Insurers define health insurance for cats, dogs and other non-human animals as a form of property and casualty insurance.
Life insurers do not pay death benefits directly to non-human animals.
Many consumers, on the other hand, are eager to insure their love for their furry (and scaled, and feathered) companions.
Erie Insurance has a bit of data on the size of the market for death benefits for pets in a summary of results from an online survey. The Erie, Pennsylvania-based insurer sponsored the survey to support this month’s Life Insurance Awareness Month outreach campaign.
The sample included 650 U.S. residents ages 65 and older. The survey team asked the participants who had life insurance why they have life insurance.
One of the five most popular reasons had to do with self care: 37% of the participants with life insurance said they got covered so loved ones would have money to pay for the participant’s funeral experiences.