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Even Celebrities Need Life Insurance

Updated on November 25, 2016

The Wild and The West

Accidents do not spare anyone, even the biggest of celebrities. Apart from the massive influx of movies each year, Hollywood has a reputation of being lavish, wild, extravagant, and prone to tragedies. Over the past few years, the world has been shaken by the demise of some high profile celebrities whom we admire to the core. While some of them died due to drug overdose and rash lifestyle, some purely became a victim of fatal car crashes and severe health complications.

In fact, a report published by Express stated that the year 2016 has been the worst year for celebrity deaths as nearly 80 stars have left for their heavenly abode including pop icon Prince, Harry Potter star Alan Rickman, Everybody Loves Raymond star Doris Roberts, the producer of blockbuster albums such as 'Saturday Night Fever' and 'Grease', Robert Stigwood, legendary singer-songwriter David Bowie, lead singer and guitarist of the immensely popular band, The Eagles, and so on.

All the stars just mentioned above didn't really die because of old age, but due to drug problems and health issues. Did you know that film studios and production houses often opt for life insurance policies for their lead actors and other supporting artists? Simply because if anything happens to them (on set or off), the insurance companies can at least take care of the huge stakes that were involved in finalizing them for their particular roles.

Celebrities Firmly Believe in Insurance Policies

Celebrities are not immortal. They are also prone to tragedies and misadventures. Despite having loads of wealth, most of them still got life insurance policies that would safeguard their families and pay out any loans or liabilities incurred.

Interestingly, there are some celebrities who have got their body parts insured. According to an article published by Business Insider, singer-songwriter Dolly Parton insured her breasts for $6,00,000; pop star Rihanna insured her legs for $1 million; Keith Richards, the lead guitarist of the immensely popular band, The Rolling Stones, has got his hands insured for $1.6 million; pop icon Kylie Minogue has got her buttocks insured for $5 million, etc. These figures are a testimony that even A-listers feel the need to get insurance policies.

Some of the biggest life insurance payouts in history include;

Michael Jackson – The undisputed 'King of Pop' was facing a lot of agony and public scrutiny in his last years due to the lawsuits he was bearing. Despite all the mental trauma, he was responsible enough invest in a life insurance policy of $3 million.

Dale Earnhardt – The NASCAR driving legend had taken an insurance policy of $3.7 million to $7 million which was claimed by his widow, Teresa Earnhardt after his horrific death while racing.

Heath Ledger – The legendary actor had taken a $10 million life insurance policy just few months before his sudden demise.

Paul Walker – The Fast and the Furious star had also taken an insurance policy of $50 million before his tragic car accident in 2013.

Why Should Everyone Invest in These Policies?

Life is uncertain. You never know what the future has in store. Even though you might be having a plan chalked out for the next 5-10 years, it's not necessary that things will go exactly the way you want to.

To safeguard your family in the event of a sudden demise, your soul will be pleased to see that your family is not going through any financial crisis.

Life insurance is the most reliable and effective way to shield your family against any loans or liabilities, say experts.

Under such policies, the insurance company agrees to pay to certain sum of money to the policyholder's family. The best part about these policies is that the monetary benefits are income-tax-free to the beneficiary.

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