Should I take out a lifetime or an annual policy?
Pedigree cats may be affected by hereditary conditions, which could last for many years or even throughout your cat’s lifetime. This means that for pedigree animals, lifetime policies could be an especially attractive option. Here you can continue to receive cover for as long as the condition lasts, although not surprisingly lifetime insurance will be more expensive than shorter term policies. Annual limits will be in place, but they will be reinstated on renewal of the policy.
The alternative is to purchase an annual policy, which will cover claims for a 12 month period. However, if your cat’s health condition lasts for more than 12 months, the ongoing condition may be excluded from the new policy.
Because lifetime insurance may be expensive, you are advised to look at insuring your cat at a young age, as premiums tend to increase with age. You can usually buy a policy for kittens around eight weeks after their birth. The maximum age for obtaining cover varies between insurers.
If you decide lifetime insurance isn’t for you, the next best option may be maximum benefit cover. This type of insurance sets a maximum amount that can be claimed for a particular condition, but the amount is not reset each year, so if you use 50% of the maximum benefit in one year, only 50% of it will be left in future years