Financial tips for animal lovers

Are your clients animal lovers?

If so, they may be part of the growing group of Canadians who are adopting cats and dogs from shelters.

A recent survey by Pethealth, a microchip company, found adoptions of strays increased by 3% in Q3 2013, even though the number of animals being brought into shelters dipped by 0.21% during the same period.

If your clients gush about their newest family members, consider starting a conversation about estate planning and insurance related to pets.

Over the last year, insurance companies have started offering plans that cover the vet costs of furry pals. And since people may not know the full health history of their adopted cats and dogs, they might want to consider whether coverage would be beneficial.

What’s more, families need to think about who should be the beneficiary of their pets, as well as how those chosen individuals would cover the expenses that come with their animals.

Share these articles with pet-owning clients:

Why pets should be in your will

Pets need insurance, too

Invest in pets (Spot and fluffy are big business)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.