"Useless" Insurance, Insurance, Insurance Purchasing Process, Types of Insurance

Types of Useless Insurance

Types of Useless Insurance
A prudent person ensures that their health, vehicle, home and life is insured.  The first of these four items, health insurance, is the most-important type of insurance you can have, because, after all, what is more precious than ensuring that you and your loved ones are covered for any catastrophic illness that may befall you and them?

If you do not have insurance coverage at the present time for any of the above-listed items, you really should consider seeking an insurance broker, like John Savadjian, located right here in the New Jersey area.  He will assist you in tailoring the right insurance to match your needs.

If you already have insurance for these four main types of insurance listed above, John Savadjian would be happy to help you review those existing policies and ensure you have optimum coverage and whether you need to obtain additional coverage or upgrade your current policies.

Remember that there will always be exceptions to the rule, however, such as some homeowners whom, by virtue of where their residence is located, may need to obtain specific coverage like flood insurance if they live near a body of water, or homeowners that purchase earthquake insurance because they live near a major fault line.

Extraordinary insurance coverage

And then, there are people, who lie awake at night, worrying that perhaps they might have forgotten to obtain insurance for “the unthinkable” calamity.  These folks mistakenly imagine that some unthinkable event will rob them of their life, their home or their fortune.

Unfortunately, there are unscrupulous insurance brokers out there that are hawking insurance policies for catastrophes and calamities that are off the wall, and for events that likely will NEVER transpire.  Such examples would be…

Insurance for body parts

There is not just insurance for the catastrophic occurrences that befall the ordinary soul, celebrities are famous for insuring their various body parts that make them famous.  Lest you think this is a relatively new phenomenon, it might surprise you to know that at the height of her fame (1943-1951), Hollywood pin-up girl and celebrity Betty Grable had her famous legs insured for $1 million dollars.  Whether or not you’ve seen any of Betty Grable’s forty films, you no doubt have seen the iconic photo of her looking backward in a white bathing suit showing off those famous legs.  It was a favorite pose for GIs during World War II and they often carried that photo around with them.

Some more recent body parts insurance coverage include Mary Hart’s legs, Tom Jones’ chest hair and Jennifer Lopez’s rear end.   Interestingly, legs seem to be the most-valuable commodity.  Remember how Betty Grable’s legs were insured for a cool million dollars back in the 1940s?  Well, in 2006 Mariah Carey likewise insured her legs for the same amount while participating in some Gillette razor ads.  Recently, Heidi Klum allegedly insured her legs for $2.2 million.

It’s not just the ladies’ legs that are valuable either because during the height of his career, Michael Flatley, the star of Riverdance and Lord of the Dance, insured his legs for $47 million according to Lloyds of London!

Well, legs are one thing, but here are some additional celebrity body parts insurance coverage statistics:

  • In the 1980s, Bruce Springsteen put an insurance policy in place for his signature voice to the tune of $6 million.
  • Merv Hughes, a famous Australian cricket player, has insured his bushy mustache for $370,000.00.
  • Ferrera, star of the hit TV series “Ugly Betty” has insured her smile for $10 million.

Useless Insurance Travel Insurance

Unusual  insurance policies:

Just like the expression “there’s an app for that”, you can find an insurance policy that protects you, even in the most-bizarre situations.  For example:

Alien abduction policies are helpful to have in place to protect your family should a band of aliens abduct you in the middle of the night.  All you need to do is purchase an alien abduction insurance policy to cover this risk, and, if you are abducted by Martians and never return to planet Earth, your beneficiary will receive a payout (only if your abduction can be proven of course!)  The London-based insurance company, Goodfellow Rebecca Ingram Pearson (GRIP), offers alien abduction coverage and has sold over 30,000 such policies.  Another factoid is that GRIP even sold a $1,000.00 group alien abduction policy to the Heaven’s Gate cult shortly before their mass suicide.  The company took a short break from selling these policies after the tragedy, but has resumed selling alien abduction policies once again.

P.S. – if the idea of being abducted by an alien is just too farfetched to comprehend, there are policies sold by GRIP for the following bizarre situations that might befall you like being hit by an asteroid, injured by a ghost or transformed into a werewolf.  They also offer Immaculate Conception coverage – just in case you discover the father of your child is actually the Heavenly Father.

Wedding insurance coverage isn’t really as crazy of a concept for insurance protection as it may seem.  After all, have you priced the cost of weddings these days?  The cost of the average large wedding here in the United States may be nearly a quarter of a million dollars, and that doesn’t include the honeymoon!  This is not insurance protection in case either the bride or the grooms fails to show up at the alter on the wedding day.  A death in the family, or even a horrible weather catastrophe at the wedding site, not just “cold feet” by the parties, are all valid reasons to cancel a wedding.  Thus, wedding insurance will help cover the costs of the wedding itself, as well as damage coverage to the wedding photos, the bride’s gown, stolen or broken wedding gifts and even property damage that drunken revelers may cause at the reception.

Kidnapping insurance coverage is a worthwhile insurance to have if you are rich and worth a lot of money, because these attributes make you a prime target for kidnappers and extortionists.   So, why not  obtain “kidnap and ransom insurance” (also referred to as “K&R”)?   Obtaining a K&R policy is not as farfetched as you think – it is popular with wealthy families as well as business executives who must travel to various international kidnapping hotspots around the world (Russia, the Philippines, Mexico, Columbia and parts of Eastern Europe are a good example).   The insurance company doesn’t pay for the amount of money requested in a ransom note, but instead reimburses the family after THEY pay off the kidnappers.

Now, doesn’t it make you feel better to know that insurance is available to protect you from the unexpected, nor matter how wacky that instance may be?

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