Did you know that body part insurance exists?
It does. You probably have heard of it through the national news. Many celebrities and athletes get specific body parts insured.
It seems like there is some insurance for just about anything nowadays.
Yes! My client asked me if I insured my hands. Do I need body part insurance?
The answer is, very likely, no.
What?
Nah, you don’t need body part insurance, and you don’t need to insure a specific body part like your hands.
However, if you are on this webpage because you need to protect a specific body part because it is your income source, please read on.
You’ve come to the right place, and there is a type of insurance that protects all that stuff.
Here is what we will discuss.
Let’s jump in and discuss what body part insurance is.
What Is Body Part Insurance?
Body part insurance insures a specific body part or several parts. In recent years, celebrities and professional athletes have made it popular. These people want to insure a specific body part that is tied to their revenue and income-producing abilities.
For example:
- Mariah Carey insured her vocal cords
- Keith Richards insured his fingers and hands
- David Beckham insured his legs and feet
- Taylor Swift insured her legs
- Bruce Springsteen also insured his voice
- Jennifer Lopez insured her behind
And the list goes on and on…
As you can see, if a celebrity or athlete damages that specific body part, he or she will lose millions (as would the management agency, sports team, etc.). For example, Mariah Carey’s voice is an extremely valuable body part that she (and likely her management company, too) felt the need to insure. Celebrities and athletes have body parts that are valuable assets worth millions. They would face potentially substantial financial losses. That’s the purpose of body part coverage.
Standard insurance companies don’t offer or sell body part insurance. Only a select few insurance companies insure body parts. Lloyds of London is the leader in this space.
Do You Need Body Part Insurance?
No. You don’t need body part insurance.
But, John. I use my hands a lot. They are an important asset to me and generate my income!
I understand. I actually receive a lot of phone calls and inquiries from people who want to insure their hands.
Just about every profession uses its hands for something. Chefs use their hands to make delicious food. Massage therapists use their hands to remove knots from someone’s shoulder. Tattoo artists use their hands. I am using my hands to write this article.
However, the average person doesn’t need to insure their hands or any other body part with body part insurance.
You see, using our hands is the basis for our jobs. We probably use our legs and back, too, right? To obtain body part insurance, you would have to prove that your hands or some other specific body part would cause you to lose a significant amount of income, far above and beyond that earned by the average individual.
Even then, unless you made millions, I doubt Lloyds would even take a policy on you for body part insurance.
OK, John. Then what can I do to protect myself and my income?
Disability Insurance: The Best Option
The best option for us ordinary people 🙂 is disability insurance.
Disability insurance covers your body parts. Think of it as “entire body” coverage and then some.
If you lose use of your hands, or your back gives out, or you tear your ACL and can’t do your job, the disability insurance company pays a monetary benefit to you while you are out of work.
This is called own-occupation disability coverage.
Moreover, let’s say you are diagnosed with cancer. Cancer is a disabling condition. You could be out of work for months, over a year, or more. Do you think a body part insurance policy pays a benefit in this case?
No, John, it wouldn’t.
Correct, the body part insurance company wouldn’t pay. However, a disability insurance policy will pay a benefit for your loss of income.
That is the biggest difference between body part and general disability insurance policies. Disability insurance policies pay a benefit if you get sick, injured, or hurt and can’t do your job. Body part insurance policies pay a benefit if a specific event occurs to a specific body part.
Do you have AAA or a spare tire in your car?
Yes, John. I probably do. What does this have to do with disability insurance?
Think of disability insurance as your income’s “spare tire” (or AAA card). If you get sick or hurt in any way and can’t work, disability insurance pays a benefit to you that you use to pay your bills, mortgage, etc., until you are well enough to get back to work, just like how your spare tire gets you back on the road.
Body part insurance won’t do that. As you can now see, it is very stringent and isn’t right for you.
OK, John. How do I get disability insurance?
How To Obtain Disability Insurance?
You can obtain disability insurance through a broker like My Family Life Insurance. We are an independent brokerage and work with many disability insurance companies.
Remember that disability insurance is “entire body” coverage. It pays a benefit if you get hurt or injured and can’t do your job. Moreover, it pays a benefit if you are diagnosed with an illness like cancer, MS, or rheumatoid arthritis and can’t work.
We have helped many professionals obtain disability insurance and can help you, too. We have even helped many entertainers and musicians obtain disability insurance.
Cost of Disability Insurance
The cost of disability insurance is much cheaper than you think. I can guarantee it will be more affordable than a body part policy.
In most cases, it costs about the cost of a cup of coffee from your favorite coffee shop.
For example, look at this example of a 30-year-old male massage therapist and business owner earning $60,000 net income.
$3,750 monthly benefit, own-occupation definition with partial disability benefits will cost about $59 per month.
That is about $2 per day!
Frequently Asked Questions About Disability Insurance and Body Part Insurance
We answer a few common questions about disability insurance and body part insurance.
Is Disability Insurance Health Insurance?
No, disability insurance is not health insurance. I am aware other websites suggest this. Health insurance helps pay your medical coverage, doctor visits, hospital stays, prescription drugs, etc.
Disability insurance is income protection. It pays a benefit to you if you are sick or hurt and can’t work and earn an income.
What Specific Body Parts Can Be Insured?
If you are even eligible to insure a body part, you will have to convince the insurance company that the body part goes over and above its regular use and helps earn you a high income. That is why entertainers and athletes insure specific body parts. It makes sense why Mariah Carey wants to insure her voice, right?
You can ensure physical attributes like your left leg (let’s say you are a soccer player) or your left hand (if you are a Cy Young-winning baseball left-handed pitcher). Even non-physical attributes can be insured. Many wine experts insure their taste buds. I suppose it is possible to lose one’s sense of taste. Again, if that happened, that would be covered under a disability insurance policy as well.
Again, the insured / applicant must prove that the body parts contribute to a serious income above and beyond that of an average person.
Does Disability Insurance Cover Accidental Death?
No disability insurance does not cover an accidental death. Life insurance covers accidental death.
Disability insurance covers an accidental injury if you get hurt and can’t work. It pays you a monthly benefit.
Final Thoughts About Body Part Insurance
You should now have a good idea of what body part insurance is and that a disability insurance policy will cover your entire body if you are sick or hurt and can’t work.
We have helped many professionals, including entertainers such as singers and musicians, obtain disability insurance.
Do you have any questions or want more information about disability insurance? Contact us or use the form below.
I am happy to discuss disability insurance with you and how this valuable coverage protects you and your family.
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