Halifax unveiled its new pet insurance product, Halifax Pet Healthcare, yesterday.
And the company claims it has never been more needed in the marketplace as it estimates that Britons waste £50m per year by not insuring their pets.
Research from Mintel shows pet lovers pay an average of £339 a year for pet healthcare, yet only 12% of these pets are insured.
The Halifax product guarantees lifetime cover, without yearly underwriting, as long as the policy is renewed.
Halifax says this is a bonus as it means that, unlike some of its competitors, it will cover ongoing medical conditions like diabetes, asthma and eczema.
It also covers hereditary and congenital conditions, makes a contribution towards a clinical diet, pays out for alternative medicine and provides a helping hand with behavioural problems.
Halifax Pet Healthcare starts from £5 a month.
Halifax General Insurance managing director Howard Posner said: "Everyone who's got a pet wants to make sure its health is taken care of but insurance isn't the first thing that comes to mind.
"It comes into its own though when you're faced with a £1,000 bill for a broken leg and you realise that bill could have been paid if you'd invested the cost of a few cans of food a week into an insurance policy."
