SHOULD YOU BUY PET HEALTH INSURANCE?

You can fend off big veterinary bills with a policy that covers your furry companion.

- DONNA FUSCALDO

FOR many people, pets are more than companions or protectors. They're beloved family members. Americans spend an estimated $147 billion a year annually on their furry friends-costs that have more than doubled in the past decade.

Pet insurance policies provide a way for pet owners to manage those costs, and the number of insurance companies that provide medical and wellness coverage to pet owners has increased in recent years. They offer coverage akin to health insurance at a variety of rates, depending on the type of plan you purchase.

"Pets are like our family," says Brian Jorgensen, chief executive officer of MetLife Pet Insurance.

Pet owners "want to keep them healthy and happy, but regardless of age or breed, they can experience accidents or diseases.