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Sunday, 27 January 2013

Body part insurance, is it worth it?

I accept I'm never going to play sports professionally, as it's already a struggle get fit and stay healthy.

Many sports professionals insure parts of their anatomy as in many cases these are ‘tools of their trade.

We already know superstars like Dolly Parton, Gene Simmons, Jennifer Lopez and Eileen Flatley take out insurance policies on their chests, feet and bums.

But sports professionals would have their earning ability severely limited if they broke a leg and the terms of their contract meant a drop in earnings if they can't play a game. This would be the same as a taxi driver losing his vision or, a designer losing the use of her hands.

Body part(s) insurance provides financial cover if you suffer damage that results in loss in your earning ability.

Body part insurance only covers the specific part of you anatomy mentioned in the policy so is different from a regular life or disablement insurance policy which may have a small amount of cover for loss of limbs.

Body part insurance can be expensive, compared to more conventional insurance and certain conditions will be put in place. You will need to take extra care of the body part specifically insured to limit the risk of damage or injury to that part. For example, an insurer may ask that you wear certain trainers if you are an athlete or limit your involvement in more dangerous sports.

How much does it cost? “There is not a set cover value for individual limbs, because premiums are calculated on an individual basis in order to take the policy holder's career and lifestyle into account, the risks to which their body part is exposed, and the extent to which damage to their body part would affect their income”, according to

The premiums are high, the conditions are strict. Proving an injury to a limb will leave you X pounds or X dollars out pocket, for the next 5 or 10 years, will be an uphill struggle. Attractive as the idea of body part insurance may sound, the most prudent advice might be, player beware.