How does insured body parts work

But it points to an important consideration. Celebrities depend on their body parts to sustain their income and as such, their insurance is also to help them for loss of income. A traditional life insurance policy also has the same objectives, it provides compensation for the loss of income on the death of the insured. Investing in a life insurance plan is a necessity. It provides financial security to your loved ones, so you can live your present as fully as you can. Because body part insurance isn't offered by standard insurance companies and is highly personalized, it's not accessible to the general public.

But if you can afford it, there's no reason why you can't buy it, too! Most policies are created from scratch, specific to a person's needs. This personal attention, coupled with having to purchase from a specialty provider, can result in a premium that is not affordable for many folks. Business owners look to body part insurance policies to help keep the business open if their ability to do so is compromised due to a damaged body part or function.

A chef or wine expert who loses the ability to taste or smell could easily lose their business and livelihood if those senses were compromised. It's not something that I ever imagined happening," Ferrera said on the insurer's website. This makes sense as without his hands he'd have been unable to perform with the English rock band. A Dutch wine maker insured his nose and sense of smell for 5 million euro in , again with Lloyd's of London. In , U. In an interview with The Telegraph, Pelliccia claimed his taste buds could distinguish between thousands of different flavors in order to detect any defects with a product.

While this is a massive insurance policy, Roberts has serious earning power as a top A-list actress. This article originally appeared on GOBankingRates. Inflation is at a year high. But these Mad Money megatrends could help you fight back.

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