Can My Pet Be a Life Insurance Beneficiary?

Can you name a pet as a beneficiary?—this is a question many pet owners are not sure about. You can’t name your pet as a life insurance beneficiary. However, you can take some actions to ensure your pet is always well-cared for.

Set Up a Trust for Your Pet

Setting up a trust is the closest thing to a life insurance policy for your pet. According to the American Society for the Prevention of Cruelty to Animals’ (ASPCA) Pet Trust Primer, this is a legally binding arrangement that will ensure care for your pet.

You must name a reliable caregiver who will do the day-to-day caring for your pet, and a trustee who will responsibly manage the funds allocated towards your pet. The trust legally requires that the funds be only used only to look after your pet, so choose your nominees wisely.

Let Your Caregiver and Trustee Know

Discuss the arrangement with your caregiver and trustee in advance to ensure there are no surprises. They must be willing and have your pet’s best interests in mind. Choosing someone who is already familiar with your pet or loves pets really helps. When making your decision, consider factors such as if they have children or a pet that may not get along with yours.

Provide Detailed Care-Giving Instructions

This will ensure that your pet continues to enjoy the best care possible. The ASPCA website has specific recommendations, which, if followed, covers all aspects of care. Include special instructions if your pet has an allergy, specific condition, or if it is a special needs dog.

You should also add important identification information such as DNA samples and microchips and your pet’s diet habits and routines. Also, leave instructions on how often the trustee must inspect the caregiver and your pet, as well as the last rites if it passes away.

Pets make our lives richer and better. Be sure to have the right insurance coverage to protect your pets. For assistance with your life insurance needs, contact the experts at Duane Weber Insurance, Inc. in Kent, Washington, today.