Would Marlene Dietrich have had the same success without that same husky, sexy voice? What about Bruce Springsteen? Imagine he damaged his voice box and could no longer sing. What would Michael Flatley do if he injured his legs in a car accident and could no longer dance?
Suddenly these people would no longer be able to do what they do best – that which also funds their lifestyles and their futures. So, they have had the sense to take out insurance on what some would describe as their most valuable asset.
Flately’s legs are insured for $25 million. Springsteen followed Dietrich’s $1 million lead and insured his voice for $6 million. And after winning a Gillette competition for the “Legs of a Goddess” in 2006, Mariah Carey insured her pins for a cool $1billion. Yes, $1billion. If she injured her legs, any potential income from future endorsements or advertising deals could be lost so this insurance protects her financially.
What about you? What would you do if you were injured or became ill and couldn’t do your job? How would you fund your lifestyle? Would you be compensated for the potential loss of future income?
While insuring body parts is perhaps not feasible for most of us, insuring your income is a very affordable option and protects your most valuable asset – your future income.
Income Protection insurance will pay you up to 75% of your insured pre-disability income if you can no longer work due to illness or injury for an extended period,* providing continued financial security. The last thing you want to worry about while recovering is how you’ll pay the school fees, or the mortgage – or the consequences if you can’t.
For advice on the best way to protect your financial security, talk to your insurance adviser or contact Suggars & Associates.
*Conditions apply to income protection insurance, and will vary from policy to policy. Your insurance adviser should discuss these with you so you understand your options.
You can read more about celebrities insuring their body parts here.
The advice in this article is of a general nature only and does not take your personal circumstances into account. You should seek financial advice before making any investment or financial decisions.