While most people think of Gene Simmons as a guy in makeup who has a particularly long tongue, the former KISS bassist is looking beyond the music industry for his next business venture.
Simmons helped found Cool Springs Life Equity Strategy, a Tennessee-based company that specializes in providing life insurance for the uber-rich, according to financial news website The Street. The firm specializes in providing coverage for those with assets of $20 million and facilitates loans that allow clients to obtain high-value policies for little or no money upfront. The website said the loan covers premiums that can be paid in full or incrementally, a move that helps minimize estate taxes.
Simmons is using his long-time fame and high-voltage personality to bring in clients from the entertainment and sports industry, reported the site. Simmons said the company can help people maximize the amount of money they leave to their family or beneficiaries at their death.
"Life insurance is a must," he told the source. "It's the one thing in your life you are doing for everybody else. Once you are dead, you really don't care, but while you are alive it is the one big, selfless thing you should be doing."
The Cool Springs project isn't Simmons' first attempt to break into an industry that isn't music. In 2002, he launched a men's lifestyle magazine called Gene Simmons' Tongue, which lasted five issues before it shut down.