If you caught last week’s airing of the 89th Academy Awards, you were witness to a historical night culminating in the very uncomfortable, botched delivery of “picture of the year”, not to mention the continuous stream of the now requisite political commentaries and expected “Trump” satire. Despite the sometimes tiresome, self-aggrandizing and frivolous proselytizing by the Hollywood elite, as insurance professionals we must recognize and embrace that grouping of immense wealth and fame as they represent a large financial chunk of the life and health insurance industry.
Most of Tinsel Town would never admit to it, but similarly to physicians and attorneys and corporate CEO’s and the rest of us, an entertainer’s livelihood is what is truly important to them. Those movie deals, ticket sales and back-end percentage points are what keep their families protected and their lavish lifestyles intact. A promise of great income is what ensures that the stars will continue making the films that Americans love; love enough to shell out a hard-earned fifteen to twenty-five dollars every time we step into a theater.
Aside from what actors personally think of themselves, they are human and their bodies are fallible just like every other person in the world. They are susceptible to disease and injury, making career-ending or career-restricting disablement a very real prospect in their lives. And considering the size of their incomes, entertainers stand loose more than most. That is why large amounts of high-limit personal disability insurance are a must-have for the movers and shakers in the entertainment industry.
In addition to the usual inherent and obvious disability risks that most of us encounter in life, actors face the threat of losing their looks which could be disastrous to one’s career in front of the camera. No matter if they are attractive in a traditional sense, the look and persona of a celebrity is what keeps them in the public eye.
Petersen International has deep roots in the entertainment industry, and has been insuring actors and entertainers against disablement for more than 40 years. Our income protection program called StarCover is a Hollywood star’s greatest defense against the real risk of losing the ability to earn a living.
StarCover includes long-term, high-limit, “own occupation” disability insurance as well as optional residual disability coverage and inflation adjustment riders. But most importantly and new to the income protection market, StarCover offers a “disfigurement” rider which allows for the insured person to be classified as disabled if his/her likeness is deformed or irreparably affected by injury or disease even though he/she would not be considered disabled by usual insurance carrier definitions.
StarCover’s novel and comprehensive approach to protecting the incomes and earnings of those who make a living in the spotlight has been applauded by the DI industry, and continues to make a lasting impact on the lives of the rich and famous. To learn more about the StarCover program, contact our disability specialists at (800)345-8816.