Look who is back looking for more cover!!
Last year we advised Santa on Life Insurance, and we tailored a family protection plan for him and Mrs Claus. They were delighted to get that sorted. This year Santa Claus came back to us to enquire about Income Protection.
What is Income Protection for Santa?
Income Protection will pay Santa a regular benefit if he was unable to carry out his job due to illness or injury. We were able to offer Santa flexible features to provide the right cover for him. As with all prospective clients, our job was to advise Santa on the most appropriate plan to suit his needs.
Were we able to get Santa Cover?
There are a number of factors that determine if cover is available to Santa and how much his premiums will be.
Age – Santa is nearly 2000 years old, however, due to his magic powers he doesn’t look or feel like someone so old. If he was younger his premiums would be better value.
Health – Santa is in great health, in fact, he has never had any health issues. This is good news for Santa as his premiums were not affected.
Weight – As we know Santa enjoys biscuits, cake, and hot chocolate. His diet doesn’t help and it puts Santa a little overweight. With a BMI of 38, Santa will have to pay a little more than someone who is a healthier weight.
Smoking Status – Santa used to smoke a pipe, but thankfully he quit years ago. As he has not smoked in over 12 months he qualifies for non-smoking rates.
Occupation – Not surprisingly, Santa’s occupation was not listed in any Insurers ‘List of Occupations’.
So we contacted the Underwriters to discuss the duties of his occupation.
What is an Underwriter – When they were younger they asked Santa for pretty uncool stuff like Calculators, Mugs and Science Books from Santa. They decide if someone is eligible for cover and how much the premiums will be.
Initially, they were reluctant to take on Santa as a client.
However, we explained his duties in detail to them. Yes, he does he fly around the world in a sleigh pulled by Rudolph and the other reindeers. Yes, he does work on rooftops and makes his way up and down chimneys also. But these so-called high-risk duties were carried out only one day a year. For the rest of the year, he is doing mostly administration work, reading letters and managing the cheeky Elves in the North Pole.
As a simple rule, the less likely you are to fall ill and make a claim on your policy, the better value your cover will be. So the younger you are when you apply for your policy and the healthier your lifestyle, the lower your insurance premiums will be.
Did we get Santa Income Protection?
Yes, we were delighted to find Santa the Income Protection cover he always wanted. We searched the market to find the best value insurance for him, based on his circumstances. We have booked Santa in for a review of his plan in 12 months’ time.
What about the Elves – can they get Income Protection?
The good news here is that Santa was so happy with his new plan that he arranged an Income Protection Group Scheme for the Elves. If you want to know more about Income Protection for yourself we’re here to help. If you own a company, or you manage your own group of Elves…..Why not get them set up on Company Group Scheme?
Call us on 01-5390410 or send us an email at info@onelifeinsure . One of our expert advisers will be glad to help you. We’ll arm you with the right information and answer any questions so you can protect the life you love.