Who likes paying for insurance? But, we have to pay for things that we need. True, you pay money monthly or yearly, and you rarely get anything back in return. Only when tragedy strikes do you feel like it was all worth it. The rest of the time, it really does seem like a money pit.

But, keep in mind that when you need it, insurance can save your financial life.

There are some types of insurance that are a necessity. Many types of insurance exist out there whether you consider or perhaps even know about them. But, some of these unusual policies can be critical in the right situations.

These types of insurance are worth considering:

1. Inland Marine insurance.

You may hear this called ‘non-traditional’ insurance or inland marine insurance. It’s a custom type of insurance coverage designed for homes and items that might not necessarily fall under a typical homeowners policy, commercial property insurance, or car insurance policy. Questions to ask yourself: does your business transports goods and products, work off-site, or you’re in possession of a customer’s property? You could need inland marine insurance. Are you in construction and usually work off-site? You need liability protection for your contractor’s equipment, installation, builder’s risk, and cranes and riggers.

2. Business life insurance.

Do you own a business? Business life insurance can protect you if one of your partners or an important employee dies. With this policy type, you can be provided with the capital necessary to buy out that partner’s share of the business or find a replacement for that key employee. This policy could save your business if you’re highly dependent on a super-star salesperson or inventor.

3. Wedding insurance.

The average wedding can cost close to $25,000 or more! Imagine you’ve already paid for the venue, caterer, etc. and then are forced to postpone due to bad weather, a death, or illness. This insurance will help to cover the money you would have lost. And, these policies are relatively inexpensive. It’s important to determine what will and won’t be covered.

* Make sure you discuss with your wedding planner, photographer, caterer, etc. what is the procedure in case of canceling or postponing. Their answers will be a part of your planning.

4. Antique insurance.

Homeowner’s insurance and renter’s insurance don’t always cover the replacement/restoration of your antiques. So, you may need this separate policy. Be sure to check with your local independent insurance agent. Sometimes, regular homeowner’s / renter’s policies might have you covered already.

* Are you concerned about the replacement cost for your antiques? Is it worth it to you to replace/restore them? Maybe you’re a collector, then yes, it’s probably worth it to you. If your dearly departed Aunt Margie bequeathed you some old lamp, then your answer may be no.

5. Longevity insurance.

Have you ever heard of longevity insurance? It’s very interesting. After you reach a particular age, this type of insurance can pay you monthly dividends. You could get this policy for fairly cheap. The reason being, policyholders don’t always live long enough to receive a payout.

* But, if you do expect to have a long lifespan, this policy can provide you income in the latter years of your life. Research how long your family and relatives tend to live. If you’re in good health with a family history of longevity, then why not reward yourself for that.

6. Long-term care insurance.

Long-term care insurance can help to cover the expenses of long-term in-home care, as well as nursing home expenses.

* Keep in mind that 10% or less of people that actually use this type of policy need it for more than three years. So, you may save some money if you limit the terms of the policy. Keep that in mind when buying a policy.

7. Pet insurance.

It’s an animal, but surgeries can still be expensive. Your cost most likely will be less than that for a person, but pets tend to be “part of the family”. Believe it or not, some employers offer this insurance type. If your pet needs significant medical treatment, this policy can be a wonderful benefit.

* One thing to keep in mind: Does your breed of dog or cat known to have frequent health issues? What would you do if your 8-year old dog needed a $4,000 operation?

Summary

Of course, no one actually enjoys paying for insurance. But, when unexpected tragedy strikes, it can be a real lifesaver. We all hope that we don’t ever need to actually use our insurance, but lots of us do sooner or later. What would happen if you needed a particular insurance policy type but don’t already have it? Insurance is all about managing risk.