Most of us are perfectly familiar with the basic types of insurance that cover us in everyday life. Car, travel, home, health, pet and life insurance – each of these can make for wise financial decisions that contribute toward a peace of mind. Then there are those types of insurance that seem a little less…necessary. Some are unusual, others are a complete joke. A handful of these bizarre insurances, however, save people’s necks more often than you might expect.
Cold Feet Insurance
Getting married is a big deal, and attending your own wedding can – far from being the best day of your life – be an intimidating or stressful experience. Unfortunately, by the time one has come to that realization, several thousands of dollars will usually have already been spent on arrangements such as venue rentals, caterers, the wedding dress and florists. Weddings are expensive, and if there’s any chance that either the bride or groom might not make it to “I do”, then ‘cold feet’ insurance could be a good idea.
Alien Abduction Insurance
Yes, this one is regarded as something of a joke even by the insurance agents behind it, and no – it’s not particularly expensive. However if you have recurring nightmares of being swept out of your bed by a flying saucer at night, then maybe some insurance will at least help you sleep better. People may laugh at you now, but they won’t be laughing after you experience your close encounter with the third kind, after which you can collect your insurance payout!
Poker Game Insurance
You might think that being able to cover potential losses through gambling kind of takes away from the whole point of gambling…and you’d be right. Nonetheless, professional poker players take their job seriously. Poker is usually their primary source of income, after all. The insurance can be taken out for individual games, and is based on pot size, hand-vs-hand equity when you go all in, as well as previous performances at the table. On top of that you pay an insurance premium. This type of insurance covers live poker tournaments but is more popular for specific online poker games, as these insurance companies usually offer tailor-made insurance policies specifically for the most popular poker sites.
Body Part Insurance
Though insuring one of your body parts might seem incredibly vain, it’s nonetheless an understandable move for celebrities, athletes and entertainers whose image or work is partially or completely dependent upon their physicality. Both Heidi Klum and Mariah Carey have had their legs insured, while Bruce Springsteen took out insurance on his vocal chords – lest his iconic voice ever be damaged.
Kidnap and Ransom Insurance
For those living or travelling in dangerous parts of the world, or for those with famously wealthy families, the risk of getting kidnapped if of course a little higher than what it might be for the average Joe. That’s exactly why ‘kidnapping’ insurance exists. The insurance covers a range of costs associated with resolving a kidnapping situation, from funding the negotiators, the evacuation team, paying the ransom, arranging transport and offering psychological care for the victim should they experience subsequent trauma. Of course, insurance companies are always trying to pay out as little as possible in each kidnapping scenario, so as to not encourage more ‘kidnappings for profit’.
Drunk Guest Insurance
Officially known as the ‘Social Host Liability’ insurance, this policy covers any damage to property, or injury to people, caused by one or more intoxicated guests. In many states, the host can be held responsible for any serious harm caused by drunken guests – so it makes sense to take out insurance that will cover the costs of having to repair a crashed car or pay medical bills when somebody falls down the stairs or gets into a fist fight.
Multiple Birth Insurance
These days, thanks to ultrasounds and other modern medical equipment, it becomes apparent very early on in a pregnancy whether there are more than one fetuses developing inside. As exciting as the news of twins or triplets might be – it also means that parents will be spending two to three times more money than they’d initially anticipated. During the period in which a woman is trying to become pregnant, or in the immediate few weeks after conception, she or her partner can apply for multiple birth insurance in the case that she ends up having more than one kid. This makes most sense for those with a history of twins or triplets in their family.
Essential Employee Insurance
This one might sound a little unusual at first but makes a lot of sense from a business perspective. Most companies have that one person around which every operation revolves. She or he will have total knowledge of the company’s business model and history, excellent rapport with all clients, customers and partners. They’ll know the ins and outs of every project, with heaps of specialized knowledge that is totally unique to their company’s particular business. Losing them, whether because they choose to leave the company or are unable to continue working for some other reason, would have devastating effects upon the company that has come to rely so heavily upon them. The potential financial losses could be extreme – as could the headhunting and training of a new appropriate candidate.
Lottery Winning Employees Insurance
Another type of insurance a business might want to consider (though this one is considerably less likely than the former) is that against potential losses that would arise from several employees entering a lottery together, splitting the cash and then retiring. While the chances of winning the lottery are obviously slim, those who regularly enter ‘lottery pools’ to share tickets of course stand a higher chance of winning than an individual player would. If you have a bunch of employees who do this every week, you might well start to get a bit concerned. It might make sense to take out insurance so you know for certain that you are covered should your employees come in one day with their resignation letters ready and their pockets full of newly-won cash. Alternatively, why not just join their lottery pool?
Who Wants to Be A Millionaire Insurance
Any winnings paid out by the famous quiz show ‘Who Wants to Be A Millionaire’ doesn’t come from the show creators or network directly – rather, the insurance company Goshawk Syndicate pays it out. This created some conflict when the ABC network patented an American version of the show, shortly after which two contestants won the top $1 million prize. Goshawk Syndicate accused the American version of dumbing down the questions as to purposefully increase the likelihood of winners.
Who said insurance had to be boring? As is clear to see, there’s a whole range of bizarre, hilarious and unexpected matters for which one can get insured. For those who have the money, and who appreciate that unpredictability of life – why not?