Odd forms of life insurance can help meet certain needs

Oct 07, 2011

Many have taken insurance claims out against alien abductions.

For those who don't feel quite comfortable with general life insurance, the Financial Edge blog by Investopedia.com said there are some lesser known types of insurance that can be purchased to put the policyholder's mind at ease.

One uncommon form of coverage is kidnapping and ransom insurance. This type is for people who are in high risk fields of work, and the website explains that the plan is taken out by an employer without the employee even knowing about it.

"The coverage is designed to cover anything from a crisis response team and money spent on a ransom to medical expenses and counseling," the blog said. "However, with this coverage, the employee cannot know that it exists for them or the corporation, and if they do find out then the policy may be declared void. So you may have kidnap, ransom and extortion insurance, and not have any idea."

Other forms of strange insurance include body part insurance, pet auto insurance for those who travel with their pets frequently and insurance for those who take frequent beach vacations.

And what may be the strangest form of health, auto or life insurance, American Insurance said more than 40,000 insurance policies have been taken out in case of alien abductions.

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