How and when to "extend" Insurance Product Type value set?

The Insurance Product Type value set says it’s extensible. It’s odd that the base value set doesn’t include something for life insurance, auto ins or property & casualty. Should these be categorized using something else or do I just create my own values within this value set?

“Extensible” applies to the binding, not the ValueSet.

With an extensible binding if there are no applicable codes in the value set, codes not in the value set may be used instead. These codes should be in a well defined code system.

Read the definition of extensible carefully, it is often read hopefully rather than carefully.