Some call it their 'Life Happens Fund,' others their 'Emergency Fund.' Whatever you call yours, make sure you have one. But then you might want to take that thought one step further. I'm about to tell you why.
My Dog Willow
Recently Willow, my Bearded Collie, became very sick to the point where she needed to be hospitalized. Anyone who has gone through this before knows how expensive it is to hospitalize a pet. Throughout her illness, I had to make tough decisions where I felt I was choosing between my dog and my money. The stress and anxiety brought on by the situation were overwhelming. Of course, I chose my dog; thankfully, Willow is recovering.
Looking at our now-depleted emergency fund started me thinking about pet insurance and how the situation might have been different if I had already had a pet policy.
The Benefits Pet Insurance
If I had pet insurance, I would not have hesitated to take Willow to the veterinarian when her symptoms started. I would have been able to file a claim and have a majority of the bills covered, thus circumventing any guilt or arguments about how much money we would need to spend on our dog.
I've come to realize having pet insurance is my way of saying I love my dog, I care about her, and I'm doing this to protect her because I want her to live a long, happy life. It would also enable me to avoid the 'in the moment' emotional stress and anxiety when decision-making worsens.
Another benefit of having pet insurance is passing the risk of your dog getting sick to the insurance company in exchange for the peace of mind of your dog's safety in the case of an emergency.
The Costs of Insuring a Pet
How much does pet insurance cost? After a bit of research, I discovered the following facts.
That's a much more easily digested amount spread over a decade than most of that amount paid out once during an emergency.
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