Insurance policies for the rich and famous can range from life insurance to health insurance and back to liability. The types are not much different than what every person should have, but they will obviously need bigger policies that have higher maximum levels. Let’s jump right in to the 5 types of coverage everyone should have, especially the rich and famous.
- Long-Term Disability Insurance – This type of policy will cover about 60% of your earnings, which is not a substantial amount, but when you think about it, any money coming in is better than nothing. All you really need to do is to pay the bills if something should happen that leaves you disabled and unable to work for an extended period of time. Long-term disability payments will usually start once the short-term policy is used up. But, before that happens, you will have to show medical proof of the issue.
- Life Insurance Policy – None of us like to think about dying, but it happens to everyone, so you might as well be prepared for it. You can pick the payout amount, and if you qualify, you can begin making immediate payments. The basic formula to help you figure out how much you need to opt for is to take your yearly income and add the cost of funeral or cremation services. This will be the minimum amount you want to pay out to your loved ones if you should pass away. This policy offers the people in charge of your final wishes the money to pay for everything they need and some extra for them to get by on until they can get their finances in order.
- Home And Contents Insurance – Most rich and famous people have expensive houses that cost millions of dollars. Many have more than one, so they will definitely need to have good home and contents coverage. The best way to obtain the proper coverage is to make an itemized list of the items that are owned. If there is anything extremely expensive, like diamonds, you may want to get an added policy to cover them. Go to the iSelect home and contents platform to get great insurance offers from their partner sites. It is imperative to have the correct coverage without paying an outrageous price.
- Health Insurance – If you have access to health insurance attached to your place of employment, you should opt in for it because the employer will help pay some of the cost. They will match payments like the ones that go to your retirement funds. If the employer does not offer any, you must find a company that will work with you. They will ask you questions about your current and past health, habits, and the type of coverage you are looking for. Have the answers ready for them before they ask. Otherwise, they may launch an investigation to determine if you are eligible for their policy.
- Automobile Insurance – Even if you like to travel around in a limo, which will have its own full coverage insurance, there will be times that you simply want to get away. When you want to take your own vehicle for a spin around the block or the country. You will want to ensure the car has the proper auto insurance coverage because you never know when an accident may happen. If you own a classic or expensive sports car, you need the best coverage possible, even if you add additional policies to the basic coverage to ensure the vehicle is completely covered.
That’s about all there is to the topic. The rich and famous need to have the same policies that the blue-collar worker will need. The policy must match the person, so a movie star will require much higher paying policies than a person working at the local fast food joint.
Take the time to know what you need and then get the policy of your choice. Always take the time to compare insurance policies and carriers because they are not all created the same. The policies and rates they offer you will vary, so be prepared to spend a little time finding a company that can develop policies for all five of the insurance coverage you need, all into one neat little umbrella package that will save you money overall.