Having the best insurance coverage is ideal. Protection against loss is an important part of life. We put sprinkler systems in our homes and offices to protect against fire. You put bars on your windows to put off burglars. You can employ bodyguards to save you from assault. The state employs police to protect us against law breakers; it also has an armed service to prevent another country from invading. Guardrails around balconies, fences around swimming pools, you could go on forever as you list all the things we do to protect ourselves. While there are clearly numerous forms of protection, the following five are ones we don’t think or talk about frequently:
Pet Insurance
The medical treatment of pet animals can be just as expensive as that of people and therefore well beyond the reach of many. It stands to reason pet insurance becomes a viable option as the choice you would have to face if you weren’t insured and couldn’t afford the cost of treatment would be to have your pet put down well before the age nature intended for them.
Key Person Insurance
Taken out by businesses to compensate for expenses that may be incurred if an important member (the insurance key person) of a company was to die or become incapacitated.
Body Part Insurance
Singers Bruce Springsteen and Rod Stewart both insured their voices. One of the world’s largest insurance companies accepted an insurance cover on the smile of ‘Ugly Betty’ star America Ferrera. Wartime actress Betty Grable had her long thin legs insured for $1 million. A lot of money, especially back in 1940.
Insurance Against Acts of Kidnapping and Ransom
It’s quite a complex type of insurance to undertake and the usual policy holders are individuals or companies operating in parts of the world where there’s a high crime occurrence with a history of such crimes.
Alien Abduction Insurance
Believe it or not, there’s an insurance policy which will pay out if you’re abducted by aliens. If you’re considering taking out alien 
abduction insurance you can often insure your health against any injuries, your life in case you’re killed, property damaged during abduction, and your psychological health…after the abduction. Alien abduction insurance has been taken out by over 20,000 people since the 1990s; however, it’s important to remember the burden of proof lies with you.
If you feel it’s appropriate to take the risk and not bother to take out any of the above types of protection you could most likely live your entire life without having to make a claim. Therefore premium expenses you would have paid will be money well saved. The more realistic and best insurance coverage will be money well spent. More common and often talked about events you should have covered include:
Life Insurance You should make certain you have sufficient insurance cover on your life, especially when raising a family.
You also need adequate disability and income protection insurance to have your finances secured should you not die, but become sick or injured to the extent you cannot continue earning a living any longer.
Home Insurance You need adequate insurance on your home so if it should be burnt down or destroyed in some manner, you can rebuild and not lose out financially. If you are renting, renters insurance is available.
Material Possessions. Your car, boat, motor home, in fact any major item not covered in your home insurance has to be insured against accidental damage, fire and theft.
The loss of these big possessions can set you back so much financially, especially if they are still being paid for.
Kristy Ramirez is a debt free frugal mom and personal finance writer. She helps people to compare life insurance quotes and select the best policy to meet their needs at the best possible price.
