Weird Insurance Policies that exist out there in the Market
We have seen people asking weird questions from the insurance companies before taking a policy but what happens when the one who is to sell insurance policies ends up offering weird products?
1. Alien Abduction Insurance- Over 6,000 policies have been sold by an agency in Florida which is referred as to the UFO Abduction Insurance Company after rumors started spreading during a live Facebook event regarding Storm Area 51. Earlier rumors about extraterrestrial creatures used to be laughed upon but after the happenings and sharing of experiences in that area people queued up to buy one! It costs $19.95 with coverage of $10 million.
2. Lottery Insurance- The key to attracting a large crowd to come and participate is to offer a humongous jackpot! But the problem arises when you find yourself unable to pay that much amount of money if someone happens to win. Here, comes the role of Lottery insurance where the insured gets the required coverage and is protected from all the associated risks. Several casinos and companies engaged in organizing competitions opt for this policy cover.
3. Valentines Insurance- This one is popular in Japan. It is a tradition there wherein women send gifts to the men they like on 14th February which is the Valentine’s Day and after a month men reciprocate back by sending chocolates to the women they admire. But what if you happen to get no gifts and get heartbroken.
That’s when the insurance companies thought of introducing an insurance policy. It insures that you happen to get at least one gift sent by a fictional lady so that you don’t feel left out from the group!
In Japan, it worked well because the working culture there tends to be so hectic that one might end up having no personal life and on such days when some men might be flooded with gifts there could be many too who would receive none at all!
4. Multiple Birth Insurance- With the living expenses and tuition fees so high, in case of birth of two while you planned for one, it can come as a blow to some couples. To get themselves covered from such uncertainty, many couples avail multiple birth insurance.
It
is taken by 67 couples out of every 100 couples in the UK.
Generally, for the tuition purposes of the second child or for the daily expenses for his upbringing, the money received from the same can be used.
5. Cold Feet/Marriage Insurance- In today’s era, many couples are seemingly taking the marriage insurance policy. With the tendency of people to get cold feet at the wedding, it makes one not only sad but also have to bear a huge amount of wedding expenses without actually getting married. The insurance companies thought of making a business out of it. To make some money from the possible probability of you getting dumped at the wedding place that’s what they thought!
Conclusion: Well, it seems like people want to get every possible risk covered no matter whether they make sense or not! And this tendency of people to get a sense of security paves the way for insurance companies to get in the picture and play their game! What is your take on the existence of such policies? Which ones do you find justified, and which ones are insanely weird to you? Let us know in the comment section!
References
Business finds it's way to grow, or unique(weird) strategies to gain the demand👀
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