By: Charlie Conron – Lifedesignanalysis.com
WHAT KIND OF INSURANCE WOULD YOUR FAVOURITE SUPERHERO OWN?
1) Superman – Term Insurance – Superman is young and basically invincible with only a small chance he dies from kryptonite. However he does have commitments, he certainly would be considered a key man on the family farm not to mention taking care of Lois if something devastating were to happen with Lex. All this considered I think Clark Kent could certainly benefit from term insurance it’s low cost fits his limited budget but covers him in the slim chance Lex or any other supervillain finds his weakness for kryptonite. With all the advances in underwriting, he might want to look for something that has a less exhaustive medical exam and longer term length to lock down his insurability for as long as he can. Who knows what the future of underwriting will look like and how underwriters feel about alien DNA if he were to take a new med in 10 years)
2) Batman – Whole Life – Batman definitely needs insurance even though he is highly trained in martial arts, he is still just human. On top of that, he is extremely wealthy, all that wealth creates a big problem for the next generation(whenever he settles down). Batman would be best to consider whole life insurance and as much as they will let him buy. Bruce Wayne would be wise to own it corporately through Wayne industries to shelter as much of his estate from the tax man as possible. For this reason, Whole life participating insurance with max ADO is the perfect fit for him.
3) The Hulk – Guaranteed Issue – Sorry Hulk. Due to all that gamma radiation as a kid (pre-existing condition), you may need to look at special issue product. Don’t worry, this market segment is booming and with the advancements in underwriting and eApps, you may be approved in minutes from companies leading this space like CPP.Might not be a bad idea for the Hulk to pick up some property damage liability insurance coverage too for all the damage he seems to cause.
4) Spider-Man – Layered Insurance Plan – Spiderman is still young and doing research as a student with a part-time photo gig on the side. However, if he is going to get hitched to Mary Jane, he should consider layered term coverage just in case he runs out of web fluid mid-swing and finds himself in a tough spot. Spiderman knows with great power comes great responsibility since he also takes care of Aunt May a layered term strategy might work well, it’s important to make sure its convertible as I have no doubt Peter will be earning considerably more when he graduates.
5) Iron Man – CI/DI – Okay, Ironman could probably benefit from some whole life as well being the other billionaire on this list but let’s face it, on top of fighting crime, he also has to run Stark Industries. I would want to see some CI/DI in place to make sure if something happens to him his corporation is covered. Maybe even a split-dollar strategy like this.
6) Captain America – Indexed UL, ok Captain America is not from Canada and he is also not afraid to take a little risk, for this reason, he is looking at some indexed Universal life. This is a product that is popular in the USA and with the recent rate hikes to Canadian UL products this strategy may find its way over the border to make this product segment a bit more competitive.
In conclusion, if even your favourite superheroes have a need for Insurance it’s probably not a bad idea to make sure you have the right level of coverage and product types that will be inforce when they are needed. Make sure you review regularly with your advisor and that your advisor has the right tools to ensure you get the right product at a competitive price.
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