Quiz yourself this Life Insurance Day

By Allen Wastler
Allen Wastler is a former financial journalist with over 30-years of experience, including time at CNBC, CNN, and Knight-Ridder Newspapers.
Posted on May 2, 2018

Did you know May 2 is National Life Insurance Day?

It commemorates the establishment of the first life insurance company in America in 1759. That company, supported by the Presbyterian Synods in New York and Philadelphia, was “The Corporation for Relief of Poor and Distressed Presbyterian Ministers and of the Poor and Distressed Widows and Children of Presbyterian Ministers.”1 

Didn’t know that?

Well, perhaps this short quiz will be a little easier (answers at bottom) …

The world’s largest life insurance policy, $201 million according to Guinness World Records, is for a …

      A. European banking official in Switzerland

      B. Silicon Valley billionaire

Walt Disney used his life insurance policy to help secure funding to build Disneyland…

      A. True

      B. False

The cost of a 20-year, $250,000 term life insurance policy for a healthy, non-smoking 30-year-old may be …

      A. More than $500 a year

      B. Less than $200 a year

Before their mission, the Apollo 11 astronauts set up a cache of autographs to sell because they could not get life insurance….

      A. True

      B. False

Who developed the first life mortality table?

      A. Isaac Newton (the gravity guy)

      B. Edmond Halley (the comet guy)

 

Learn more from MassMutual…

Life insurance terms to know

Why you shouldn’t lie on insurance

Want life insurance? Let us know

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Answers: B2, A3, B4, A5, B6

 

American Bar Association (The Business Lawyer magazine), "The Acquisition of a Life Insurance Company," January 1965.

Guinness World Records, “Mystery Billionaire takes out historic life insurance policy,” March 13, 2014. http://www.guinnessworldrecords.com/news/2014/3/mystery-billionaire-takes-out-historic-%24201-million-life-insurance-policy-56096

Huffington Post, “How Walt Disney Funded his Dream,” Dec. 19, 2017 https://www.huffingtonpost.com/entry/how-walt-disney-funded-his-dream_us_5a38ebc1e4b0578d1beb72a1

Life Happens/LIMRA, “2017 Insurance Barometer,” 2017. (Actual cost: $160)

NPR, “What the Apollo Astronauts Did for Life Insurance,” Aug. 30, 2012, https://www.npr.org/sections/money/2012/08/30/160267398/what-the-apollo-astronauts-did-for-life-insurance

Journal of the British Astronomical Association, “Edmond Halley, Scientist,” August, 1985. http://articles.adsabs.harvard.edu/cgi-bin/nph-iarticle_query?1985JBAA...95..193H&data_type=PDF_HIGH&whole_paper=YES&type=PRINTER&filetype=.pdf

The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees, and representatives are not authorized to give tax or legal advice. You are encouraged to seek advice from your own tax or legal counsel. Opinions expressed by those interviewed are their own, and do not necessarily represent the views of Massachusetts Mutual Life Insurance Company.