There are over 7 billion people on earth. With all of those humans sharing the same space as you, accidents are bound to happen.
To help insulate you from damages that are caused by unforeseen events, car insurance, home insurance and other common policies exist which most people buy as part of their personal insurance planning routines.
What many people don’t know is that there are several usual insurance policies that small fractions of people buy into in addition to “normal policies”.
If you’re curious to know what odd policies people are buying insurance for, keep reading to find out!
1. Infertility Insurance
Most teenagers don’t know whether or not they’re going to be infertile or have trouble getting pregnant. Given that those things are possibilities, some parents take out infertility policies for their kids.
These policies cover expenses that are involved with seeing specialists and even getting in vitro fertilization.
Cut off ages for infertility insurance range from policy provider to policy provider so some young adults may find value in buying themselves policies.
2. Lottery Insurance
Imagine the shock that business owners face when all of their employees join a lottery pool, win and then quit their jobs the next day. In that situation, employers wouldn’t be able to service clients which could result in catastrophic losses.
What lottery insurance aims to do is protect employers from losing their whole workforce in an afternoon. If a group of employees win the lottery and quit, insurance will pay expenses associated with losses in productivity and hiring new workers.
3. Multi-Birth Insurance
Getting pregnant can be among the most exciting feelings that you’ll ever enjoy. What would you do if you were planning to bring one kid into the world and then were surprised by 2, 3 or more?
Multi-birth insurance allows parents to protect themselves from the initial expenses that having more than one child at once inevitably brings.
Initial expenses might include additional pregnancy care required to manage high-risk birth situations and the purchase of additional supplies (a second crib for example).
4. Wedding Insurance
Weddings are expensive. As a matter of fact, you might be shocked to find that the average cost of a wedding in the United States is over $30,000.00.
Given that large amount of money, we don’t think that it’s too usual that you would bake wedding insurance into your personal insurance planning repertoire. There are various facets to wedding insurance that insurers are willing to sell which include:
Death in the Family Insurance
If an immediate family member of the bride or groom falls seriously ill or dies and cannot attend the wedding, people that own a death-in-the-family policy can call off the ceremony and receive reimbursements for non-refundable expenses.
Ring Insurance
When you purchase a wedding ring, you’re taking a leap of faith in hoping that your partner will accept your request. If they don’t, most ring companies will take your ring back, free of charge.
A few won’t, though.
In these cases, ring insurance can be helpful since it will ensure that you’re made whole again.
Cold Feet Insurance
There’s nothing worse than arriving at the altar, wanting to call the whole thing off but not being able to because of the money that went into your wedding. To make sure that you’re never caught in that pickle, cold feet insurance can reimburse you for wedding expenses if you don’t end up following through.
5. Livestock Insurance
We’ve all heard of people getting their dogs and cats insured. But, have you ever heard of people getting insurance for a cow? Farmers certainly have.
Farming operations tend to run on tight margins. That means that the death of a single cow could mean not being profitable for the year.
With livestock insurance and related policies, farmers can get compensated if their animals pass away or don’t produce what they were expected to.
6. Body Insurance
If you’re a hand model and you lose your hand, that’s a serious problem. If you’re a singer and your voice goes bad because you suffered pneumonia, you’re going to be in serious financial trouble.
These unpredictable losses of body functions/parts lead many to get insurance policies on the pieces of themselves that mean the most to their livelihoods.
Celebrities are famous for getting these kinds of policies. Most notably, Bruce Springsteen insured his vocal cords to the tune of six million dollars.
7. Alien Abduction Insurance
Believe it or not, while some people are asking themselves reasonable questions like, “Should I buy life insurance at Costco?”, others are asking, “Should I buy alien abduction insurance?”
While abduction insurance can be hard to come by, an insurance company in the UK once sold thousands of these policies.
8. Ransom Insurance
Ransom insurance is more common than you’d think in the business world. Many companies worry that when their executives travel abroad, they’ll be kidnapped and held for ransom. With an insurance policy in place, these companies can pay without losing a substantial amount of their company’s annual revenue.
Personal Insurance Planning Is Undeniably Subjective
When it comes to personal insurance planning, while some people are worried about their cars, others are worried about their voices, aliens and everything in between.
Therefore, if there’s one thing that you can take away from this write-up, it’s that insurance necessities are shockingly subjective.
Are you curious to know more about insurance, business and other topics that are relevant to your life? If you are, keep reading more of the content on our blog!
