Boutique insurance company eRRe today announced the introduction of a new insurance policy covering a disappointing life. The policy which is called Personal Inefficacy Cover will need to be taken out at birth by the parents of a child and that child will have the option to carry on paying the annual premiums when he or she comes of age. However, according to the company, the first eighteen years would be non-refundable. At the prevailing government retirement age the insured can decide to make a claim if they feel that their life has been a disappointment.
“That way the indemnified client can at least have a very pleasurable retirement.” said Barry Rochester, senior underwriter at eRRe. “Some people have, naturally, questioned how this will work - in other words what will qualify as an indemnifiable claim and who will arbitrate the definition of disappointment or failure. To answer them: firstly, the insured will have had to have tried and failed, after all you can’t be disappointed if you haven’t tried; secondly, they will not be covered if they have sabotaged their own life say through some form of addiction; thirdly they will have to have suffered from a fairly broad spectrum of failure. All of these points will be decided by an independent panel of experts drawn from a wide range of the relevant professions. However, the person whose career has repeatedly stalled, whose family lives have been unfulfilling or broken up, and who has failed to find consolation in other areas, can look forward to receiving a significant sum depending on the level of premium input.”
One critic of the scheme said, "I'd like to meet the parents who sign up their children to this. Talk about a vote of confidence."
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