With this life insurance, I thee wed
It is common to protect your spouse financially with a life insurance policy. But your golf caddy?
Can we save you money on your life insurance or critical illness?
|
|
 |
 |
In 2006 it was reported that TV presenters Ant and Dec had each taken out a £2 million insurance policy against the other dying – a story that made The Sun with the headline “It's Ant 'n Death for telly mates”.
Life insurance common for business partners
But essentially, as the pair are business partners, a policy akin to life insurance is not that unusual – and often just underlines how important partners are to each other.
People can only take out life insurance policies on people who aren’t their spouse or civil partner if they can prove that they will lose out financially by that person’s death.
Ant and Dec were perhaps inspired by Siefried & Roy, the Las Vegas magicians, who each had an insurance policy against the demise of the other. The policy would have been handy when Roy was attacked onstage by a tiger in 2003 and hospitalised.
Life insurance – par for the course
In a more unequal relationship, Tiger Woods’ caddy has an insurance policy protecting him against the golfer’s death – which would lead to the caddy potentially losing millions of dollars in his share of his boss’s earnings.
In contrast, Woods himself is so successful to make insuring himself pointless. It has been calculated that he makes so much money that taking out an insurance policy would cost $10 to $20 million each year – more than he actually makes from golf.
One of the more eccentric insurance policies in the history of Lloyds of London saw 20 (or 40, depending on your source) members of Derbyshire’s Whiskers Club insure their beards against fire and (even more eccentrically) theft.
The club once had Fidel Castro as a patron, although it is not known whether he took out the same insurance policy. But the club’s actions are just another example of a partnership being sealed through an insurance policy.
With this life insurance, I thee wed
For the rest of us, though, there is just the spouse or partner to worry about. And the advent of civil partnerships has widened the range of life insurance policies.
Homosexual couples, and others in civil partnerships, are now offered the same protection under life insurance as everyone else.
Jump Money is a specialist in critical illness and life insurance cover and is happy to answer any questions you may have related to life insurance, life assurance, term assurance and life cover. The company will strive to fit an insurance package to the exact criteria you need in order to help you avoid buying products you do not need as well as helping you fully understand your purchase.
To find out more about how Jump Money can help you protect yourself and your belongings call now on 0845 8516262 or fill in an online quote form today.
Return to Jump Life Insurance articles index
Get a free online Life Insurance quote | Get a free online Critical Illness quote | Get a free online Mortgage Protection quote | Get a free online Income Protection quote | Return to the home page