Body parts insurance policies are purchased to cover individual body parts. They provide invaluable financial aid if you are unable to work post an injury. However, there are certain important facts about body parts insurance, and getting familiar with these facts can help you a great deal while opting for it.
Not Life Insurance — Body insurance is meant to cover only select body parts and not your whole body. If you want insurance for your whole body then it would be prudent to go and opt for a comprehensive life insurance. This type of insurance is more commonly associated with celebrities; most of them use it as some kind of a promotional or publicity gimmick. Models have their careers based entirely on their physical appearance and would be seriously disadvantaged if some form of disabilty prevented them from acquiring contracts in the future. Thus, models insure several parts of their bodies, from their legs to their smiles.
Expenses —The policies differ for a different person as the amount to be invested depends on the person seeking the insurance. The body parts can be insured for any value. The premiums are calculated on an individual basis in order to take the policyholder’s career and lifestyle into consideration — the risks to which their organs are exposed to on a daily basis and the extent to which damage on their body part would affect their income. These policies are relatively expensive and cannot be affordable by all.
Counseling Sessions — Body insurance policies also includes counselling sessions, in order to help the person recover from the trauma of the injury. You will receive the claim if you have permanent or even temporary disabilty to work due to the damage incurred on your insured body part, and also if the scarring has a negative effect on your field of work. Body insurance not only takes care of you financially while you remain out of job, but also takes care of the medical bills and other issues incurred.
Claims and Refunds — Body part insurance is not very common and is thus provided by few special insurers, like Lloyd of London. The conditions for the claims are very strict. In case you cancel your body part insurance then you will not be guaranteed a refund of the premiums that you have already paid up and most certainly, you will have to pay a cancellation fee.
Categorie — Generally there are three principal groups who opt for body insurance:
- The first group comprises of those who rely on high levels of dexterity and han–eye coordination. This group included surgeons, watchmakers, engravers and graphic artists, they would be out of job if anything hampers their nimble hand movement or their sharp eyesight.
- The second group would comprise of those who rely on either one or a combination of their sence organs for their profession, lik – wine tasters, piano tuners, singers, music teachers, food critics.
- The third group comprises of those who would be affected by aesthetic damage like models and actors.
- This trend of insuring body parts has been introduced by Ben Turpin, who would have collected $20,000 if his crossed eyes had gone straight during the silent film era.