Yes there's actually life insurance that you can get for your pet that will cover cremation, burial and even euthanasia.
But this comes at a cost of higher premiums on your pets health insurance costs. Life insurance for pets although it's available it's really not needed since it would just be cheaper to pay for the euthanasia or cremation yourself and you can always bury your pet in your backyard if you wanted too.
The extra money you spend on the life insurance for your pet each month could be put towards the costs of cremation or euthanasia and you'd have some money leftover if you didn't send in all that money to the pet insurance company.