Lifetime pet insurance explained

7 min Read Published: 23 Nov 2020

What is lifetime pet insurance?

Lifetime pet insurance is the most comprehensive pet insurance policy, covering your pet for illness and injury for the duration of its life. In this article, we take a look at lifetime pet insurance including how it works, how much it costs and how it compares to other pet insurance policies.

What is lifetime pet insurance?

There are two types of Lifetime pet insurance:

Annual limit per condition - insures your pet for a set amount per condition. This limit then renews annually for the lifetime of your pet. For example, if the condition limit on your policy is £3,000, your pet is insured up to £3,000 per condition, per year. This limit would then reset each year

Annual lifetime cover - insures your pet for a set amount over its lifetime. For example, your pet may be insured for a total of £15,000. This would mean that you could claim for any condition until the £15,000 limit is reached and once the limit is reached you will have to self fund any further treatment

Lifetime pet insurance is the most comprehensive type of pet insurance policy for your pet and therefore tends to be more expensive.

How does lifetime pet insurance work?

With lifetime pet insurance you pay a monthly or annual premium to cover your pet for the duration of its life. The premium is reviewed annually. If you need to make a claim your veterinary fees will be covered up to the cost limit on your policy, minus any excess. Lifetime pet insurance policies are designed to cover your pet for injuries and long term illnesses. It is best to take out a lifetime pet insurance policy when your pet is young as this will ensure your pet is covered for any long term illnesses that may occur in the future.

Lifetime pet insurance offers the most comprehensive protection for your pet and it typically includes cover for the following:

  • Veterinary fees for illness or injury
  • Death and euthanasia (some policies have this as an optional extra)
  • Dental cover due to illness or accidents
  • Third-party liability
  • Loss or theft of your pet

Most lifetime pet insurance policies will cover your pet for the duration of its life however there may be changes in the policy as your pet gets older. For example, Bought by Many changes it's excess once your pet turns 9 years old and insists that you pay a 20% co-payment on top of the fixed-fee excess of £99. Like most pet insurance policies, lifetime pet insurance will not offer cover for any pre-existing conditions your pet has prior to taking out a new policy, but if your pet develops a new long term condition it will be covered.

How much does lifetime pet insurance cost?

The cost of lifetime pet insurance will vary depending on multiple factors such as the type, age and breed of your pet as well as where you live and if you have made any claims. In the below table we have compared the cost of three lifetime pet insurance policies for a mixed breed puppy and kitten. For more information on the cost of pet insurance and for a wider comparison of pet insurance policies, check out our article 'How much does pet insurance cost?'

Comparison table - lifetime pet cover for a 6-month-old puppy and kitten 

Bought by Many M&S Waggel
Policy name Regular Standard policy
Waggel policy
Excess £99 £100 £100
Vet fee cover £7,000 £4,000 £6,000
Mixed breed puppy £21.95 £16.24 £23.36
Mixed breed kitten £16.61 £13.29 £17.83


Pros and cons of lifetime pet insurance

Pros of lifetime pet insurance

  • Offers the best protection for your pet
  • Covers long term illnesses
  • Covers reoccurring issues if you stay with the same provider (if you switch provider these will be classed as pre-existing and excluded from the policy)

Cons of lifetime pet insurance

  • More expensive than other pet insurance policies
  • Have to stay with the same provider if you want long term health conditions to be covered

Alternatives to lifetime pet insurance

There are 3 alternatives to lifetime pet insurance and we summarise the key differences in the table below. Some providers also offer public liability pet insurance which protects you against legal action in the event that your dog bites somebody or damages property. Most pet insurance premiums offer this cover as standard, however, a public liability only policy does not cover your dog for any illness or injuries that it sustains.

  • Maximum benefit pet insurance - covers your pet for a set limit per new condition. After the limit has been reached the condition is considered pre-existing and will need to be self-funded.
  • Time-limited pet insurance - covers your pet for a condition up to a set amount or for a specific period of time (usually 12 months), whichever comes first. For example, your pet may be insured for £1,000 per condition for a period of 12 months. You will no longer be covered for the condition once you have reached the £1,000 claim limit or if it has been 12 months after the condition was identified. After this point, the condition is considered pre-existing and will need to be self-funded.
  • Accident only pet insurance - the most basic pet insurance policy as it only covers your pet for accidental injuries. Your pet is not covered if it develops an illness.

The below comparison table summarises the different types of pet insurance policies available

Lifetime cover Maximum benefit Time-limited Accident only
Policy renewed annually
Covers for unexpected injury
Covers for unexpected illness
Covered for a fixed amount for a fixed period of time
Covered for a fixed amount per condition (until the balance is met)
Covered for a fixed amount per condition for life



Looking for a financial adviser near you?

Do you need financial advice? An independent financial adviser can show you how to make the most
of your money. Find your nearest qualified and regulated adviser using this VouchedFor search tool.