Rich in monounsaturated fats, olive oil reduces the risk and lessens the effects of cardiovascular disease and diabetes. The monounsaturated fats in olive oil also help break down the fat inside fat cells, reducing excess fat and lowering insulin sensitivity. Olive oil also contains oleic acid in addition to some compounds that are believed to be effective in preventing cancer. The high levels of antioxidants in olive oil make it very effective at boosting the immune system. Olive oil is known for its skin and coat benefits as it prevents free radical cell oxidation, which can lead to premature aging. In addition to slowing down the aging process on the outside, olive oil helps prevent the cognitive decline associated with aging, keeping your pet alert and energetic.