One of the main reasons to think about getting life insurance, no matter the size of the policy, is that the cost of your premiums depends on your age when you apply. Younger people, both men and women, get lower rates compared to middle-aged or older individuals in similar health conditions.
To understand how Americans perceive life insurance, the Life and Health Insurance Foundation for Education (LIFE) teamed up with KRC Research in 2005 to run a survey. They asked, “Which of these fictional characters needs life insurance the most: Batman, Spiderman, Fred Flintstone, Harry Potter, or Marge Simpson?”
The survey, which included 1,014 adults, showed that people don’t really understand life insurance well. David F. Woods, the President of LIFE, commented that there’s confusion about why someone might need a life insurance quote. He explained 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 devoted parent—life can be unpredictable, so it’s essential to ensure those who depend on you are protected if something happens to you.
**Survey Results:**
**Spiderman**:
28% of adults chose Spiderman. Although he’s young, single, and childless, with a side gig as a freelance photographer, he does have an elderly aunt.
Does Spiderman need insurance? Yes, primarily because he has an elderly aunt who depends on him, not because he climbs skyscrapers.
**Batman**:
18% selected Batman, whose alter ego is billionaire bachelor Bruce Wayne with no dependents.
Does Batman need insurance? Not really. Without dependents and with a $6.5 billion fortune, his financial concerns are more about estate planning and dealing with estate taxes.
**Fred Flintstone**:
16% of adults picked Fred Flintstone, a married quarry worker with a young child.
Does Fred need life insurance? Absolutely! With a wife and child to support, life insurance is crucial for him.
**Harry Potter**:
15% chose Harry Potter, a young student with no living relatives.
Should Harry Potter have life insurance? Not at this point. He’s too young, has no dependents, and life insurance would just be an unnecessary expense for him now.
**Marge Simpson**:
11% picked Marge Simpson, a homemaker and mother.
Does Marge need life insurance? Yes, since her absence would force Homer to pay for childcare and other household help. So, life insurance is necessary for her too.