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Financial Literacy - Insurance
SPOTLIGHT
Celebrities talk about insurance
Some regard insurance as important; others are pessimistic or oblivious about insurance.
Understanding insurance needs
 
 Celebrities:
Mike Greenberg
Lisa Lampanelli
Eddie Money
Stephen Pollan
Celebrity Q&A
Who: Eddie Money
Notable:
Rocker ("Two Tickets to Paradise")
Fame & Fortune Q&A:
Bankrate: As your success continued over the next few albums, did you start saving and investing well at any point, or did you keep living the typical crazy rock star life?
Eddie Money: I had a lot of money in the bank, but when I had the drug overdose, the insurance company considers it like a suicide. So I had a couple of mil in the bank, but it all went into keeping me alive. I wasn't exactly insured by Lloyds of London. It was all the money I had made. Next thing I knew I was in therapy, getting my legs zapped, trying to get my nerves happening, walking up and down a bunch of stairs. That's when (legendary producer) Tom Dowd thought I had a lot of courage and stamina and wanted me to come back from this horrible accident. So he took me under his wing and we made a great album together.
Bankrate: So you had saved a couple of million dollars, but it all had to go to your recovery?
Eddie Money: Because the insurance company would not cover a drug overdose, just like they wouldn't cover a suicide. There were a lot of loopholes in the contract, and I wound up getting ripped off. You pay for your mistakes. You learn the hard way. I've made a lot of money, I've lost a lot of money. Now I'm semi-comfortable, but the government's always on my ass for more money.
Lesson learned: 
Life can hit you fast; be prepared.
Read the entire interview with Eddie Money.
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-- Posted: Aug. 20, 2007
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