06 Dec Kanye West’s Hospitalization Could Lead to Hefty Insurance Payout
Recently in the news we saw famous American rapper, Kanye West cancelling the rest of his tour due to health issues. According to reports, the hip hop superstar was hospitalized last Monday after an incident at personal trainer Harley Pasternak’s home.His sudden decline in health were due to exhaustion, which lead to a psychiatric evaluation, sources say.
His recent hospitalization reportedly lost West $30 Million in what he would have made throughout the 22 remaining North American shows. These chain of unfortunate events, according to reports, could actually lead to a hefty payout.
Why?
Kanye West’s Insurance Policy
Kayne West had an insurance policy in place protecting him against any loss of earnings caused by “accident or illness.” The policy reportedly states that West is covered for the money he’d earn and the money he was obligated to pay others if, “accident or illness… prevents any Insured Person from appearing or continuing to appear in any or all of the Insured Performance(s) or Event(s).”
This is a great example of a wealthy individual taking the necessary precautions and planning to ensure he and his wealth is covered in the event of illness. Not only did he protect the financial loss he would suffer, but most importantly, he will now be able to provide for those who would miss out on the earnings from the tour as well.
When an illness hits an individual, the financial and emotional affects spread much further than just the individual; friends, family members, colleagues, etc all feel the heavy burden. Proper financial planning can play a huge role in minimizing how heavy that burden needs to be.
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Family
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Kemp Financial Group can be reached at (289) 932-5367 or drop by our office anytime at 3976 Portage Rd, Niagara Falls, ON.
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