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Dog and cat insurance: why is it a good financial decision?

Personal finance advisor Tian Rodríguez shares the reasons why paying for pet insurance is a smart financial decision.

In this episode of Financial Tranquility, personal finance advisor Tian Rodríguez explains that not having a pet insured can be a decision that is detrimental to personal expenses.

Is it better to buy a home off plans or for immediate delivery?What does pet insurance cover?Dogs and cats are not exempt from suffering from illnesses, accidents or causing material or personal damage to third parties. What is mentioned here is what a pet insurance policy covers. In addition, depending on the plan paid, the owner can access daycare, telephone and home veterinary assistance, and even coverage for funeral expenses.

In the long term this means savings on veterinary expenses and ensures that the pet can always access a complete service to protect and maintain its well-being. Due to this, insurance for pets is a booming market and there is increasing interest in this type of services.

According to a study by Global Market Insights, globally, in 2021 the size of the pet insurance market was $8.3 billion. A figure that, according to estimates, will continue to expand until 2030 with an annual growth rate of 16.7%. In fact, according to the North American Pet Health Insurance Association (NAPHIA), in the United States alone there were already 4.4 million insured pets by May 2022.

In Colombia there are different services that can be accessed or covered by a policy, so it is important to get good advice to make the best decision about which plan best suits the needs. needs of each family.

Life insurance for pets: this is the general plan that includes risk coverage for diseases, education, bathing and hairdressing services, dentistry and damages to third parties until funerals ( It depends on each insurer).Non-contractual civil liability policies: this type of policy includes coverage for damages that the dog or cat may cause to people, animals, movable or immovable property, roads, public spaces and the environment, in general.Prepaid medicine or healthcare plans: this service includes mainly medical and clinical expenses such as illnesses, vaccinations, hospitalizations and procedures.Funeral plans: this type of service covers, as its name indicates, all expenses derived from the death of the pet such as: euthanasia, cremation or burial.Five ways to make money with cryptocurrenciesDiscover other financial benefits of paying for this type of insurance with the advice of Tian Rodríguez in Financial Tranquility. Don't miss the previous chapters of this program to learn more about the tools that can help you improve your personal finances.

Who is Tian Rodríguez?Sebastián (Tian) Rodríguez is an industrial engineer from the Universidad de los Andes and has dedicated himself to educating on different platforms, such as YouTube and Instagram, about personal finances, investments and economics. On his platforms (@tianrodriguezlf) he has more than 40 thousand followers and his goal is to impact millions of people through his leadership and personal story. His style is 'unfiltered' and direct so that people really understand that the solution to their financial problems is found in their own actions.

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