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Who needs life insurance more: James Bond, Homer Simpson, or Phil Dunphy?

Do you prefer to learn by watching? We answer this question in a video below. Click here to jump ahead.

Many Americans still are not sure who exactly needs life insurance. According to a survey from LifeHappens, more than a third of respondents believe that James Bond has a greater need for life insurance over Homer Simpson and Phil Dunphy.

If you’re not familiar, James Bond is a fictional secret agent and Homer Simpson and Phil Dunphy are both fictional married men each with three children. While James Bond does brush closely with death on a daily basis, he has no dependents. He’s not married and has no children.

The survey indicates that many Americans think that life insurance is for individuals who lead risky lifestyles, rather than for simple, family-oriented individuals.

Who needs insurance more? James Bond, Homer Simpson, or Phil Dunphy?

If James Bond were to die during one of his adventures, surely his friends and co-workers would be sad, but no one would be financially devastated (in fact, I’m sure the British Secret Service would end up saving money considering all the Aston Martins he’s totaled and buildings he’s damaged.)

However, if Homer Simpson died his wife and children would feel the financial affects immediately. His wife is a stay-at-home mom and his children are still young (and don’t seem to age…) Life insurance is a must for this family-man.

Same goes for Phil Dunphy. While his wife recently started working again (previously a stay-at-home mom) not only does he have three children, but he’s currently paying for two college tuitions.

» Compare: Term life insurance quotes

How much would their life insurance cost?

Now that we have decided that James Bond doesn’t really need life insurance, but Homer and Phil do, let’s estimate how much life insurance they would need and how much it would cost.

Every family is unique and calls for different coverage amounts and term lengths. Quotacy can help you get the best coverage for your individual situation.

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Homer Simpson’s Life Insurance Needs

Homer Simpson has a nice, suburban home and three young children, one of which is still a toddler. It costs an average of $245,340 to raise a child (not including college) and he’s the sole breadwinner.

Homer could definitely qualify needing one million dollars in coverage. A 30-year term policy is ideal to ensure the youngest is covered through her college years. With this life insurance policy, if he were to die, his wife would be able to cover the mortgage and take care of their three children. Homer isn’t in the best health; he’s overweight and a notoriously heavy drinker. We estimate Homer’s monthly payments to be $170.

Phil Dunphy’s Life Insurance Needs

Phil Dunphy also has a nice, suburban home and three children. While two of his children are technically in adulthood, he is paying their college tuition. The average total cost of a college education is $96,244. His wife has recently started working and does contribute to their income.

Phil could use half a million dollars in coverage. A 15-year term policy is ideal to ensure his youngest is covered through his college years and his wife could pay off the mortgage and continue covering their children’s college tuition. Phil is a non-smoker, in great health, and is very active. We estimate Phil’s monthly payments to be $53.

What about the life insurance needs of Marge Simpson and Claire Dunphy?

Now, while the primary earners are the most obvious ones in need of life insurance, we can’t forget about their wives. Stay-at-home parents such as Mrs. Marge Simpson are in need as well. Childcare and managing the household are all important tasks, the replacement value of which are often severely underestimated.

Could Homer take care of everything he normally does, in addition to Marge’s responsibilities if she died? Most likely not. A good life insurance policy for Marge would be half a million in coverage for 30 years. She is much healthier than her husband and we estimate her monthly premiums to be $38.

» Learn more: Life Insurance for a Stay-at-Home Parent

Mrs. Claire Dunphy recently went back to work since her children are mostly grown. While Phil is a successful real estate agent and 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 is also a healthy individual and we estimate her monthly premiums to be $16.

Applicant Age Coverage Amount Term Length Monthly Premium
Homer Simpson 38 $1,000,000 30 years $170
Phil Dunphy 49 $500,000 15 years $53
Marge Simpson 38 $500,000 30 years $38
Claire Dunphy 43 $250,000 15 years $16

Term life insurance is affordable and can be customized to fit in most budgets. While these fictional examples are helpful in getting an idea of who needs insurance and how much it costs, life insurance is not one-size-fits-all. Every family is unique and calls for different coverage amounts and term lengths. Quotacy can help you get the best coverage for your individual situation.

You can get your own estimate by running a term life insurance quote now. You do not have to give any personal information until you’re ready to apply. If you prefer a personal touch, feel free to contact the Quotacy team at any time. We’re here to help.

» Calculate: Life insurance needs calculator

Watch the Who Needs Life Insurance More Video

Video Transcript

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 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.

» Compare: Term life insurance quotes

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.

Life Insurance for Homer Simpson

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:

  1. He’ll want to make sure his family can stay living in their house.
  2. He needs to think about the cost of paying for three college tuitions.
  3. 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.

Life Insurance for Homer Simpson

Our Suggestion: $1,000,000 30-year term life insurance policy

Estimated Risk Class: Standard Non-Smoker

Estimated Price: Around $180 per month

 
 
*Pricing used for illustration only. Your price could be higher or lower.

 
 

Life Insurance for Marge Simpson

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.

Life Insurance for Marge Simpson

Our Suggestion: $500,000 30-year term life insurance policy

Estimated Risk Class: Preferred Plus Non-Smoker

Estimated Price: Around $40 per month

 
 
*Pricing used for illustration only. Your price could be higher or lower.

 
 

Life Insurance for Phil Dunphy

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.

Life Insurance for Phil Dunphy

Our Suggestion: $500,000 15-year term life insurance policy

Estimated Risk Class: Preferred Plus Non-Smoker

Estimated Price: Around $63 per month

 
 
*Pricing used for illustration only. Your price could be higher or lower.

 
 

Life Insurance for Claire Dunphy

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.

Life Insurance for Claire Dunphy

Our Suggestion: $250,000 15-year term life insurance policy

Estimated Risk Class: Preferred Plus Non-Smoker

Estimated Price: Around $18 per month

 
 
*Pricing used for illustration only. Your price could be higher or lower.

 
 
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.

» Calculate: Life insurance needs calculator

If you have any questions about life insurance, make sure to leave us a comment. Otherwise, tune in next week then we talk about difference between a life insurance agent and a broker. Bye!

 

Photo credit to: HansMartinPaul

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Writer, Editor, and Co-host of Quotacy's Q&A Fridays

Natasha is the content manager and editor for Quotacy. She has been in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. When not at work, she's probably studying and working toward her Chartered Life Underwriter (CLU) designation while throwing a tennis ball for her pitbull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on. Connect with her on LinkedIn.