Poll clears the air on who needs life insured

Does Spider-Man need life insurance? What about Batman? Think I'm being silly?

Perhaps, but clearly lots of folks aren't so clear about who needs life insurance. When asked to assess the life insurance needs of five fictional characters, almost half of the people surveyed thought superheroes Batman or Spider-Man had a much greater need for coverage than cartoon parents Fred Flintstone and Marge Simpson.

''Though fictional, the life situations of these characters illustrate just how different real people's individual life insurance needs can be," said David F. Woods, president of the Life and Health Insurance Foundation for Education (LIFE), which sponsored the survey.

Lately, I've been compelled to rethink a lot of things because of the calamitous hurricanes that hit the Gulf Coast region in recent weeks. The loss of life has been tremendous. I wonder how many of those killed had life insurance, or of those who did if they had enough to take care of dependents spared by the storms.

The LIFE survey might seem ridiculous, but I found it interesting. The pollsters asked 1,014 adults to consider five fictional characters and pick the one they thought had the greatest need for life insurance.

Twenty-eight percent chose Spider-Man, an unmarried freelance photographer with an elderly aunt. Here's what I think. Peter Parker would need life insurance only if his aunt relied on him to supplement her income.

Eighteen percent chose Batman, a wealthy bachelor. OK, so the man has a dangerous job, but he's rich with no dependents.

Only 16 percent said Fred Flintstone, a married father with a young child, needed life insurance. ''Fred, the primary breadwinner of the Flintstone family, has a pressing need for life insurance to ensure Wilma and Pebbles could maintain their standard of living if he were no longer able to provide for them," Woods said.

Fifteen percent thought Harry Potter, a teenager and student, should be insured. He shouldn't.

Only 11 percent said Marge Simpson, a stay-at-home mom, should get life insurance. I understand those polled might think it makes sense to just insure the person bringing home the money, but not all family contributions are monetary. As Woods points out: ''Stay-at-home parents like Marge perform many household services that would be expensive to replace, and consequently have a significant need for life insurance."

Here are some real-life examples of people who do and don't need life insurance:

A minor child: Life insurance is intended to care for dependents. Unless you are dependent on your offspring for income, you don't need life insurance on a minor child (that includes a teenager or college student).

Single adult, no children or other dependents: If the only person depending on income is you, you don't need life insurance.

Single adult with dependent child: Unless your former spouse or baby's dad (or mom) is capable of carrying all the costs of raising your child, you need life insurance. Nearly four in 10 single parents have no life insurance coverage of any kind. Of those who have coverage, nearly two in three consider their coverage inadequate, according to LIFE. The typical single parent only has $60,000 in life insurance coverage.

Married, no children: If you have a mortgage and other household expenses that your spouse can't handle on his or her own, get life insurance.

Married, nearing retirement, child is grown: If you've been saving and you have adequate retirement savings and investments, you don't need life insurance anymore.

Once you decide you need life insurance, the next step is to figure out how much. Try the life insurance calculator created by LIFE at www.life-line.org. Ideally, you want enough coverage so that your beneficiaries could invest the death benefit and live off any interest earned.

And don't assume you can't afford enough coverage. A 40-year-old male can buy $500,000 of 20-year level premium term life insurance for $375 a year, according to LIFE. A 40-year-old woman can buy $500,000 of 20-year level premium term life insurance for $320 a year.

Michelle Singletary is a columnist for The Washington Post.