Life Insurance for Santa Claus

I acknowledge that I am not the first to broach the subject of life insurance for Santa Claus, but I do think the subject needs updating. Christmas is around the corner and if I know Old Nicholas as well as I think I do, he must be a fairly responsible and sensible fellow who should have assessed his premiums and renewed his insurance months ago – after all, isn’t he some kind of saint?

Sadly you can’t just get an instant quote online for Santa Claus. I worked out his age to be 1738 years old and they only offer a life insurance policy if you’re born in the twentieth century. Furthermore, I would be eager to find out if Santa’s still smoking that pipe of his…that’s only going to push up the premiums for life insurance. And coupled with the fact that he is at least Class 1 obese (Body Mass Index 30 to 34.9)…things ain’t looking good.

I also wrote recently of Northern Irish police formally warning drivers of the difficulties they will face if trying to acquire car insurance after being charged for drink driving offences. It doesn’t take much to work out that if Santa keeps up his brandy consumption, alongside the mince pie scoffing, he’s playing a risky game at least when he drops in on Northern Ireland. Though in 1738 years of alcohol-fuelled gift giving it’s fair to say he’s been darn good at not getting caught. I imagine he’s built up quite a tolerance!

Keeping on the car insurance theme, what will he have to pay for that ride of his? An irreplaceable antique magic sleigh which, dare I say, must have seen some phat pimping over the years (gold trim, numerous “turn-on red” re-sprays), and not to mention the fact that it’s powered by nine reindeer (lets not get started on pet insurance). He’s going to need some specialist cover for that beast, and it will cost…even if he does only make one journey a year.

Turning again to life insurance, pilots are generally considered “high risk” by insurance companies, not due to the chances of an accident, but instead because of stress. We all know that Santa is not renowned for his high blood pressure and short temper, but having said that, let’s take into consideration the extreme circumstances he has to operate under. The average speed at which he travels at is 650 miles a second, this is to make sure he can deliver presents to each of the 380 million kids (supposing they’ve been good enough) who believe in him.

Not only is this a tight schedule (he has 31 hours to make these deliveries), but we should also take into account the physical forces at play for a Class 1 obese brandy-soaked man travelling 3,000 times the speed of sound. That’s about 5,000,000 pounds of force on Saint Nick’s body. That’s over 17,000 times stronger than gravity. From an insurers point of view, the risk of Santa being vaporized (basically, all the liquid in his body turning to gas in less than a second), is about as high as someone who is sitting atop a thermonuclear bomb during detonation.

Merry Christmas!

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Life Insurance for Astronauts

Everyone knows that when it comes to buying a life insurance policy, high risk jobs such as acting, working on an oil rig or being an aircraft pilot will all push up the price quite considerably. What, then, does this mean for astronauts - those heroes among us who choose to get blasted into the atmosphere in a matter of seconds? Let's have a look at the risks.

I suppose we must at first, at least, consider the lift-off element of space travel. Humans are physically limited by the amounts of G-forces they can endure and it would be possible (but very slow) to reach space whilst undergoing just one G, therefore it is usual for lift-off to push to between five and seven Gs with the aim of reaching space in just eight minutes. It is no surprise then that one of the biggest space fatalities happened during the take-off of space shuttle Challenger in 1986.

Interestingly, once in orbit, they are moving just as fast. But risks for the astronauts actually get worse when one considers the amount of radiation in space. Not only can cosmic radiation have an effect on blood marrow, whilst weakening the immune system and increasing the risk of infection - it can also have an affect on the medicines taken along. After recent reports, NASA are currently studying the damage that radiation can do to on-board pharmaceutics. Testers have found a "significant degradation" in certain medicines including Augmentin and Bactrim.

The affect of weightlessness is also not without adverse effects - despite it seeming to be one of the most alluring factors of space travel. Tests have shown that astronauts who have experienced weightlessness for significant amounts of time have been known to develop loss of bone density, a lacking in muscle strength and endurance, postural instability and aerobic capacity. It is suggested that if an astronaut was to ever travel to Mars, his/her endured bone mass loss due to weightlessness would mean upon his arrival he or she would simply collapse.

So if space travel is so dangerous, how much does life insurance cost for astronauts? Insurance specialist Ed Hinerman claims that a person who becomes an astronaut will need to be reassessed and will most probably have to start paying a flat extra on every thousand pounds of his policy. He states that if one was to pay £2,000 a year, an astronaut may have to pay over £16,000 per year flat rate. It must really be worth it.

Visit Post Office for term life insurance quotes and to buy a simple, cost effective life insurance policy, offering you a way to pay off your mortgage or leave your family a cash sum when you die.

Post Office Life Insurance for over 50s

The Post Office has announced that it is to offer customers over the age of 50 the chance to buy life insurance over the counter.

While the Post Office already offers a multitude of over the counter products and services, including travel insurance, this marks the first time it has sold life cover in this way.

The new package, called Over-50s Life Cover, will offer instant protection from the moment it is purchased and will not require UK residents between the ages of 50 and 80 to undergo any medical checks.

Duncan Caesar-Gordon, the Post Office's head of protection, said: "In a time of such uncertainty people need peace of mind more than ever, which is why we are now offering instant protection over the counter."

Last week a survey by Barclays revealed that many people in the UK were cutting back on life insurance payments in order to save money during the credit crunch.

Life Insurance Starts at 50

It's inevitable that when you enter that bracket of the over 50s, your financial future starts to loom large. Pensions in particular are just over the horizon, and it's usually at around this time that you start to truly assess the provisions that you've put in place for such a time as when you retire (either that or you curse your lack of forethought!).

But alongside this imminent financial upheaval, there is the question that's beyond that, thankfully still out of palpable reach - life insurance.

Inevitably, ones own mortality starts to be felt in more and more of your life, and consequently, thoughts turn to providing for your nearest and dearest in the event of your death. Although it's easy to shrug off the notion of dying, it pays to consider taking out a policy, or reassessing your existing one, at this stage - potentially before any personal circumstances change. Age, sex and health are the major contributing factors to how expensive the premium on your policy will be, so of course, when you start in to your fifties, insurers will change their offers to fit that watershed, half-century moment.

Many companies will offer a specific over 50s life insurance, with particular rates and guarantees entailed. Often there will a guarantee of acceptance without any medical check - mainly because your age has become the largest factor in deciding how much your premium will be - though it pays to be entirely honest with your insurer.

Closet smokers who are in denial will find it's too late, post-death, to convince your insurer that you only smoke occasionally - by which time the pay out may have been denied. However, due to your being over 50, the policy will be particularly easy to arrange, although it is still worth shopping around for the best offer for you.

Most insurers will incentivise their product, and it may have repercussions on the way that your bank or building society - if you decide to take out a policy with them - will treat you as customers.

Wrong Cover Life Insurance?

According to the Association of British Insurers, more than half of British households have no life insurance—and of those who do invest in some protection, a large number have too little insurance, too much, or are simply paying for the wrong type of life cover. Simply having a policy is no longer enough.

There is a large range of options for life insurance, and it’s important to choose life insurance that will meet your current needs and provide adequate protection for your family.

You could be paying too much money for the wrong cover if:

• You’ve gotten married, had children, taken out or paid off a mortgage, divorced or retired without reviewing your policy
• You haven’t reviewed your policy within the last five years
• You bought any type of life insurance without first determining exactly what type of policy you needed
• You bought the life insurance cover that a salesperson told you was necessary, rather than seeking independent financial advice.
  

Choosing the Right Policy

Choosing life cover that will suit your lifestyle and family circumstances requires some careful consideration before you start shopping for policies. Depending on whether you’re married or divorced, have young children or adult children, are working or retired, your insurance needs are quite different.

Consider the following example. Let’s say you’ve just gotten married, and you and your spouse don’t plan to have children for around ten years. For the first ten years of your married life, the type of insurance you get may very well depend mostly on what you can afford. You won’t need a long term insurance policy, because your insurance needs will change when you start having children.

As a young couple with no children, a joint term policy is both cost effective and sufficient for your needs. However, when you have children, you will most likely want to increase the value of your policy, opt for two separate policies rather than a single joint policy, and also consider switching to whole life insurance. When your children become financially independent, you’ll again want to review your cover, and you may find that your insurance needs have reduced at this time.

One important point to note is that it’s better to seek advice from an independent insurance or financial adviser. An independent broker is in a much better position to shop around and find you the best prices, whereas a broker who represents a single provider is unable to provide this benefit—and sometimes they’re more likely to pressure you into choosing a policy that won’t meet your needs. You can find a database of independent financial advisers in the UK at www.unbiased.co.uk.

If you are certain about your life cover needs, you could also consider a discount broker such as Life Saver who will rebate some or all of their commissions to reduce the premiums you pay. Many of these brokers do not offer advice so this option is not suitable if you are unsure which product is right for you.


Insuring yourself for the Right Amount

How much should you cover yourself for? This depends not only on what you can afford, but also on your current lifestyle and expenses. A good rule of thumb is to choose a policy that is worth around ten times your annual income, before tax. However, if you have young children or a mortgage, you may want to consider a higher sum—for example, you might add the value of your mortgage to the sum assured if not already covered by another policy.

Note, however, that depending on your circumstances it may be more prudent to opt for a separate policy to cover your mortgage. If you don’t have much money to spare for insurance, choosing a decreasing term mortgage policy is a good option—this keeps your premiums lower, as the amount you’re insured for decreases as the mortgage is paid.

Action Steps

1. Review your life insurance if you have had a policy for more than five years or if your personal or financial circumstances have changed.
2. Take advice from an independent adviser if you are unsure about the type, amount or term of your policy.
   

Money - What does it mean for you?

For some, money means security and having 'enough' in the bank makes us feel safe. For others, money means pleasure and the ability to easily acquire new goods and experiences. For some, money means freedom. It affords us choices and options for travel and exploration. And for some money means influence.

What about you?