Well, for us, it was the teaching moments of my daughter's struggles with her Rottweiler. Both hips went...two operations. I helped with the first one, covered costs they couldn't. After that, she bought insurance, but there was still limited insurance for the second occurrence. Her second dog was fully covered with a premium package.
These large dogs are VERY EXPENSIVE when things go wrong...AND, they always go wrong. So, unless you are a VERY DISCIPLINED INVESTOR, I would avoid the savings plan. Most people aren't that disciplined, and, as Smokeycat pointed out, having a savings plan that isn't built up prior to injury, is just a waste of time.
I met an individual in my city who has two Great Danes, and she and her husband, both very disciplined investors, have VESTED a TFSA account with a substantial amount of money to offset any potential medical bills. BUT, they started with money, they didn't have to save it up. And as she told me, they get to keep the interest from that investment, and they get to keep the money when and if the dogs pass on or if they don't replace their dogs. So...it's nice to be wealthy! Most of us aren't, and insurance is a Godsend.
There is nothing worse when standing in front of your Vet and the news is dire...your emotions are running high, and suddenly you have to weigh whether you can save your beloved pets life or pay the mortgage. Credit cards are wonderful, but, unless backed up by insurance they can become a millstone around your neck.
When Bailey became ill, the Emergency Vet came and talked with us, laying out the possibilities and what they could do. I had a rush of relief to say, "We are insured...do everything. Run every test. No limits." It Was Very Empowering.
I never invested in a Wellness Package, and I know very little about them. Just another bill for me to pay, I guess. And we had our regular visits, vaccines, etc., It just felt over the top.... But Insurance...especially one with high values (the cost of hip and elbow operations or chemo), so worth it. Don't wait for a problem to come up and then bolt the door. No, get coverage from the start.
Word to the Wise: We rewrote our coverage to increase it, and all Bailey's previous problems then became exempt from coverage for a number of years. She had an impacted nipple from her heat cycles, and we had them cleaned out twice. We had her spayed at just over two years, and the problem never reoccurred, but, anything to do with her reproductive organs...including her nipples and surrounding tissues were exempt from coverage for over two years. And then we had to apply t0 have those restrictions removed.
