Types of Insurance You Might Not Know Existed

You never know when things may go awry, which is one of the many reasons it pays to have an insurance policy. And, sometimes the things that go wrong aren't things you think about every day!

We all know about insurance policies that cover our teeth, our health, and our eyes. However, there are some lesser-known types of insurance policies that you might not have heard about too.

While these policies might not be something you need, it never hurts to know about all your options! Let's check out a few types of insurance that you didn't know existed!

Insurance for Individual Body Parts

It's no mystery that David Beckham's feet are an asset to the UK. And just imagine where they'd be if something happened to them!

For singers, actors, athletes, and other entertainers, certain body parts can be worth quite a lot of money. That's because if anything were to happen to them they'd be left without a career.

Anyone in these types of industries who's concerned about the wellbeing of one body part might be interested in taking out a body part insurance policy. These policies will pay you in the event that harm befalls that body part.

A few people who have taken out body part insurance policy include Bruce Springsteen, who took out a $6 million policy on his voice. Another famous body part insurance policy was taken out by Heidi Klum, who insured her legs for over $2 million.

Countless athletes and sports players have also taken out insurance plans that get them paid even if they have to sit out of a game. Maybe it's time David Beckham looked into a policy for his feet!

Change of Heart Insurance

They say that nearly 50% of marriages end in a divorce. And, while most people don't head into a marriage already planning the end of the marriage, you never know when things might go wrong!

That's especially true if you suspect that you or your partner might have a sudden change of heart. If you're concerned that someone might decide to say "I don't", a change of heart insurance policy might be a good choice for you.

These insurance plans cover people who decide to call off the wedding for one reason or another. As the current average costs of weddings being around $28,000 and rising, it can pay (literally) to protect yourself in the event of someone getting cold feet.

With a change of heart policy, if your wedding is called off a year or more ahead of time the bride or groom's parents will be compensated for the cost of the wedding. So, if you think you might wind up with a broken heart, you might as well wind up with a full bank account!

Insurance for Alien Abductions

A few common phobias that people experience include fear of ghosts, fear of the dark, and a fear of aliens. After all, you never know when an extraterrestrial being might swoop down from the skies and zap you up!

For anyone who suffers from a fear of alien abductions or UFOs, you might want to look into an alien abduction insurance policy. These insurance plans protect you in the event that you're abducted by beings from outer space!

Getting your payment may be tricky, however, as these policies require that you show evidence that you were abducted in order to get your payment. You'll need to have evidence of the spacecraft as well as the aliens themselves, which could prove tricky to obtain.

These insurance policies are particularly popular in Europe, with one UK-based insurance firm selling tens of thousands of policies. Another popular provider of alien abduction insurance resides in Florida and offers a plan with a low rate of only $9.95 per month.

If you live in Europe or down on the beaches of Miami, it seems alien abductions are more common than you think. Maybe it's time to rethink where you live - or simply to take out an alien insurance policy to keep you protected!

Chicken insurance

Most of us are content with having a dog or cat. Then there are the odd ducks who want to have, well, ducks, chickens, cows, pigs, mice or other farm-appropriate animals as pets in a residential setting. Most pet insurance policies will cover costly medical expenses and costs of care for felines and canines, but what about the rest? Rest assured, alternative pet owner, some private insurance companies do offer livestock insurance.

Bed bug insurance

Renters and homeowner’s insurance policies are pretty comprehensive. But they don’t protect you against that most invasive and unwelcome of house-guest: bed bugs. It can cost more than $1,000 to get them exterminated from your domicile. That’s not counting the costs to replace an infested mattress! You may consider adding bed bug insurance to your existing renters or homeowners insurance policy; and if you’re a frequent traveller, you can add travel coverage to your rider, since most of the pesky pests are picked up outside the home.

Multiple-Birth Insurance Policies

Some people are blessed with genetics that mean they're more likely to have twins, triplets, or even quadruplets. And while receiving multiple bundles of joy means double the fun, it also means double the cost!

For parents who know they have a family history of having twins or triplets, they may want to look at taking out multiple birth insurance. These insurance policies are just what they sound like - a guarantee that you'll be paid if the stork brings you more than one bouncing baby!

If you're thinking of taking out a multiple-birth insurance policy it's important to know that you'll have to take it out at the time of pregnancy. After all, with ultrasound technology, it would be all too easy to take out a policy after you already know if you're having twins or not.

Another thing to know about this insurance policy is that, unlike health insurance policies which payout when you need services, these policies pay you after the babies are born.

The Lowdown On Little Known Types of Insurance

While you might not need an alien abduction insurance policy on a regular basis, that doesn't mean that you don't need insurance at all. Keeping yourself and your family covered can help you avoid harm and stay protected.

These are only a few of the many different types of insurance policies out there. While some of them certainly are stranger than fiction, most policies really do offer you valuable protection in case of emergencies or unforeseen events.

No matter what you’re afraid is going to happen to you in life, there’s an insurance policy that will cover you. Whether it’s something common, like the fear of losing the ability to work or the fear of dying young, or something a little more out there (cough, aliens, cough), insurance has you covered. Talk to your insurer or broker, to understand what cover is best for you.

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