One of the main reasons to consider life insurance, no matter the size of the policy, is that your premiums are determined by your age at the time you apply. Younger people generally get lower rates compared to middle-aged or older folks who are in similar health.
In 2005, the Life and Health Insurance Foundation for Education (LIFE) wanted to understand how Americans perceived life insurance. They had KRC Research conduct a survey asking, “Among these fictional characters, who needs life insurance the most: Batman, Spiderman, Fred Flintstone, Harry Potter, or Marge Simpson?”
The survey, which included 1,014 adults, showed that many people didn’t fully understand life insurance. David F. Woods, President of LIFE, reacted by emphasizing that if your loved ones would struggle financially without you, then you need life insurance. It doesn’t matter if you’re a superhero or a super-parent; the purpose is to ensure your family’s financial security in case you’re no longer around.
SURVEY RESULTS:
Spiderman:
28% chose Spiderman. He’s young, single, childless, and works as a freelance photographer. He also has an elderly aunt. In theory, yes, he needs insurance to care for his aunt if something happens to him.
Batman:
18% picked Batman, aka billionaire Bruce Wayne. He has no dependents. Batman doesn’t really need life insurance because he has no dependents and a vast fortune that requires more estate planning than insurance.
Fred Flintstone:
16% selected Fred Flintstone, who is married with a young child. Fred definitely needs life insurance to support his family if something happens to him.
Harry Potter:
15% chose Harry Potter, a teenager still in school with no family. Harry doesn’t really need life insurance now since he has no dependents and it would just be an unnecessary expense.
Marge Simpson:
11% chose Marge Simpson, a stay-at-home mom. Even though her family does not rely on her financially, if something happened to her, Homer would need to cover costs for childcare, housekeeping, and possibly a nanny. So, Marge does need life insurance.