheless.

If you can relate pet insurance to car insurance, then lifetime pet cover is like a comprehensive car policy. Just like car insurance, not everyone will want to have comprehensive pet insurance. This type of insurance is for those of you who want the greatest peace of mind with the most comprehensive pet insurance you can get.

It is worth mentioning here that even if you want to switch to a lifetime pet insurance policy, insurers will still not cover pre-existing conditions. So if you would like the benefits of lifetime pet insurance then it is best to start relatively early on.

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Written by Alexander K 

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