Pet insurance

Do you love your pets so much they are considered family members?

How far would you go if your pet got sick?

Fellow financial educator Scott Pape, The Barefoot Investor, loves his dog Buffett. Recently Buffett was bitten by a tiger snake and required urgent medical treatment costing $5,000. Read Scott’s story here.

In the article Scott notes: “so long as you buy the right policy, pet insurance is a smart investment. The yearly cost to cover your pet for treatment of illness or injury ranges from $250 to $350.”

For that amount of money Scott says you can get around $12,000 of cover.

Many pet lovers commenting on Scott’s blog and Facebook page considered that amount of money easily justifiable for a pet they consider to be a family member.

Protect your human family members first

But I wonder how many of those same people baulk at spending money to protect the lifestyle of their human family members? And in most cases you can get much higher cover for the $250 p.a. premium.

For example I just completed a recommendation for a 30-something client who can get $105,000 of top-notch trauma insurance for the same premium – just $250 per year.

So if your pet gets seriously ill you’ll only get $12,000 and still have a $500 excess hit you. Yet, if YOU get seriously ill you could receive around $100,000 (and no excess). Now that’s value for money!

And did you know that for around $50 per year you can get $50,000 of trauma cover for your children? I’m sure you would do whatever you can to help your sick child, just as you would for the beloved family pet. Give yourself more treatment choices by considering child trauma cover as an add-on to your own trauma insurance.

So the next time you get bleary eyed over the thought of something happening to your beloved pet, spare a thought for how to protect yourself from the lifestyle impact of you, your spouse or child getting sick.

Author: Matt Hern

Certified Financial Planner professional, Matt Hern has three times been awarded as one of Australia's Top 50 Financial Planners by The Australian Financial Review Smart Investor. He is passionate about guiding you on the right financial choices to achieve what you really want. Matt Hern is an Authorised Representative of Charter Financial Planning Limited AFSL 234665. All information is general advice only.