March 2022
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Uncommon and Specialized Types of Insurance
Unique insurance policies you may consider in special cases

You’re probably familiar with insurance policies for your home, automobile, and health and what they do. But the world of insurance coverage is wide, deep, and at times quite unique. There are many strange policy types out there you might not have heard of, including some that could come in handy for you in certain scenarios.

Critical illness insurance

Standard health insurance policies go a long way toward covering your typical healthcare needs. For those who want an extra layer of protection, critical illness insurance offers supplemental coverage in the event of a catastrophic health event.

According to Investopedia contributor Zina Kumok, critical illness insurance works in instances like a heart attack, stroke, or cancer. These types of emergencies can leave large medical debt even after health insurance pays its part. Critical illness insurance can offer lump sums up to $100,000 to help prevent financial ruin. That money can be used to cover medical debt or other important costs like mortgage payments.

Like all other health insurance policies, your coverage will vary based on factors like age, health, and family history. However, if there’s a history of something like high blood pressure or kidney issues in your family, the low premium — Kumok says that policies start for as little as $25 — may make it a sound choice.

Wedding insurance

Planning to tie the knot sometime in 2022? It might be a good idea to check out wedding insurance. As you might guess, wedding insurance protects you from possible financial issues stemming from your big day.

One of the biggest perks of purchasing wedding insurance pointed out by The Balance contributor Mila Araujo is cancellation coverage. This allows you to reclaim your money if your wedding should be canceled or postponed for any number of common issues. Potential situations covered might include extreme weather, damage to the venue, or even a missing wedding dress. Some policies may cover cancellations caused by illness, which could come in handy given the pandemic.

Wedding insurance also includes liability coverage, which may already be covered by your venue of choice. If you opt to purchase this insurance, you’ll be protected in the event of a wedding guest suffering an injury or damaging property.

Araujo also notes that some insurers offer “change of heart” policies. This would cover the costs of a canceled wedding in the event that a bride or groom gets cold feet and decides not to go through with the ceremony.

Kidnap and ransom insurance

Being kidnapped and held for ransom may be a more frequent problem in action movies than in the real world, but it can happen. If you feel that you or your family might be at risk, you can opt for kidnap and ransom insurance to protect your finances.

Investopedia contributor Amy Bell writes that kidnap and ransom insurance includes the help of specialists who will negotiate the safe release of an individual. Families will still need to pay the negotiated ransom out of pocket or via a loan, but the policy provider will reimburse those expenses including interest up to a certain amount.

Bell notes that certain people are more likely to need kidnap and ransom insurance than others — namely, the wealthy and famous. However, purchasing a policy may be a precaution worth taking if you plan to visit a country with a K risk indicator on the U.S. Department of State’s website. Some countries with level 2-4 travel advisories will be marked with the letter K, which indicates an increased risk of kidnapping and hostage-taking.

These policies aren’t for everyone, but they may be right for you if the situation is apt. Contact your insurance provider to see if they offer these, or other, policies relevant to certain life events or situations and get the protection you crave.


For your insurance needs, visit callandandcampbell.com.


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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.
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