Types of Life Insurance You Might Not Know Exist

When it comes to life insurance, most people are familiar with the traditional options like term life and whole life insurance. These policies offer financial protection in the event of death and often come with various benefits. However, there are some lesser-known and downright strange types of insurance that cater to more unconventional fears and lifestyles. Take a look.

1. Universal Life Insurance:

Ideal for those seeking long-term coverage that can adjust as circumstances change. This insurance type permits limited premium adjustments and includes a cash value component affected by market interest rates. Although typically more affordable than whole life insurance, there is no guarantee for the growth of both the death benefit and cash value.

2. Variable Life Insurance:

Designed for those comfortable with risk who want control over cash value investments. Connected to investment accounts like bonds and mutual funds, the death benefit is assured, regardless of market ups and downs. However, managing this policy demands hands-on attention as the cash value can change daily with market fluctuations.

​​3. Group Life Insurance:

Typically offered by employers as workplace benefits, premiums are based on the group as a whole. Basic coverage is often provided for free, with the option to purchase supplemental life insurance if needed.

4. Mortgage Life Insurance:

Covers the current balance of your mortgage and pays out to the lender if you die. This type of insurance does not benefit your family directly.

5. Joint Life Insurance:

Insures two lives, typically spouses, under one policy. First-to-die policies pay out after the first policyholder dies, while second-to-die policies pay out after both policyholders die, often used for estate taxes or dependent care.


If you’re looking for something a little more interesting, consider some truly unusual insurance policies:


Zombie Apocalypse Insurance:

Coverage for believers in a zombie apocalypse, including benefits for survival gear, fortified shelters, and treatments for zombie bites.

Alien Abduction Insurance:

For those fearing extraterrestrial encounters, this policy covers medical expenses, therapy, and lost time at work during an alien abduction.

Bigfoot Encounter Insurance:

Tailored for wilderness explorers in search of Bigfoot, this policy covers expenses related to tracking, documenting, and attempting to communicate with the legendary creature.

Ghost Insurance:

Some insurance companies offer coverage for damages or injuries caused by actual spirits. 


These unique insurance options may seem unconventional, but they showcase the diverse and creative ways people protect themselves in the face of life’s uncertainties. Whether opting for a traditional or more unusual policy, the key is finding coverage that aligns with individual needs and concerns.


Navy Mutual

This article is sponsored by Navy Mutual. Protect your family and your future. Navy Mutual provides affordable life insurance and annuities to those who have answered our nation’s call. If you are active duty, in the reserve or guard, or retired from any branch of the United States military or uniformed services, we’d be honored to serve you. Click here for a quote from Navy Mutual today!

About the Author:

Brandy Hall, Nurse Writer, turned a passion for patient teaching into content writing. She teams up with health and wellness providers to improve patient health and relationships. By creating easy-to-understand patient education content, she helps patients understand their health without complex terms and jargon. She is published on Sleep.com, Healthnews, and more. Now, she explores the world through creativity and adventure as a mom and military spouse.