Personal
Home Bank accounts
Credit cards
Borrowing
Mortgages
Savings and investments
Insurance
Advice
Business
Home My business
Banking Solutions
International
Financing
Investing
Tips and Tools
Wealth Management
Home
CLOSE

Is it insurable?

21 December 2017 by Urbania
Est-ce que c’est assurable ? Des jumeaux

Your first experience with insurance was probably around the time you got your drivers’ license and needed to insure your car. Since then you’ve probably come to realize that just about everything in life can be insured. Here are 10 examples of some of the craziest things you might want to insure.

1 - A body part

A body part

Like many athletes, F1 driver Fernando Alonso decided to insure part of his body: his thumbs, for 13 million US dollars. You might find that funny, but who can blame him? Without the use of his thumbs, his career would be over. In the end, it’s the same concept as traditional disability insurance, the kind that keeps you out of trouble if an accident prevents you from working!

2 - An alien invasion

An alien invasion

Yes, you read it right: aliens. A British insurer has sold more than 30,000 policies promising holders that they’ll be protected in case of an alien abduction or invasion. We’re guessing the claim form isn’t easy to fill out…

3 - Credit card payments

Credit card payments

Let’s come back down to Earth with a more prosaic insurance type. If an accident or job loss prevents you from paying your credit card, stress can climb fast as interest starts to build up. You can avoid this type of situation with a credit card payment protection plan. Depending on your situation, your minimum payment or even the full balance of your card could be covered.

4 - Weddings

Weddings

A wedding is a major life event, but it’s also a big investment. Many insurance companies offer policies that protect you against theft during the ceremony, unexpected events and in some cases, it could even cover you for financial losses incurred if your partner gets cold feet!

5 - A stroke of luck

A stroke of good luck

Some foundations hold an interesting challenge during their golf tournaments: if a player gets a hole in one, they win a million dollars. Obviously, the chances of this happening are low, but if it does, the foundation needs to pay out. Not ideal when the goal is to raise funds, not to disburse them. There are therefore insurance companies specialised in this type of event, which allows event organizers to breath easy when a champion-in-training hits a killer shot…

6 - A mortgage

A mortgage

A bit like with credit cards, things could get ugly if you realize that a situation out of your control is preventing you from making your mortgage payments. If you want to avoid putting your home on ice, mortgage insurance (life, disability, health) might be worthwhile.

7 - An infestation

An infestation

For such tiny little creatures, bedbugs have a real talent for turning your life upside down. For anyone who lives in fear of an infestation (or for hotel owners), companies sell insurance to protect you against these insects, that covers all costs related to eliminating the infestation and replacing any contaminated furniture. It doesn’t make the infestation any more fun, but at least financial stress is out of the equation.

8 - Landscapes

A landscape

This type of insurance might seem strange, but think about how you would feel if you opened up a café beside a huge, magnificent, hundred-year-old tree that tourists go out of their way to see, and one morning… it’s blown down by the wind. And, it’s possible to be insured against the collateral damage you’d incur if the tree in question was damaged!

9 - Your house (and everything in it)

Your house

There are lots of reasons you might want to get home insurance. If you’re an owner, it’s simple: you’ll want to avoid thousands of dollars in bills in case of fire or water damage. But if you’re a renter? That’s important too, because if negligence on your part causes a problem, you can end up with a preposterously huge bill. Even if you had nothing to do with it, you’ll still need to replace your damaged goods.

10 - Twins

Twins

Having a baby is expensive. And even more so when two show up at the same time! That’s why one British company (again!) offers insurance to parents who are worried about multiple births. The policy obviously needs to be taken out before the eleventh week of pregnancy, which is when it’s possible to confirm the number of occupants in mom’s stomach. Obviously, the higher your risk of multiples is (family history, maternal age, etc.) the higher your premiums will be.

Legal disclaimer

Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.

The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable. The copyrights on the articles and information belong to the National Bank of Canada or other persons. Any reproduction, redistribution, electronic communication, including indirectly via a hyperlink, in whole or in part, of these articles and information and any other use thereof that is not explicitly authorized is prohibited without the prior written consent of the copyright owner.

The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.

This article is provided by National Bank, its subsidiaries and group entities for information purposes only, and creates no legal or contractual obligation for National Bank, its subsidiaries and group entities. The details of this service offering and the conditions herein are subject to change.

The hyperlinks in this article may redirect to external websites not administered by National Bank. The Bank cannot be held liable for the content of external websites or any damages caused by their use.

Views expressed in this article are those of the person being interviewed. They do not necessarily reflect the opinions of National Bank or its subsidiaries. For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer).

Categories

Categories