One compelling reason to consider life insurance regardless of the policy size, is the fact that your premiums throughout the policy duration depend on your age when you apply. Younger individuals, of both male and female genders, enjoy lower rates than their middle-aged or elderly counterparts in a similar health bracket. Explore more on this link.
In a bid to gauge the American perception of life insurance principles, the Life and Health Insurance Foundation for Education (LIFE) in 2005 engaged KRC Research to conduct a survey asking, “Among these fictional characters, who needs life insurance most: Batman, Spiderman, Fred Flinstone, Harry Potter, or Marge Simpson?”
The poll, involving 1,014 adults, revealed a marginal understanding of life insurance. LIFE President, David F. Woods, responded to the findings saying, “Clearly there’s a lack of clarity about why someone needs a life insurance quote. If your loved ones would be financially strained in your absence, you need life insurance. Whether you’re a superhero, or a super-parent, the core purpose is being missed. Life can take unpredictable turns, so if someone relies on you financially, it’s crucial to put provisions in place now to safeguard their future in case you’re no longer around.”
SURVEY RESULTS
Spiderman
28% of the surveyed adults chose Spiderman. His profile: He’s young, unmarried, childless, and moonlights as a freelance photographer; he also has an elderly aunt.
Does Spiderman need insurance? In principle, yes, because he has an elderly aunt to look after in case something unfortunate happens to him, not because he’s crawling up skyscrapers!
Batman
18% of our interviewees selected Batman. His Profile: billionaire bachelor Bruce Wayne. He has no dependents.
Does Batman need insurance? Not too much. With no dependents and a $6.5 billion dollar fortune, his financial needs lean more towards estate planning. Estate taxes pack a punch!
Fred Flinstone
16% of the polled adults chose Fred Flinstone – a married quarry worker with a young child.
Does Fred need life insurance? Most definitely! With a wife and child to support, he’s an ideal candidate.
Harry Potter
15% of participants selected Harry Potter, a teen still in school with no living relatives.
Should Harry Potter have life insurance? Not really; at this point, it makes little sense for Harry to get life insurance. He’s too young with no dependents, and it would likely become a financial burden for now.
Marge Simpson
11% of interviewees picked Marge Simpson, a house-making mother.
Does Marge need life insurance? Although Marge’s family doesn’t financially rely on her, her absence would compel Homer to spend on childcare, maid and possibly a nanny. Hence, she requires life insurance.
