A jacket worn by Buzz Aldrin’s historic first mission to the moon’s surface in 1969 was auctioned off to a bidder for nearly $2.8 million recently.

Today the names of Neil Armstrong, Michael Collins and Buzz Aldrin will be forever remembered throughout history. These men and their families presumably have not had financial worries for a long time.

However, that was not always the case. Before these heroes walked on the moon, they had a very serious financial problem to solve, which was trying to get Life Insurance.

They were under no illusions that flying to the moon may have been the last thing they ever did. Unfortunately, neither was any insurer.

Try explaining to a Life Insurance underwriter that you plan to blast into space in a rocket fully loaded with refined kerosene. Then you plan to spend three days flying through space, land on the Moon, the get out and hop about for a while, turn around and fly back for another three days, before landing in the middle of the sea.

It’s understandable why they did not get an automatic ordinary rates online decision.

Offered Cover at $50,000

The Apollo 11 crew were reportedly offered Life cover at a premium of $50,000 each. In today’s money that’s around €400,000 per astronaut.

At the time they were on a reasonable federal salary, and obviously they could not afford such a hign premium. So, Armstrong came up with an ingenious idea.

A month before they were set to go to the moon, the three astronauts were locked into a quarantine room, and they got busy providing for their families the only way they could — they signed hundreds of autographs on envelopes emblazoned with various space-related images. These envelopes are now often referred to as ” Apollo Insurance Covers.”

With hundreds of these signed, the crew left them in the hands of trusted friends, to keep for the their family, and under a wave of fanfare they blasted off to the Moon.

These limited edition ‘Covers’ already had incredible value. However, should the team fail to make it back to Earth following their mission, that value would have shot up, and the crew’s families could be provided for with the sale of the covers.

Fortunately, the trip went off without a hitch and all three men went on to live long, healthy lives and all remained alive until Armstrong passed away age 82, and Collins passed away age 90. The Insurance Covers remained with the astronauts for a long time. Some began to appear at auctions from the 1990s, selling for around $20,000 to $46,000.

OK.. Lets get down to earth!

We understand that not everyone has ambitions to fly to space or walk on the moon any time soon, but we at OneLife Insure are still committed to helping you get the best deal on a Life Insurance policy that is most appropriate to suit you and your family’s needs.

That means providing cover that’s built around your own unique circumstances. To get the best advice on how Life Insurance could work for you use please go online and get a quote on your website or call us on to speak to one of our expert advisors to discuss your options.

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.

Verdict:

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.

Life Insurance for Fishermen

Let me guess … you are a Commercial Fisherman or your Husband/ Wife/ Partner is a Fisherman and you are worried about your family’s financial future. You have come to the right Plaice (OK sorry sorry no more fishing puns I promise). 

As I live close to a fishing port village in Co. Louth, it is no surprise that we have advised many Fishermen and their families over the years.

It is a good thing they came to us because we are well aware of the fact that it’s difficult to get Life Insurance for Commercial Fishermen.

Why is it difficult to get Life Insurance for a Fisherman?

Well, it all begins with what fishermen go through on a daily basis. Fishermen risk their lives every day and when it comes to life insurance companies, they don’t deal with risk-takers very well. We have all seen ‘The Deadliest Catch’ on Discovery Channel so I can’t really blame them.

Can a Fisherman get Life Insurance?

Working as a fisherman you are considered in a ‘High Risk’ occupation. This means there is a greater risk of serious injury or death, and you run a higher chance of making an insurance claim. In order for the insurance company to compensate for this increased risk, it will usually charge a higher premium payment.

Each insurance company is different, however, and this is important to keep in mind when looking for a life insurance policy. Through our experience of working with Fishermen and their families, we know which insurer will give you the best value plan.

How much is Life Insurance for a Fisherman?

Life Insurance for Fishermen can sometimes be available at normal terms, but this will depend significantly on the types of vessel that you use, where you travel to (close to shore, deep-sea), and how often you are at sea. Fishermen on small vessels, deep-sea trips, and/or regular excursions may find that their Life Insurance policy is accepted at special terms which will likely involve an increase to the base monthly premiums. 

Example

Only recently a Fisherman (age 40) applied for €200,000 of Life Insurance through us. His details were as follows:

Job Duties: Deckhand / Relief Skipper

Vessel: 19 metres Prawn Fezzer Bottom Trawler built in 1991

Crew: 7 persons on board

Travel: 210km from shore

Nights at sea at a time: 14 nights

After contacting all the insurers, we were delighted to find this client cover. Whilst some insurers were looking for a lot more, we found one insurer who added only an extra €16 per month to the base premium. 

Base Premium: €50 per month

Additional Premium: €16 per month

The clients did not have to Mullet (Sorry….that was the last one I swear) over for too long…before taking out this cover.

Do you really need Life Insurance?

If you’re a commercial fisher, your family relies on your income. It is crucial you have Life Insurance to cover your loved ones in case of an accident or fatality.

Whatever someone’s reasoning may be, Life Insurance is usually a great way to provide you with peace of mind that your family will remain financially stable when they pass away and be able to handle any of their final expenses.

In conclusion, commercial fishermen may have a difficult time getting good value Life Insurance but let us take that stress off your shoulders. We are here to tailor the most appropriate plan to suit your needs and find you the best rates for you and your family.

Call OneLife Insure on 01-5390410

Email tom@onelifeinsure.ie

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