The typical insurance policy covers tragedies relating to injuries, death, or property destruction. These common risks are easy to spot and cover.  But what about the unique personal and business risks you face?  While insurance shouldn’t necessarily be the first or only risk management technique you turn to, if there’s a risk, you can bet there’s a company that will write a policy for it.    

This is a list of 10 strange but very real insurance policies we've come across. They may seem weird to the average person, but in most cases they protect the owner from a very real risk (with the exception of #6, maybe)!

1. Hairy Situations

A good mustache is a thing of beauty, and apparently it can be very valuable as well. Cricket player Merv Hughes insured his mustache for a remarkable $370,000. This number is dwarfed by the astounding $7,000,000 insurance policy issued to cover the chest hair of singer Tom Jones.

2. Tastes Like Money to Me

Believe it or not, there’s actually an insurance policy that will cover your taste buds. Food critic Egon Ronay had his taste buds insured for a whopping $393,000.

3. Sitting On a Fortune

Would you pay $27 million dollars for a seat? Apparently there is an insurance company willing to pay that much for J. Lo's. The actress/singer, Jennifer Lopez, reportedly secured a $27 million dollar policy for her butt. Yes, that's 27 followed by six zeros, if they actually wind up writing a check to cover it.

4. Can't Buy Me Love

You can’t buy love, but apparently you can insure against it. Lloyd's of London issued a $100,000 dollar policy to protect a photographer if his prize model married. Did she get married? Yes, but only after the policy had expired.

5. The Sky Is Falling

Chicken Little may have rested a little easier with the proper insurance coverage. Such as an insurance policy was offered and actually issued to cover “death caused by accident” in the form of a falling sputnik.  In the 52 years since Sputnik was launched, there has yet to be a recorded instance of death caused by falling satellite, shuttle, or space station parts.

6. A Million Year Payout

Which insurance pays you back as much as $1 a year for a million years? Alien abduction insurance of course. Why get your money all at once when you can stretch the benefits out for a million years! I guess the upside to getting abducted is a small but steady income stream that will be difficult to outlive.  St. Lawrence Agency in Florida was the first company to offer this unique coverage – and it says that it has paid out at least two claims.

7. No Laughing Matter

What happens when a comedy team has irreconcilable differences? Abbott and Costello didn't take any chances. The famous duo took out an insurance policy for a quarter of a million dollars to cover them if an argument split their team.

8. Seeing Things Straight

20/20 vision may be great for reading, but sometimes it pays more to be cross-eyed. Ben Turpin was a famous silent film actor with crossed eyes. In Hollywood you make money by standing out, not by fitting in. That's why Ben took out an insurance policy which would pay him handsomely if his eyes were to ever become uncrossed.

9. Cold Feet

Being left at the altar would leave a bride-to-be with emotional damages (like poor Edith in Downton Abbey). And what about the financial damages? One in five weddings is now insured against unexpected cancellations.  But read the policy closely – some policies require the cancellation has to be for reasons "beyond the policy holder's control."

10. I Only Ordered One of These Babies

What happens when momma delivers two babies instead of one? If you were smart enough to get multiple-birth insurance, you may be picking up a check to help with the costs of your surprise family addition.

Weird or Not, Insurance Is About Peace of Mind

Most of these insurance policies seem crazy and absurd to the average person -- and maybe they are. But remember, insurance is partly about peace of mind, and that’s different for every person. You might not feel the need to insure your butt, mustache, or chest hair, but is there anything in your life that causes you to lose sleep at night?  Risk management in these areas is a must, and not just in the form of an insurance policy.  

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