Insurance Policies From the Strange Files

If you have an insurable risk, there’s a good chance someone is willing to sell you a policy for it. We’ve all heard stories of celebrities insuring their body parts, but how about someone buying insurance protection just in case they are molested by a ghost or probed by aliens? Here are a few of the strangest insurance policies ever sold. You be the judge if people need them.

Alien Abduction Insurance

Now you can sleep at night knowing that you and your family will be protected against the financially devastating effects of an alien abduction for as little as $10 per lifetime. There’s more than one insurer willing to sell you a policy that will pay you anywhere from $10,000 to $10 million per claim. Lloyd’s, the world’s largest specialty insurer, has apparently sold more than 40,000 alien abduction policies. Famous policy owners include actress Shirley McLean and two members of the famous Heaven’s Gate cult.

Before you run out to buy this important insurance protection, you should know that collecting a benefit may not be easy. Surprisingly, insurers will not simply take your word for it. You will be required to pass a lie detector test, supply video of the abduction, or have a “credible” third-party witness. According to one such insurer in Florida, they have paid two claims. Both claimants are receiving $1 per year for life or a million years, whichever comes first.

Asteroid and Meteorite Impact Insurance

As if an alien abduction were not enough to worry about, how do you protect against the millions of rocks falling from space daily? Thankfully, you probably already have insurance against this possibility through your homeowner’s policy. If a meteorite makes a hole in your roof, it’s typically covered by the “all perils” clause of the policy. If one hits your head; better have some life insurance.

Worried about something much larger? You can buy policies that provide a benefit should a large asteroid slam into the earth, but before you buy, you might want to know how the insurer intends to survive long enough to pay you. The last big one wiped out the dinosaurs, so your money might be better spent protecting yourself against ghost attacks.

Ghost Attack Insurance

You’ve probably noticed that the newspapers near your grocery store checkout are reporting an increase in ghost related attacks. You can never be too cautious. An encounter with an unhappy ghost could leave you covered in slime, injured or dead. How do you protect yourself against the financial impact of this danger?

Where there is belief, there is also someone ready to insure it and will probably not be surprised to hear that this coverage is typically included in an Alien Abduction policy. In addition to ghosts, these policies can also protect against vampire and werewolf attacks.

Surprisingly, only about 20,000 Europeans have purchased Ghost Insurance protection. This includes the Royal Falcon Hotel in Lowestoft, England. After some guest complained of ghosts, management insured its staff and customers against death and disability caused by ghosts, poltergeists, and other phenomena.

Virgin Birth Insurance

Many young unwed mothers worry about the cost of raising a baby alone. So how do you protect yourself if God picks you to have his child? When the cost of raising the Messiah became a serious concern for three single sisters living in Scotland, there was a British insurance company willing to help. In exchange for a modest annual premium (which was donated to charity), the insurer promised to pay a substantial benefit if it can be proven that the child was immaculately conceived. Unfortunately for the sisters, this arrangement became public and many people were deeply offended by the idea. Under public pressure, the insurer cancelled the coverage.

Lottery Win Protection

Do the employees at your firm pool their money and buy lottery tickets? What happens if they win? If they are buying Lotto 649 tickets, there is a 14 million to one chance they could win the jackpot. With such good odds of winning as massive amount of cash, your firm is in jeopardy of suddenly losing some or all of your staff. For those left behind, that would make for a very bad day at the office. Thankfully, Lloyd’s is ready to help with an insurance policy that will pay the expenses associated with losing your employees as a result of a large lottery win.

Unexpected Multiple Birth Protection

What if your doctor told you to expect twins, but four or more babies are born? Probably happens all the time. After all, Mother Nature is tricky and babies are great at hiding. Even with modern 3D ultra sounds and other tests, you have to think stuff gets missed all the time.

If you’re not prepared, the cost to care for those extra children can be a problem. Thank goodness there’s an insurance policy for just such a situation. Should the number of babies be more than predicted prior to birth, through appropriate medical care, you’ll receive a cash payment to help you with those extra costs.

Disclaimer

These are real policies and I’ve done my best to use Google to verify the details (in between work and looking at funny cat videos). However, I cannot guarantee the accuracy of my information. If you want some useful fact-based information on insurance policies that meet a genuine need, I encourage every member of the legal profession to consider the Canadian Bar Insurance Association (CBIA). This not for profit, lawyer controlled company helps lawyers, their family members and staff with insurance designed to be both comprehensive and affordable. Visit www.barinsurance.com.