This Just In…
Does Santa Claus need life insurance? A lot of people depend on him. He runs a toy factory 364 days a year. He handles labor relations among the elves. He investigates to determine who’s naughty and nice. He cares for the reindeer and referees their games. He keeps the books, checking and double-checking who’s naughty and nice. And he drives a sleigh.
According to the Santa Index, hiring someone for those jobs would have cost an employer almost $138,000 in 2013. In today’s wages, replacing Santa would cost about $141,036. If North Pole, Inc. is prudent, it has a “key employee” life insurance policy on Santa with a face value of at least Mr. Claus’ estimated salary. This would allow the organization to hire a replacement if Santa died.
The Claus family should also look at their personal insurance needs. Without Santa Claus, what would Mrs. Claus do for a living? Would she continue living at the North Pole, or would she need to buy another home? How many elves would she have to support? Life insurance could provide the funds she’d need. If you have similar questions on your family’s life insurance needs, please contact us.
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