According to news sources, a total of $3,464,111 was paid out to grieving families after the ‘unsinkable’ Titanic hit an iceberg in 1912.
The beneficiaries of businessman John B. Thayer were awarded a $120,000 accident insurance payout (around $3.2m today), while his wife received a $50,000 life insurance payout ($1.3m today).
Meanwhile, the family of Herbert F. Chaffee received a staggering $146,750 on his life insurance policy. Worth around $3.9m in today’s money, it was the largest payout of all those who died.
Just as nobody expected the Titanic to capsize, recent events have shown that things still happen today that take us by surprise – proving that life insurance is still as necessary now as it was in 1912.
As with all insurance policies, conditions and exclusions will apply
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