Written by: Insure.com
Each year, Insure.com calculates the “value of Santa” based on analysis of recent wage data from the Bureau of Labor Statistics. This year shows Santa would earn a salary of $149,434 for the myriad jobs he performs, which is only a 2 percent increase from last year – the second consecutive year of wage growth that performed lower than the projected 3 percent.
And even though all 15 jobs which make up Santa’s wage experienced some wage growth, St. Nick doesn’t spend enough time in those with significant increases to raise the overall salary higher.
Jobs with wage increases at or higher than the projected 3% increase
- Airline pilot » +11%
- Announcer » +10%
- Labor negotiator » +5%
- Letter reader » +4%
- List checker » +3%
Santa’s salary, however, is well above the national median household salary of $59,039.
“Based on his salary and his assets at the North Pole, one would hope he has an inclusive life insurance policy in place,” said Penny Gusner, consumer analyst for Insure.com. “And since it’s believed Santa is either immortal or a very long-living elf, it should be a permanent policy instead of term so the coverage doesn’t expire.”
The Santa Index is an annual Insure.com tradition, taking a playful angle on the important topic of life insurance each holiday season. The perceived value of Santa’s job helps to remind us that whether we contribute income or other critical roles in the home, a life insurance policy is part of a smart plan to protect your loved ones.
“If anything were to happen to Santa without a policy in place, it’s reasonable to assume that Mrs. Claus would be so busy trying to deal with finances, logistics and paperwork that she could completely miss the Christmas Eve delivery schedule,” Gusner explains. “And without income replacement, she might not even be able to keep the workshop open.”
Insure.com surveyed more than 1,700 people to learn if people are having conversations about life insurance policies. Below are the survey highlights.
- 61% of respondents said my spouse has a life insurance policy.
- Of the 25% who do not have a policy, 24% said it was because the spouse only worked part time and didn’t believe they needed a policy.
- Of the 25% who do not have a policy, 23% believe the main earner having a policy is enough.
- 86% of respondents with a policy have told their beneficiaries of the designation.
- Of the 14% who have not told their beneficiaries of the designation, 34% of respondents cite being uncomfortable talking about death.
- Of the 14% who have not told their beneficiaries of the designation, 28% of respondents report not knowing what steps to take to tell them.
- Of the 14% who have not told their beneficiaries of the designation, 14% of respondents are unaware they should notify the beneficiaries.
To see the full chart of Santa jobs and wages, visit the full feature at The Santa Index 2017.
The Santa Index is based on a pre-set list of tasks and hours; tasks are then matched to occupations from the Bureau of Labor Statistics to find the average wages.
Consumer opinions are based on an online-panel survey commissioned by Insure.com of 1720 adults. The survey was fielded in November 2017.
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