Pet insurance: a topic that would seem insane 20 years ago is now a booming industry with one million pets and counting covered by insurance. Revenue for U.S. pet insurance plans was more than $300 million in 2009 is predicted to reach $753 million by 2014, according to consumer research firm Packaged Facts. But does pet insurance make sense for you?
Dan Danford, CFP® and Principal/CEO of Family Investment Center, shares his financial tips on whether owning pet insurance makes financial sense.
Nice video, Dan, but I would caution pet owners not to dismiss or not pursue coverage simply because their pet has a pre-existing condition. While no pet insurer will be able to cover an uncurable pre-existing condition, some will be able to offer coverage for pre-existing conditions that are "one-time" conditions (eg, vomiting) after a waiting period. Or, if nothing else, the company can offer coverage for all of the other conditions that may affect the pet over his or her lifetime.
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