7 Types of Insurance You Never Knew Existed

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Worried about aliens or ghosts? Take out an insurance policy! 

We all know the basics of insurance. The more common types include car, homeowners, and life insurance, but there are some insurance policies that you may have never heard of. We have rounded up the top seven unique policies available — some of which may be more useful than others.

1. Body part insurance

Many celebrities insure their body parts for large amounts of money in case something were to happen to them that would prevent them from performing their job. For example, model Heidi Klum has reportedly insured her legs for $2.2 million dollars. While most people don’t require body part insurance, it may make sense for certain celebrities.

Rolling Stones’ guitarist Keith Richards’s hand: $1.6 millionSinger Bruce Springsteen’s voice: $6 millionSinger Dolly Parton’s chest: $600,000Singer Mariah Carey’s voice and legs: $35 millionNFL player Troy Polamalu’s hair: $1 millionSoccer great Cristiano Ronaldo’s legs: $144 millionJames Bond star Daniel Craig’s entire body: $9.5 million

2. Death by laughter insurance

Lloyd’s of London has taken the concept of “killing it on stage” quite literally. Seeking to safeguard against the unlikely scenario of audience members dying of laughter, a comedy troupe purchased an insurance policy in case any of its audience members died of laughter while watching one of their shows.

3. Facial hair insurance

Lloyd’s of London has issued some unique policies. In 1992, a Santa Claus who took his job seriously insured his iconic white beard, and Australian cricket superstar Merv Hughes reportedly insured his legendary mustache for a whopping $360,000.

4. Ghost and poltergeist insurance

Are you afraid of ghosts? Although it may sound strange, this type of policy actually exists! Ghost insurance covers any damage caused by paranormal activity (such as hauntings) and helps protect your property if something were to happen due to supernatural occurrences. The hotel owner of the Royal Falcon Hotel in Lowestoft, England, insured his staff and customers against death and disability caused by ghosts, after seeing a ghost on the property.

5. Alien abduction insurance

Believe it or not, alien abduction insurance is available if you are afraid of waking up being prodded by extraterrestrials. This type of policy provides coverage in case an individual is abducted by aliens and held captive against their will. While some companies sell them as a gag, some insurers are serious about their policies and have even paid out claims!

6. Cold feet insurance

Worried about being left at the altar? Cold Feet Insurance provides couples with financial protection if one partner backs out at the last minute before the wedding. It typically covers costs associated with canceling wedding plans such as venue fees, catering costs, dress/tuxedo rentals, etc. Couples can rest assured that they won’t be left high and dry if one partner suddenly decides they don’t want to go through with the marriage after all.

7. Lottery insurance

If you’re lucky enough to win a lottery jackpot — congratulations! Many offices have a lottery pool where everyone splits the proceeds should they hit the jackpot. A lottery insurance policy covers the business from financial loss of having to replace its employees if the office pool wins the lottery and they all hand in their two-week notice the next day. This occurred in the U.K., where seven office workers quit their jobs after winning $6 million each.

While some of these insurance policies may seem far-fetched, they actually exist because people wanted to protect themselves against something very unique and were willing to pay for it. Even if you don’t face the risk of a ghost disrupting your workday, you likely have gaps in your insurance coverage that could leave you exposed to financial hardships. Take a closer look at your policies and see where you might need some additional support — you might be surprised at what you find.

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