Even those who’ve never had a pet and never wanted a pet could probably explain the arguments for having pet insurance, courtesy of the many adverts for the product. Now imagine what would happen if your pet could talk. What would it say about insuring you?
If you die, who would look after me?
Would you really be happy with the thought of your pet ending up in a shelter if you died? What about your children landing up in a children’s home? Admittedly if you have a partner or family this latter option is less likely (in both cases), but it does happen. Even if you do have someone in mind to take care of the ones you love in the event of your death, how will they manage without the support you are currently able to offer? Pets and children can both be expensive, in the latter case, there may be some state support for those in real need, but even if there is, would it really provide for them the way you would have if you had lived? In very simple terms, if you have a pet or a person who depends on you in any way, then life insurance should be thought of as a must-have rather than a nice-to-have.
If you have an accident, who would walk me?
Let’s say you find yourself temporarily incapacitated. You know you’re going to recover, hopefully sooner rather than later, but who walks your dog in the meantime (or opens doors for your cat)? Again, you might well turn to a partner, family or even friends, but that places extra responsibility on them and you may have to accept your pet getting walks when other people can manage it, if they can manage it, rather than getting the amount of exercise they usually have at the times they usually have it. If you had the money, of course, you could actually pay for a dog-walker to come round and take your pet out when you want and for however long you want. For dog walks, read school runs, play-dates and any other children’s activity. If you don’t have children, then think about everyday life, shopping, washing, cooking, cleaning, think about making any regular payments, such as mortgages or rent. If your plan is to rely on state benefits, you may get a nasty shock if you are ever unfortunate enough to find yourself in that situation. Even if you are in employment and have some degree of cover from your employer, you may find that you actually need more. Insurance policies such as income-protection insurance and payment protection insurance can help if you find yourself discovering the truth of the saying that accidents can happen to anyone.
If you get ill, who will buy my food?
Good health is something it’s only too easy to take for granted – until it’s taken away. Being laid up with a cold for a few days can be bad enough for your income if you’re self-employed, succumbing to a critical illness can be devastating, even if you’re in employment. As we mentioned above, neither state benefits nor standard employment cover may provide anything like the level of protection you need in your particular situation. If that is the case, you want to arrange cover beforehand, so that it’s there if you ever need it, rather than discovering the reality of the situation when you go to claim on the cover you thought you had. In addition to income-protection insurance and payment protection insurance, you may also want to look at critical-illness cover. We hope it will be money spent on something you will never need, but if you ever do, you could find it makes all the difference to your financial health during your recovery.