What Veterinarians Need to Know About Life Insurance 

Life insurance is essential coverage for both business owners and individuals. The right life insurance plan can provide valuable protection and leave loved ones in a better position should something fatal happen to you. As a veterinarian, you could be taking risks every day. That’s why it’s important to make sure that you not only have a life insurance policy but also that you have a life insurance policy that will provide adequate coverage.

What is Life Insurance?

Life insurance is an important part of your overall financial plan, and your insurance mix can also play a role in your business continuity plan. Simply put, life insurance is a way to provide protection to your family or others you leave behind when you die. When you start a policy, you’ll be required to pay monthly (or, in some instances, yearly) premiums toward the policy. Then, when you die, the policy will pay out a set amount of money to your beneficiaries (the people you choose to receive the benefit of your life insurance).

Your loved ones who receive the money can use the money for whatever they choose, but many people choose to use it to cover funeral and other death-related expenses. If you are completely new to life insurance and how it works, Forbes has a more in-depth look at it that’s easy to follow along with! We specialize in situation-appropriate insurance for veterinarians, by the way!

What Veterinarians Should Know About Life Insurance

As a veterinarian, you likely spend time not only working with animals but also running your practice. Many veterinarians who own their own practices wear many hats and end up being responsible for things such as disability insurance, practice insurance, life insurance, managing practice debt, and more. When you’re running your own practice, it’s important to look at all the aspects of life insurance for veterinarians so you can make the most informed decisions for your practice!

Risks for Veterinarians

While many people don’t associate owning a veterinary practice with high-risk job classifications, being a veterinarian does come with many risks. From illness to injury and even the stress that comes from being in an intense environment, you put your life at risk each time you step into your practice or take on a new patient. Having an adequate life insurance policy will not mitigate these risks, but can help foster peace of mind in your business.


Due to the nature of chemicals that are sometimes used in practices, outdated radiological equipment, and other factors, veterinarians may be more susceptible to cancer. While cancer is already one of the leading causes of death in the United States, veterinarians are at a greater risk, which means you should maintain adequate coverage.


Veterinarians — especially those who work with aggressive animals or large animals — take risks in their job every day. Injuries are not only common for veterinarians while treating patients but can also occur during day-to-day responsibilities. A life insurance policy can help provide protection in the case of a fatal injury, but short-term disability is another valuable protection for veterinarians.

Mental Illness

As a veterinarian, not only do you have a job that can be incredibly stressful but can also be emotionally taxing. Mental illness is a serious problem around the country and in many professions but it can be worse for those in the veterinary spaces. While life insurance does not help directly with mental illnesses, it could cover you in the event of death from a work stress-related condition.

It’s important to understand limitations and restrictions on how life insurance carriers may look at suicide.


With regular exposure to zoonotic diseases and other fungi, viruses, and bacteria, you’re putting yourself at risk each and every day. While the probability of you catching a disease from an animal is relatively low (and the probability of death from such disease is even lower), it is something that could still happen. You put your life at risk when you work with animals suffering from various infections so make sure that you are covered under your life insurance policy.

Ideal Life Insurance for Veterinarians

After learning more about life insurance and the importance of it in veterinary medicine, you likely understand how essential it is to cover yourself and your staff with the appropriate amount of coverage in your practice. This means taking steps to find a policy that works for you and your specific needs.

Coverage for Yourself, Your Practice, and More

When looking for a life insurance policy, the first step you’ll need to take is determining which type of coverage will work best for your business.

  • Are you a one-person show with a very small practice, handling everything on your own from appointments to billing and physically taking care of each animal?
  • Do you have a small staff?
  • Are you a larger practice with several other veterinarians?

In each of these situations, your needs for life insurance will vary, and your ability to get the right amount of coverage will also vary. Make sure that you not only have information on the type of practice that you currently have but also what your plan for growth is in the future so you can retain an appropriate level of coverage.

Getting Your Policy

When it comes to life insurance, getting covered as quickly and efficiently as possible is crucial. With claim limits and the risk of death a real issue every single day, you want to make sure you get coverage as soon as possible. Even after using a helpful guide, you may still be overwhelmed with your life insurance options and the details that go into finding the right policy. We take a simplified approach that’s easy for you to manage no matter how busy you are.

At Loyall Group, we’ll use our decades of experience to help you determine the right coverage for yourself and your practice, then we can help create clarity and guide you toward the right choice for life insurance. Get your free quote today.