Pets and Life Insurance

People with pets come to our offices because they want to create a pet plan. Like estate plans, pet plans address issues that arise should you die or become incapacitated. As the name implies, however, pet plans are specifically designed to address the needs of your pet when you are no longer able to care for the animal. Some of our clients ask us if they can use life insurance as a part of their pet plans. While a good insurance policy can be a great way to protect your pet, you can only use it in such a fashion if you take some specific steps. Here is what you should know. Insurance Policy Beneficiaries When you buy an insurance policy you agree to make regular premium payments in return for a payout from the insurance carrier upon your death. (Of course, there are different types of insurance policies that have different features, but the death benefit is a basic part of all policies.) The person who is entitled to receive the death benefit is known as the beneficiary. As the polic
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