Have you ever wondered why people insure their body parts? With so many insurance options available, body part insurance reflects the multifaceted quirks that exist in our various occupations.
Although insuring specific body parts may be viewed as a publicity stunt for celebrities, there is a very logical reason for insuring, say, one’s right foot.
Body part coverage is intended to supplement lost income if a body part is damaged, injured, scarred, disabled, or lost.
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Americans are most concerned about protecting their hearts, eyes, and legs. Body part insurance is a unique insurance policy that allows you to insure a specific body part for millions of dollars.
What is Body Part Insurance?
Body part insurance is a subset of disability insurance that allows you to avoid financial ruin if you are unable to work.
Body part insurance is typically purchased and issued to celebrities who stand to lose due to damage or injury to a body part, and this policy indemnifies a celebrity’s business loss for that part of their body or talent that is important to their business.
But here is the good news you can as well insure your body part in as much as you have the money for its payment.
Which parts of the body are most commonly insured?
Body parts insurance became popular after fashion models began insuring their limbs. A model’s career is almost entirely based on appearance, and they may lose out on significant income if a disability prevents them from winning future modeling contracts.
As a result, a model may decide to insure various parts of their body, such as their legs, breasts, and even their smile.
You can also check out our article on What causes an increase in your insurance premiums?
Since the frequency has increased, more unusual body parts, such as a sommelier’s taste buds, have been insured. All that is required to obtain this type of insurance coverage is proof that the loss of this body part would result in a significant loss of work and income.
Body parts insurance is not intended to cover the entire body of a single person. It is intended to cover only specific body parts.
The Top 10 Body Parts That Americans Want to Insure the Most
Here is the list of the top 10 Body parts that Americans want to insure the most.
1. The Heart
The heart is perhaps the most important organ of them all. Fifty-six percent of Americans say they would insure the heart if they could, just a smidgeon above the eyes but enough to vault it to the top of the list.
The heart, which has four major functions, is best known for pumping oxygenated blood throughout the body. It’s critical. Even minor changes in the heart can cause problems throughout the body.
2. Eyes
What is the second-most valuable body part in the eyes of Americans? Our vision. If they could, 56% of Americans say they would insure this body part.
The eyes are extremely complex, with over a dozen parts, and they are responsible for organizing and interpreting the visual world. In surveys, people frequently say that sight is the thing they would miss the most.
3. Legs
Legs are ranked third, with 46.2% of Americans saying they would insure them. Walking, standing, stooping, squatting, and running all require the use of one’s legs. Legs are essential to most careers and activities, from professional athletes to doctors, which is why many people want to protect them.
The healthy activities that your legs assist you in participating in may result in lower rates for another type of insurance — life insurance. For example, rates on life insurance for runners are among the most competitive.
4. Arms
Arms were ranked fourth by Americans, with 42.4% saying they’d insure them if they could. Arms perform a variety of functions such as picking up, lifting, holding, exerting force, and so on. Arms are also useful in a variety of professions.
Of course, there are other ways to protect them besides purchasing a policy. Working out on a regular basis can be beneficial. Furthermore, you will almost never be considered “too muscular” for a term life insurance policy.
5. Lungs
The lungs, the main drivers of the respiratory system, are ranked fifth on this list. Nearly 42% of Americans say they’d insure them, up from 32.5% who said they’d insure their liver.
The lungs are essential for survival, as it is impossible to live without them (unless hooked up to some serious medical equipment). When we exhale, they take oxygen from the air and transfer it to red blood cells while also expanding carbon dioxide. They’re also essential for getting a good night’s sleep.
6. Liver
The liver is the blood balancer and the first major organ on this list. Americans place it sixth in importance, with 32.5% saying they’d insure it if they could.
It is responsible for hundreds of important biological functions, such as removing toxins from the blood, assisting in blood clotting, and producing bile, which transports waste.
7. Ears
The ears are the seventh body part related to the five senses. Twenty-seven percent of Americans say they’d insure their ears, which is unsurprising.
The ears, which are divided into three sections — external, middle, and inner — are most closely associated with hearing and balance. Loss of either is considered debilitating to a person.
8. Mouth
The mouth is ranked eighth on this list, with 26.1% of Americans saying they’d insure it if they could.
This body part performs a variety of biological functions, such as breathing, balance, posture, coughing, spitting, and, of course, taste. It is also an important part of the body for communication.
9. Pancreas
The pancreas, which aids in digestion and secretes hormones, ranks ninth, with 24.4% of Americans saying they’d insure their pancreas if they could.
The pancreas, which is part of the exocrine system, plays an important role in blood sugar regulation by producing insulin, a hormone that helps move glucose from blood cells to the blood cells.
As a result, the pancreas is an important player in the fight against diabetes, which may explain why it was ranked ninth in this ranking.
10. The Sexual Organ
Americans started the voting process with the reproductive organs. Ranking tenth on this list, 23.7% of Americans said this was one of the body parts they’d insure, valuing, among other things, their future children.
Out of all body parts, sexual organs had the greatest gender divide. So, which gender was the most interested in having them insured? Learn more after the ranking.
Insurance for Specific Body Parts is for people who have “asset” body parts.
Insuring a specific body part appears to be something celebrities do to get attention. However, for those who can afford it, this type of policy makes sense.
Body part coverage is intended to supplement lost income if a body part is damaged, injured, scarred, disabled, or lost.
Holly Madison, a former Playboy model, for example, insured her breasts for $1 million. Her justification: They are her assets. If something happened to them, she could be out of work for several months.
As a result, considering how much money she could potentially lose, the $1 million policy is well worth it. This is true for any other body part insurance policy.
What is the cost of body part insurance?
Because the entire process, including the policy, is so personalized, expect high rates for insuring a body part.
The cost of body parts Insurance can’t be specified because it is a rare type of insurance. There’s a reason why these policies are typically reserved for the wealthy and famous. Most people choose basic health insurance and accidental death or life insurance policies because they are more common and less expensive.
Body part insurance is an unusual type of insurance policy. But if you can afford the body part insurance premium, you can have it all. However, you could be heading in another direction.
According to QuickQuote, “The average person would be better off buying a traditional form of insurance or general disability insurance,” says Linda Chavez, founder, and CEO of Seniors Life Insurance Finder. Body part insurance is much more expensive than regular insurance and does not cover injuries to other parts of their bodies.”
How do celebrities afford to purchase such policies?
Obviously, celebrities and athletes earn large sums of money that allow them to purchase these policies, but they are frequently done with a promotional aspect in mind.
Often, celebrities or athletes will be sponsored by companies that will pay for an insurance policy to be taken out in order to promote both the individual and the brand.
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Fernando Alonso for example, a Formula One driver, had his thumbs insured for a total of £9 million in 2010. One of his sponsors, who works in the banking and financial sector, paid for the insurance policy.
Clearly, thumbs are required for an individual to drive a car, which means that if Alonso were to lose one or both, he would be unable to continue his profession, and his loss of income would be covered by the insurance policy.
The sponsor also believed that thumbs, particularly his thumbs, represented a sign of victory, which is why they wanted to be associated with that particular body part of that particular driver.
Conclusion
Body parts insurance is available to anyone who requires a specific body part in order to perform their job. However, it is an extremely expensive form of insurance, which is why it is frequently reserved for celebrities, athletes, and top surgeons.
Additional resources
- Sole proprietorship Insurance: Meaning, Types, Advantages, and Drawbacks.
- Everything You Need to Know about Cross-Selling Insurance
- Do Insurance Agents Need Errors and Omissions Insurance?