Did Neil Armstrong outsmart life insurers?

Neil Armstrong is on many people’s minds after his recent passing.

His walk on the moon was a dangerous mission indeed. At the time, he wanted to make sure his family was taken care of in case he didn’t return.

Unsurprisingly, a life-insurance policy for someone about to get on a rocket cost a fortune, says NPR’s Chana Joffe-Walt.

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So he and the Apollo 11 crew autographed “covers”—envelopes that are signed and postmarked.

They gave them to a friend. On important days—the launch, when they landed on the moon—this friend went to the post office, postmarked the covers, and distributed them to the astronauts’ families, says Joffe-Walt.

It was life insurance in the form of autographs. If anything happened, the families could sell them and be financially secure.

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As we all know, Armstrong came home safely. Today, an Apollo 11 insurance autograph will sell for up to $30,000.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.