When the topic of insurance comes to mind, most people think "boring." After all, insurance is a complex topic full of complicated math and jargon. The industry has its own language, with phrases like "c-share variable annuities."
Even movies and TV portray insurance agents as boring, stiff, and awkward. No wonder the public thinks insurance is a dry subject. However, like most things, insurance can be interesting—sometimes even downright weird.
You know about auto, home, and life insurance. But have you ever heard of "Immaculate Conception Insurance"? What about "Taste Bud Insurance"?
The main reason to have insurance is to make sure you or your items are protected. But, some people can take the meaning of insurance a bit too far. As a result, there are some questionable insurance policies out there. We'll take a look at a few of them below.
Immaculate Conception Insurance
In 2000, a trio of devout Scottish sisters obtained "Immaculate Conception Insurance." The policy from British Insurance would cover them if one of them experienced an immaculate conception.
The policy cost $150 per year and would pay out $1.5 million in the event of a virgin birth. Evidently, the money would pay for raising the child. After it became public in 2006, the policy caused an uproar from the Catholic Church. As a result, the policy was cancelled.
Chest Hair Insurance
In 2006, a celebrity wanted to insure his chest hair with Lloyd’s of London for $7,000,000. Several newspapers reported at the time that the celebrity was the singer Tom Jones.
However, to this day there is no proof of the celebrity's identity. Nor is there any indication why his chest hair was at risk of disappearing. Routinely barbecuing with too much lighter fluid, perhaps?
Alien Abduction Insurance
Believe it or not, it's actually possible to buy alien abduction insurance. If you're kidnapped, harmed, or even impregnated by aliens, this policy will cover you. It's offered by British Insurance and the less reputable Alien Abduction Insurance Company. Needless to say, it would be quite difficult to prove yourself a victim of alien abduction, but to each his own.
In case you're interested, Alien Abduction Insurance Company offers a low lifetime premium of $19.95!
In March 2001, the Mir space station was scheduled to be de-orbited in the South Pacific Ocean. Taco Bell came up with a clever publicity stunt to capitalize on the end of the Russian space station.
The franchise placed a 40′ x 40′ target in the South Pacific. They announced that if part of the Mir hit the target, everyone in America would get a free taco.
The likelihood of debris hitting it was small. Still, Taco Bell bought insurance just in case. Fortunately for Taco Bell, and unfortunately for taco lovers, no part of the Mir hit the target.
Fantasy Sports Insurance
Tom Brady, one of the best quarterbacks in football, injured his knee in the first game during the 2008 season. The injury forced him to end his season early.
Because of this, fantasy football players who chose him for their fantasy draft were in jeopardy. After Brady's injury, a company called Fantasy Sports Insurance was created.
Now, if any athletes get hurt, fantasy sports players can buy insurance from FSI to get their money back. Unfortunately, there isn't any insurance for your fantasy draft picks being lousy.
Taste Bud Insurance
Ever stay awake at night worrying about what you'd do if something happened to your taste buds? Food critic Egon Ranay probably has.
Luckily, you can buy taste bud insurance. Ranay did, and he insured them for an astounding $393,000!
International supermodel and TV persona Heidi Klum has her legs insured for four million dollars. That's two million dollars per leg!
You've probably heard of other celebrities insuring body parts for insane amounts of money. James Bond actor Daniel Craig's body is insured for $9.5 million as well. America Ferrera also has her teeth insured for $10 million. AquaFresh White Trays took out the policy while campaigning together to give jobless women free dental care.
In 2013, parts of Thailand were in political unrest. Anti-government protests spread throughout Bangkok. Tourists avoided the capital as a result.
Although the protests were relatively peaceful, the Thai government didn't want tourism to suffer. To protect the safety of their guests, they created Riot Insurance. If any tourist was harmed in a riot or natural disaster, they could claim up to $10,000. The policy was only in effect October 1st 2013 to April 30th 2014.
Weirdly enough, some insurance companies offer policies that protect against ghosts or spirits. A hotel owner in England bought a similar policy after he witnessed a ghost in the hotel bar. The policy states that if a customer or employee is killed or disabled by a ghost, it will pay one million GBP (Great British Pounds).
Multiple Birth Insurance
Yep, you can get a pay out if you end up having more kids than originally planned. There are some guidelines, though.
You must take out the policy before the 11th week of pregnancy. The premium cost is also calculated based on certain details about the couple. For example, if you've had fertility treatments in the last two years, you are ineligible.
Multiple birth insurance has risen in popularity. This is because couples are choosing to have kids later on in life. Apparently, the older you get, the more likely you are to have multiple births!
Yes, most of these policies seem downright absurd and silly. But insurance is partly about having peace of mind. If something worries you or keeps you up at night, it's probably best to buy insurance so you're covered. Risk management in any area is important and beneficial. You may not necessarily need an insurance policy to feel secure, but it's better to be safe than sorry.