Insurance Policies You Never Know Existed! – Part 2

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We’re going to talk about different insurance policies that you may not have ever heard of, that you may have also participated in or been covered by you but were not even aware of. You know about home, renter, condo, life, auto, business, and all the different types of insurance that you can buy. We’re going to talk about different things that are not the usual policies that you can buy.

Intrepid Journey Insurance

What in the world is an intrepid journey? it is a journey that you take, that is very dangerous like there’s a high possibility that it’s going to fail, and it’s gonna be catastrophic, meaning someone may likely die. One of the examples is Gertrude Ederle, what she did was truly amazing, when she set out to swim across the English Channel. While she did it, she accomplished it, but she bought insurance in the event that she would have failed, meaning she probably would have drowned or not made it. Another example is, there’s an Australian group that decided they were going to try to cross the Antarctic, they were the first group that tried to do that, and they bought an insurance policy through Lloyds of London, so that if it failed, they were severely delayed, or lost a lot of money because of the event, then the policy would pay to recoup those expenses, and also potentially take care of the loss of life.

Key Person Insurance

We’re not talking about a door opener, or somebody that unlocks the doors, we’re going to talk about somebody that’s very important, like in a business. They’re a key person in that business, and whether that business really succeeds or not, is going to be contingent upon them. An example would be Elon Musk, and his business, he is a significant person and if something were to happen to him, it would severely injure or severely hurt the financial standing of that company. Nothing would be like Amazon with Jeff Bezos, if something were to happen to him that would really hurt that business. There are lots of other businesses, large businesses, such as Microsoft, FedEx, and UPS, and then there are also smaller companies inside of your own area, that would be severely impacted if something happened to their key person. Think about a small business, you got a small business or business that you work at, and there’s a person there that if something happened to them, would severely impact the financial stability of that business. People would probably lose their jobs and potentially lose money.

Kidnap or Ransom Insurance

Sometimes you have somebody that’s very important and someone may kidnap somebody that’s related to them or associated with them so that they can ransom that person and ask for money to get the person back. This is an insurance policy you can buy and actually some larger business policies will actually include this automatically for key people in that business.

Multiple Birth Insurance

This is something that you get if you’re a parent, or you’re going to have your child. If you get this insurance before you had the first ultrasound or before the passing of the very first month of pregnancy, then you can buy this so that if you happen to have more than one child and it causes some sort of financial instability, you can collect it under this policy. I think you have a hard time finding that one but that is an option out there.

Party Guests Insurance

Let’s say you have an event and someone gets a little bit rowdy and they hurt somebody else or they damage something, this is something that you can get, we will refer to that as a special event insurance policy. It is very similar to like what we talked about in the last one, the change of heart insurance, it’s around the wedding insurance policy and it covers special events like weddings and receptions. However, birthday parties, anniversaries, Christmas parties, Thanksgiving, Halloween, and all kinds of different things that you could do, and this is the policy that you should buy

Spaceship Insurance

Now we’ve got actual private companies that are sending rockets up to this space and sending people along with them as well. Did you know that one in 20 of these will fail? Now, whenever one of those fails, it’s catastrophic, they lose the ship and everything but also if there’s anyone on board, they typically lose their lives as well. So there’s insurance that you can buy not only for the loss of the rocket vehicle, as well as also for the life of those people to help recover, the financial loss associated with that.

Tastebud Insurance

That may not be that important to you but unfortunately, probably you and I, probably can’t buy this there are people out there that are very well-known for their tastebuds. There are a couple of different examples that have been found one of them was a coffee test taster and the other one was a chocolate taster that was very important, very critical in the businesses that they operated in. They had their taste buds insured so that if something happened to their taste buds, and they couldn’t test the coffee or the chocolate to make sure that their product stayed very high quality, they would be able to recover from that financial loss of not being able to continue their really high-quality level products.

So that are seven different types of policies that you may not have ever heard of that are unusual or other things that maybe you just didn’t know we’re out there.

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Beaux Pilgrim, CEO

Dave Ramsey Endorsed


Beaux Pilgrim
Reed Insurance

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