Insurance can be a tough pill to swallow. You pay a significant amount of money and rarely get anything back in return. Only when tragedy strikes do you make a profit. The rest of the time, it simply seems like a money pit.

However, when you need it, insurance can save your financial life.

Certain types of insurance are a necessity. There are many types of insurance you might not consider or perhaps even know about. These unusual policies can be critical in particular situations.

These types of insurance are worth considering:

1. Business life insurance. If you own a business, business life insurance can protect you if one of your partners or a key employee dies. It can provide the funds needed to buy out that partner’s share of the business or find a replacement. If your business is highly dependent on a super-star salesperson or inventor, this policy could save your business.

2. 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.

  • When purchasing a policy, keep in mind that less than 10% of those that actually use it need it for more than three years. It’s probably unnecessary to get a policy that will pay for significantly more time.

3. Antique insurance. Homeowner’s and renter’s insurance typically won’t cover the replacement or restoration expense of antiques. This insurance will do exactly that. But be sure to check with your regular insurance policy first. In some cases, regular homeowner’s / renter’s policies are sufficient.

  • Think about the replacement value of your antiques. Is a policy to replace or to restore them worth it to you? If you’re a collector, the answer is probably “yes.” If you merely inherited one old lamp from your aunt, the answer might be different.

4. Pet insurance. While the cost of an operation for a pet is significantly less than for a person, it can still be very expensive. Many employers are even beginning to offer this insurance. If your pet needs significant medical treatment, this policy can be a wonderful benefit.

  • Ask yourself what you would do if your 8-year old dog needed a $5,000 operation. Do you own a breed of dog or cat that is known to have frequent health issues?

5. Longevity insurance. Very few people have heard of longevity insurance. It’s very interesting. This insurance policy begins paying you a monthly sum after you hit a certain age. This type of insurance is quite inexpensive because many policyholders don’t live long enough to receive a payout.

  • But if it seems like that you will live longer than average, it can be a great way ensure an adequate income during your later years. How long do members of your family live? How is your health?

6. Wedding insurance. The average wedding now costs around $25,000! Bad weather, a death, or illness can put your wedding plans on the skids. This insurance will help to cover the lost costs. The policies are relatively inexpensive. It’s important to determine what will and won’t be covered.

  • Also, be sure to discuss with your caterer, photographer, wedding planner, and others what happens if the wedding has to be cancelled or postponed. The answers will have an impact on your decision process.

No one enjoys purchasing insurance, but it can be a real lifesaver when unexpected tragedy strikes. While we all hope that we’ll never need it, sooner or later, many of us do. Consider what would happen if you needed a certain policy, but didn’t have it. That may be the best way to determine which policies are worth having and which are not.