Friday, October 5, 2012
Neil Armstrong and the other astronauts on the Apollo 11 meeting did not have life insurance before all of them went into outer space. The reason that he or the other astronauts did not have life insurance was because the costs were simply too high. The primary reason for the high cost was the high amount of risk that the life insurance company would have to take in insuring the astronauts. This is generally the case with high risk occupations, where high risk relates to the likelihood that the employee will suffer a fatal injury in the course of his or her employment. Now, the astronauts on the Apollo mission did leave their families some type of insurance. Apparently, weeks before the scheduled mission, Neil Armstrong signed hundreds of envelopes in the hopes that his autograph would be valuable after this death. As it happened, one of the signatures had the potential to earn $30,000 at an auction.
See Charlotte Beugee, First Man on the Moon Didn't Sign Up for Life Cover, We Know Life Insurance, Aug. 31, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this to my attention.