Life Insurance Covers Most Maladies, Now Even Avian Flu--If You're Chinese
The bird flu has now caused over sixty deaths in the 118 reported cases in Southeast Asia. The virus reared its ugly head in Vietnam and Thailand in 2003, but has moved to the much more heavily populated China. Apparently, the flu doesn't transfer easily from birds to humans, and thus has not become a major threat to the world. Officials are very worried, however, that this deadly flu may mutate and eventually be more contagious to humans. In light of these fears, the Minsheng Life Insurance Company decided to issue a bird flu life insurance policy in China. For the equivalent of approximately $240, a Chinese city dweller could buy a bird flu insurance policy that would pay out approximately $12,000 in the event that a policy owner contracted the disease.
Rounding Out Other Insurable Risks
Although bird flu insurance is definitely a pretty rare scheme to hedge the risk of dying, history has been surprised each time a new type of insurance was introduced. Health insurance, auto insurance, travel insurance, dental insurance, and home owners insurance were all quite surprising to consumers when they first hit the market. Today, most of them seem relatively commonplace. The concept of insurance may be difficult for largely optimistic Americans.
No one really thinks that they're going to fall victim to some catastrophe that ruins them financially. People only start buying these new forms of insurance when they see evidence that people just like them can fall prey to these insurable risks. If you want to buy bird flu insurance in America, however, you may have to wait a while--which should be good news to most. This epidemic still exists mainly in China and other Asian countries.
Sources:
BBC News
CED: Key Facts About Avian Influenza (Bird Flu)