Set in 1982 in the suburb of Blackeberg, Stockholm, twelve-year-old Oskar is a lonely outsider, bullied at school by his classmates; at home, Oskar dreams of revenge against a trio of bullies. He befriends his twelve-year-old, next-door neighbor Eli, who only appears at night in the snow-covered playground outside their building.

Jim "Lucky" Moore, an insurance salesman, comes up with a novel policy for his friend, Steve: a 'love insurance policy', that will pay out $1-million if Steve does not marry his fiancée, Cynthia. The upcoming marriage is jeopardized by Steve's ex-girlfriend, Mickey, and Cynthia's disapproving Aunt Kitty. The policy is underwritten by a nightclub owner, Roscoe, who sends two enforcers - Abbott and Costello - to ensure that the wedding occurs as planned.