Pet Vs Life Insurance – Which One Would Pay the Bills?

Valuing your pet's life over your partner's when it comes to insurance might mean that your furry friend will be insured against bumps and bruises, but what if the unthinkable happened and you lost your partner? This could make for very financially difficult times ahead if they were the main bread winner of the household, or even if they just pay half of the mortgage and bills– where would you find the monthly payments without a life insurance payout?

Having a life insurance for both of you would mean that whoever was left behind would get a lump sum payout – this could be used for anything from paying off the mortgage, sending the kids to university, or helping them to buy their first home.

Without life insurance, experts warn that you run the risk of being unable to keep up with mortgage payments and other outgoings which could lead to losing your family's home or having to downsize to make ends meet.

What's more, if the life insurance policy includes cover for critical illness too, then this could be used to keep up with mortgage payments and to make any necessary changes to the home in order for you or your partner to remain at home through an illness.

Your pet might be a part of the family, and an important one at that, which is worth protecting, but forgoing life insurance in favour of pet insurance could leave you much more out of pocket in the long run.

Vets fees can run into the thousands, but they probably wouldn't leave you without a roof over your head the same way that forsaking life insurance could do, experts warn.

These days, thanks to the internet, you can shop around for insurance in minutes with the click of a mouse, so it might be that you can afford both if you find competitive enough premiums – that way, you don't have to choose between your beloved pet and your beloved spouse.

Even if you are not a homeowner, taking out life insurance can offer protection against other expensive outgoings which you might share with your partner, such as raising a family.

It is often young people that opt out of life insurance, thinking it's something for the older generation who are nearer to retirement and the inevitable, but this group will generally have less debt and therefore be at less risk if they were to lose their partner. Once you reach retirement stage, it is the hope that your mortgage will be paid off, at least most if not all of it, so outgoings and financial obligations will be lower.

You can pick up pet and life insurance at your local supermarket while doing the weekly shop, so there's not really any excuse for not protecting the things you love most in the world.