Weird Types of Insurance that Actually Exist
In the insurance world, monotony is an everyday experience. Income protection, life, and vehicle insurance are all things that are commonly heard of with the same information being repeated time and time again. However, every now and then even the most standardized subject matter shows a glimmer of expansion that strays from the ordinary.
Alien Abduction Insurance
Yes, it’s a real thing; now there is something out there for everyone’s inner conspiracy theorist, and while most of the UFO insurance policies are meant to be humorous, it doesn’t stop people from planning ahead. Most alien abduction policies offer a payout in the case of an abduction, impregnation (from the aliens, of course), or any alien-related death. Prices range from $9.95 for lifetime coverage up to $100 per year, and the St. Lawrence Agency offers a payout of $100,000,000. Don’t get too excited, abductee. It’s paid in increments of one dollar per year, so unless immortality serum is something aliens tend to give out, there won’t be too much to reap from this policy. On a side note, an insurance company in Britain had to cancel their alien abduction insurance policies after insuring many of the Heaven’s Gate cult members who later went on to commit a mass suicide in 1997.
Multiple Birth Insurance Cover
For some people, giving birth to two or more children at a time is a financial nightmare. Lucky for those in the UK, multiple birth insurance (commonly known as twin insurance) is there to help cover the costs an extra child would bring to the table. The policy must be purchased early on during the pregnancy before the mother knows how many children she’s having, and in the event that she gives birth to more than one child, the insurance company pays a lump sum to help with the additional costs. The premium is based on a sliding scale with a bigger upfront cost for any family history of twins.
Body Part Insurance
For some people, the expression “million dollar smile” isn’t a common expression at all but instead, a reality. For example, American actress America Ferrera’s smile was insured for $10 million after she became the poster girl for a toothpaste brand, and model Heidi Klum has had her legs insured for $ 2.2 million dollars during her contract with Proctor and Gamble. If Klum lost her legs in a car accident, it would be hard to continue her modelling career, and she at least would be able to secure herself financially in such an unfortunate incident. It might seem overdramatic, but it’s not too bad of an idea considering they rely on these physical assets for income.
Kidnap, Ransom, and Extortion Insurance
For some people, kidnapping and extortion aren’t only the makings for an action film, but they are real life possibilities that are faced on a daily basis. Unfortunately, kidnapping is becoming a global issue, especially with businessmen who have to travel internationally to get their work done. Insurance companies have made it so minds can be put at ease(slightly), and most policies cover loss of income due to wrongful detention, loss of money due to paying a ransom, payment for a private investigator to investigate any disappearances, and loss of income due to an employee taking a recovery period after a kidnapping. Most policies have trained personnel on staff as well who are trained on how to safely deal with negotiating with an abductor. Of course, the insurance company will only pay out as much as the client paid for their insurance premium, and since kidnappers are generally not the most reasonable minded folks, it’s best to assume a ransom is going to be higher rather than lower.
Insurance is generally the last thing on a soon-to-be married couple’s mind, but that doesn’t mean it couldn’t be a worthwhile investment. For most people, their wedding is one of the most expensive investments of their lives, so it makes sense to want to insure something especially if it’s only for a day. With location, music, caterers, photographers, weather, and family involved, there are many ways that a wedding could not go as planned. It can take months, and in some cases even years to plan a wedding, so many people are taking the necessary precautions to make sure that their big day goes off without an uninsured hitch.
With the uncertainty of tomorrow, most people invest in some type of insurance to fall back on in the case of an unseen event. However, some people take it one step further until they are prepared for nearly any and every unexpected possibility. It might seem a little crazy to the majority of people out there, but there are definitely worse things in the world than being prepared for a possible UFO abduction.
Arlene Chandler is a freelance writer who focuses on preparing for the unexpected turns life can take. She currently writes about finance and life insurance quotes for the Australian insurance company, www.suncorp.com.au