Which of the following fictional characters need life insurance the most: Spiderman, Batman, Fred Flintstone, Harry Potter, or Marge Simpson? The Life and Health Insurance Foundation asked 1,000 Americans this question; so I thought I would pass the same question along to my clients. Let’s find out which one of you has the best understanding of life insurance. The winner will receive two movie tickets, so good luck!

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Many of you are probably familiar with a few dental professionals who are well-intended, but may not live up to this standard of prudence.

The same is found in financial services. I wish that more financial professionals would adopt this philosophy. Many insurance companies and investment institutions develop financial products and perpetuate philosophies that put their clients in a worse position than they would have been in had they done nothing at all.

Just because a financial product is available, doesn’t mean it’s beneficial. It’s important to make decisions in the context of your financial plan. Investments made out of the context of your plan are accidents waiting to happen. If you screw something up today, it’s going to get worse later.

Thanks for your submission. The results are below, and we’ll be in touch soon about the winner.

• 28% of people voted for Spiderman, an unmarried freelance photographer who lives with his elderly aunt.  Aunt Mae is collecting social security and lives in a home that is nearly paid off.  Peter may want to consider a small amount of coverage to help Aunt Mae, a dependent widow, stay in her home. But his girlfriend, Mary Jane Watson, is a successful actress and earns more than Peter.
• 18% chose Batman, Gotham’s wealthiest bachelor.  Batman (Bruce Wayne) is the chairman of Wayne Enterprises. He has no dependents, and Alfred, his loyal butler, is already going to inherit a large portion of the Bruce’s estate.  Bruce Wayne, unlike Spiderman, definitely has a need to review his estate planning in order to avoid estate  taxes; but his need for life insurance is unlike any of the others in this survey.  Generally speaking, Batman doesn’t need life insurance to help replace a financial loss to those around him.
• Only 16% of Americans said that Fred Flintstone needs life insurance. What? Mr. Flinstone is a married to Wilma, a homemaker, who is totally dependent on Fred’s income. Furthermore, he has a young dependent, Pebble’s, who has big aspirations for the future (college education, etc). If Fred kicks the can at his construction job, what will Wilma and Pebbles do?
• 15% of respondents said Harry Potter, an orphan teenager who earns no income and attends a private school that apparently doesn’t cost anything. Hello!? Since no one will be adversely affected by his death (we’re talking about actual financial loss here, not the heartache or withdrawals that would be suffered by millions of Americans), he really doesn’t need any life insurance.
• Finally, only 11% of Americans believe Marge Simpson needs any life insurance. Marge is also a stay-at-home mom. She earns no income; but if you voted for Marge Simpson, you’re right. Marge (like homemaker moms everywhere) has a huge need for life insurance. This usually surprises many of my clients.  Marge needs life insurance because she’s raising the kids and running the household and, if she dies, Homer will have to pay people to do what Marge is doing for free.

In summary, when you make life insurance decisions, you need to do so to protect against financial loss. Who needs life insurance the most? Fred Flinstone is arguable is greatest need of life insurance.  Second, Marge Simpson.  Harry Potter, Spiderman and Batman do not need life insurance to protect anyone against financial loss.  Congratulations to the Life and Health Insurance Foundation for coming up with a clever survey.