Insuring Your Body Parts (4)
What exactly is body part insurance and how does it work? Let's presume that you have a wonderful leg of which you are very proud. Any damage to it will be a huge loss for you. However if you get coverage for that specific leg, you will receive a compensation if something happens to it.
Although celebrities insure their body parts for huge sums, the same thing doesn't apply to you. Even if your eyes are as bright and beautiful as Vivian Leigh's it is unlikely that you will find an agency willing to insure them for a lot of money. The practice of insuring a body part is most common between celebrities because they use it more as an advertising method and not as a cost efficient mechanism. Also, it is very hard to find an agency that will be willing to issue such a policy in the United States. However, it is possible in London and in the U.K.
But what if your entire career depends on a single body part? For example, if you are a guitar player and you lose one or more fingers and you can't play anymore. A more cost efficient way for insuring against such damages is by purchasing a dismemberment insurance policy. They are simple policies that don't come at high cost and they are easy to understand: if you die in an accident your beneficiaries receive a death benefit and if you lose a limb or your eye-sight you will receive some money in compensation.
However, even a better mechanism of protecting you and your loved ones is life insurance. The problem with accidental death and dismemberment insurance is that the risk of you dying or getting hurt is much lower. Most people die of old age or because of diseases, situations covered by a life insurance policy.
If you can't afford life insurance, or if you think that you don't need it, you can buy work compensation. This is a form of insurance that provides wage and medical coverage if you get hurt at work. In exchange for this coverage you surrender any legal rights to sue the owner of your workplace. This is a good deal, especially if you do not have the resources of sustaining a long battle with the company you work for.
In conclusion is it worth insuring your body parts? The short answer is yes, if you are not a celebrity or a rich person. There are much more better forms of protecting yourself and the ones you love, so body parts insurance is just not worth the money.