Of course you’ve heard of life insurance, and maybe you’ve heard of celebrity body part insurance, but have you heard of zombie apocalypse insurance? It seems that wherever there is a concern, whether real, imagined, or just plain nuts, there is an insurance product to address it. Here is your handy A to Z guide chronicling the various types of insurance floating around out there.
- Alien abduction insurance. If you’re worried about being snatched by extra-terrestrials, there’s insurance for that. More than 30,000 policies have been written. 1
- Asteroid and meteor insurance. It’s available, but unfortunately it won’t protect you from all those awful late-night movies about asteroids and meteors.
- Auto insurance. The first auto policy was issued in 1897. Perhaps because stop signs and traffic signals weren’t introduced until 20 years later.2
- Bed bug insurance. As if having bed bugs weren’t bad enough, most homeowner’s policies won’t cover costs for extermination or new furnishings, for example.
- Body part insurance. A singer’s vocal cords, a soccer player’s legs, and a guitarist’s famous middle finger (seriously) are some examples of how stars protect their livelihoods.
- Business insurance. In addition to property, liability, and worker’s comp coverage, many businesses are now adding data breach policies to guard against hackers.
- Change of heart insurance. Also called “cold feet” insurance, this policy will reimburse a third party for the costs of a wedding if the bride or groom calls it off a year in advance.
- Chicken insurance. With more people raising ducks, pigs, goats, and chickens in their backyards, specialty policies now cover all manner of “pet” livestock.
- Dental insurance. Take care of your teeth and they’ll take care of you. Poor oral health is linked to diabetes, heart disease, and stroke.
- Disability insurance. A young person entering the workforce today has a 25 percent chance of becoming disabled before retirement. Disability insurance can be a lifeline when income is lost.3
- Fantasy football insurance. Protects the fantasy team “owner” if a player gets injured. By the way, fantasy football costs employers over $13 billion in lost productivity.4 (Where’s the insurance for that?)
- Ghost insurance. Some companies will protect you against being permanently disabled by a ghost. Proving it might be tough.
- Haunted house insurance. Dim lights. Open flames. Sudden frights. Halloween haunted houses can cause a nightmare of personal injuries, which is why most carry liability policies.
- Health insurance. Inability to pay medical bills is the primary cause of personal bankruptcy. Make it a priority in your budget and look for the best coverage you can afford.
- Hole-in-one insurance. If you make a one-in-a-million shot, golf tournament organizers get lucky too, as long as they have a policy to cover the cost of the new car you just won.
- Homeowner’s insurance. The top five home claims? Wind damage, water damage from faulty plumbing, hail, weather-related water damage, and theft.
- Life insurance. A high-tech billionaire recently bought the world’s most valuable life insurance policy worth $201 million.5 But even thousand-aires can benefit from such protection.
- Loch Ness Monster insurance. A company is offering $1.5 million to anyone capturing the legendary Nessie alive, and they’ve taken out a policy to cover their losses. So far, no takers.6
- Lottery insurance. You own a small business. Half of your workers win a huge lottery and quit. This policy will help cover your costs of hiring new people. Preferably non-gamblers.
- Multiple birth insurance. Paging a certain formerly eligible bachelor. Couples blind-sided by twins, triplets, or more babies can get coverage to handle the extra costs.
- Pet insurance. Pet owners spent over $15 billion on veterinary care in America in 2014, but less than one percent of the nation’s 171 million dogs and cats are covered by pet insurance.7
- Pirate insurance. Piracy pays, just ask the legendary captain of the Black Pearl. Pirates cost ship owners upwards of $16 billion a year, and insurance can help cover costs for hull damage, kidnapping, and ransom.8
- Renter’s insurance. Many renters believe a landlord’s insurance will cover them in the event of property loss or damage. Wrong. Get a renter’s policy. It’s highly affordable.
- Tuition insurance. If a student withdraws from college or university due to medical reasons or a death in the family, tuition insurance can help recover lost tuition and related expenses.
- Zombie apocalypse insurance. Whether it’s zombies, werewolves, or vampires on the loose, these policies have you covered.
While there are certainly a few insurance types here that many would consider, well, gratuitous, there are others that are a smart move, life and disability among them. The takeaway: expect the unexpected, and get protected.
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2020-96656 Exp. 03/22
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