MetLife Enters Pet Insurance Market
Some preexisting conditions are automatically covered when a pet owner who purchases a policy through an employer switches from another carrier.
The $2 billion U.S. pet insurance industry has attracted another competitor, MetLife, which in an attempt to convert other companies’ policyholders has agreed to cover a dog or cat’s preexisting conditions in some cases.
MetLife Pet Insurance is a new product offered by one of the nation’s largest life insurance companies. Another company, Independence American Insurance Co., will underwrite and issue the policies.
Employers should consider offering MetLife Pet Insurance as an employee benefit, MetLife stated.
“When obtaining coverage through their employer, employees who already have pet insurance with another insurance carrier will be able to switch to MetLife with the assurance that their pets’ preexisting conditions will be covered,” the company reported. “MetLife Pet Insurance is the only carrier in the industry to offer this benefit.”
The preexisting conditions are limited to those covered by the previous carrier.
MetLife pet policies include:
- Access to telehealth concierge services.
- The opportunity to roll over benefits from the prior year.
- No wait periods for orthopedic conditions.
- Grief counseling.
The North American Pet Health Insurance Association revealed earlier this year that 3.1 million cats and dogs are insured across the United States. The market was valued at $1.99 billion in 2020, a year-over-year increase of 27.5%.
About 20 companies compete in the U.S. pet health insurance market. Recent additions include Zoetis, with its Pumpkin brand, and Lemonade, a provider of homeowners insurance.
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