Insurers offer high profile clients customized solutions that cover various risks, such as death, accidents, critical illness, loss of income and disability. Many celebrities that take part in risky stunts or combat sports additionally get insured from injuries providing an extra layer of security.
Celebrities are aware that their passing or disability should not hinder their ongoing projects and commitments. Many production companies purchase insurance for key personnel such as leading actors, directors and technicians. Celebrities who invest in start-ups or co-produce movies also get insured so their business commitments are met in the event of their absence.
Despite huge incomes, celebrities’ finances are exposed to various risks. People may have significant debts that require regular servicing. Insurance helps keep their assets financially stable. Besides, many celebrities invest in speculative ventures or start-ups that may result in losses. Adequate insurance coverage helps offset such losses and preserve the overall wealth of families.
A pleasant side effect of purchasing insurance policies is tax advantages.
At the core of these policies is sound wealth management and inheritance planning. Celebrities realize that wealth creation alone is not enough. Systematic transfer of wealth to beneficiaries and charitable causes through insurance and structures such as trusts is a key factor.
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