Welcome to Quotacy’s Q&A Friday where we answer your life insurance questions. Quotacy is an online life insurance agency where you can get life insurance on your terms. I’m Jeanna and I’m Natasha. Today’s question is: who needs life insurance more: James Bond, Homer Simpson, or Phil Dunphy? This question came about because Life Happens surveyed Americans to find out if they really understand the purpose behind life insurance. They asked over 1,000 Americans who has a greater need for life insurance: Agent 007 himself James Bond, Homer Simpson, or Phil Dunphy, the dad from TV’s Modern Family? The survey revealed that Americans believe James Bond needs life insurance more than both Homer Simpson and Phil Dunphy. Americans chose 007 nearly twice as many times as Homer Simpson and five times more than Phil Dunphy. This is a common misconception about life insurance. Many think life insurance is for those who are more likely to die. James Bond does live a much riskier lifestyle than the typical TV dad, however, that’s not the point of life insurance. Life insurance is actually there to provide a source of income for the loved ones you leave behind should the worst happen and you die unexpectedly. And James Bond is close to dying nearly every single day but he has no one relying on him financially. Parents like Homer Simpson and Phil Dunphy work every day to provide healthy lifestyles for their families. If either Homer or Phil died suddenly their loved ones would definitely suffer. And let’s not forget about our TV moms. Both Marge Simpson and Claire Dunphy need life insurance too. Both Marge and Claire start out as stay at-home parents in the TV shows but childcare and managing the household involve a lot of hard work, the replacement value of which is often severely underestimated. For fun, let’s estimate how much it would cost for these fictional characters to get life insurance. But first we’ll need to figure out how much coverage they need and based on our knowledge about these shows and Wikipedia, we’re able to come up with some educated guesses. Homer Simpson lives in a nice suburban home and is married with three young children, one of which is still a baby. Because of his young family, a 30-year term policy is a good option to cover the length of the mortgage and make sure his youngest is financially protected through her college and young adult years. To determine how much coverage Homer would need to buy there are a few things to consider. He’ll want to make sure his family can stay living in their house. He needs to think about the cost of paying for three college tuitions. He also needs to consider the fact that his wife hasn’t worked outside the home in years. If Homer dies, how much life insurance money would allow Marge time to find a decent job? Homer can easily justify purchasing one million dollars of life insurance. But if you’ve seen the Simpsons, you know Homer isn’t in the greatest shape and he’s a notoriously heavy drinker. We guess his risk class would be Standard Non-Smoker. And at age 39, this would put his premiums for a 30-year $1,000,000 term life insurance policy to be around $180 per month. Even as a stay-at-home parent, Marge Simpson also needs life insurance. If Marge suddenly died, Homer definitely wouldn’t be able to cope with childcare and managing the house all by himself. A solid life insurance policy for Marge would be half a million dollars in coverage for 30 years. And being much healthier than her husband, we’d guess her risk class to be Preferred Plus Non-Smoker. At age 36, her monthly premiums for a 30-year $500,000 term life insurance policy would cost about $40 a month. Phil Dunphy also has a nice suburban home and three children. He’s paying for the college tuition of his two eldest daughters and his son is in high school but off to college soon as well. Because his children are much older than Homer’s children Phil doesn’t need quite as much coverage nor for as long. Phil could use $500,000 in coverage for 15 years. The 15 years is ideal to make sure his wife can continue paying the mortgage, and ensure his youngest, a son in high school, is financially protected through his college years until he’s independent. Phil is in great health and very active. He could likely qualify for Preferred Plus Non-Smoker. At age 51, his premiums for a $500,000 15-year term life insurance policy would cost around $63 dollars per month. Phil’s wife Claire was a stay-at-home mom for many years but went back to work once her children were in high school. While Phil is a successful real estate agent and a good father, could he take care of three college educations, bills, a mortgage, and keep the household running alone? It would be difficult. A good life insurance policy for Claire would be $250,000 in coverage for 15 years. She’s also very healthy and we estimate her risk class to be Preferred Plus Non-Smoker. At age 45, premiums for her $250,000, 15-year term life insurance policy would cost around $18 per month. While these fictional examples are helpful in getting an idea of who needs life insurance and how much it costs, life insurance is not a one-size-fits-all. Every family is unique and calls for different coverage amounts and different term lengths. Quotacy can help you get the best coverage for your individual situation. Thanks for watching. If you have any questions about life insurance, make sure to leave us a comment. And if you have any questions regarding today’s topic, check out the blog link posted below. Otherwise, tune in next week then we talk about difference between a life insurance agent and a broker. Bye! Thanks for sticking around. We’d appreciate it if you Liked the video and hit that fancy little Subscribe button to see us every week. Bye!