Insurance for Body Parts: Who buys it and why?

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Do you have a prized possession you couldn’t bear to lose? Most people do, and for some, that possession is their livelihood. 

This is why many celebrities, such as Heidi Klum and Bruce Springsteen, purchase unusual insurance policies on their body parts.

But can “regular” people do the same if they have body parts directly tied to their ability to make money? We’ll note why someone may want body part insurance, whether or not it’s a good idea, and where to go to get it.

Why would you want to insure a body part?

So, why would someone want to insure a body part? There are a few reasons ranging from protecting their livelihood to simply sending a message.

To Protect Your Livelihood

For many of us, our livelihoods are directly tied to our physical bodies and our ability to use them. We might be manual laborers who rely on our strength to do our jobs, or we might be professionals whose hands are essential for tasks like writing or using a computer.

Either way, if something happens to a body part that is essential for our work, it can have a serious impact on our ability to earn an income, and a fast recovery after injury isn’t always possible. That’s why you might want to consider insuring such body parts.

Electing for Peace of Mind

If you have an accident or develop an illness that results in the loss of use of a body part, your insurance can help to cover the cost of medical treatment and lost wages.

In other words, insuring your body can give you financial peace of mind in case something happens to it. So if your livelihood depends on your physical health, be sure to protect yourself financially by insuring your most important asset: your body.

If you have a body part directly tied to your ability to earn an income, insuring it can give you peace of mind in case something happens to it.

To Make Money

Some celebrities will insure their body parts for more money than they are actually worth. If something happens to the insured body part, the celebrity can collect on the policy and make a profit.

This may seem like a risky investment, but for some celebrities, it can be quite profitable. In most cases, the celebrity will only collect if the insured body part is severely damaged or lost.

However, even a small payout can be a windfall for the celebrity if the policy is of a high value. For example, one well-known actor insured his hands for $30 million dollars.

While this may seem like an exorbitant amount, it is actually a relatively small sum compared to this actor’s overall net worth. As a result, insuring body parts can be a smart way for celebrities to protect their assets and make extra money on the side at the same time.

To Send a Message

When it comes to generating publicity, celebrities will go to great lengths to get attention. For example, in 2000, it was rumored Jennifer Lopez insured her butt for $27 million.

By taking out this policy, she sent a clear message: Her behind was one of her most valuable assets. In recent years, other celebrities have followed suit, insuring everything from their legs to their voices.

While some may see this as a frivolous waste of money, there’s no doubt these policies generate a lot of buzz. And in an industry where publicity is currency, this type of buzz can be worth its weight in gold.

To Protect Your Client’s Assets

Did you know Aquafresh insured America Ferrera’s teeth for $10 million? In some cases, it’s a sponsor or employer that wants to ensure their clients are protected.

This will ensure their own interests are safe. For Aquafresh, it was a way to protect their investment and show Ferrera how much they valued her. The fact they were willing to insure her teeth for such a high amount showed they saw her as a valuable asset.

In the end, it’s a smart move for both the sponsor and the client.

The Disadvantages of Insuring a Body Part

Whether or not you think body part insurance is a good idea, it’s certainly an interesting way to protect yourself or make a quick buck. If you’re considering insuring your body, here are a few things to keep in mind:

  • The cost: Body part insurance policies can be expensive, so make sure you shop around for the best rate.
  • The coverage: Most policies will have some sort of exclusion, so read the fine print carefully to make sure you’re covered in case of an accident.
  • The unusualness: Not all body parts are created equal — insurers may be more likely to cover a more “usual” body part than something like your eyebrows.

If you’re interested in insuring your body, there are a few companies that specialize in this type of insurance, such as Lloyd’s of London and Berkshire Hathaway Specialty Insurance.

Talk to an agent at one of these companies to get a quote and find out more about what’s covered.

Is it a good idea to insure a body part?

Whether or not insuring a body part is a good idea depends on your individual circumstances. If you have a body part that is directly tied to your ability to earn an income, it may be worth considering. 

However, if you’re insuring your body part for more than it’s worth or for publicity, it may not be the best use of your money.

Always Do Your Research

So, there you have it: Everything you need to know about insuring your body parts. Whether you’re a celebrity or a “regular” person, this unusual insurance can be a way to protect yourself or make some quick cash.

Just make sure you understand the cost, coverage, and unusualness of the policy before you purchase it. The last thing you’d want to do is lock yourself into a bad policy you can’t get out of because you thought you’d gain something from it that, in the end, you actually don’t.

Luke Williams writes and researches for the insurance comparison site, USInsuranceAgents.com. His passions include insurance and exploring unusual insurance policies.

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