Superheroes may seem like they have 9 lives, but even the most daredevilish superheroes need life insurance. How exactly would a costumed crime fighter assess their risk tolerance in the context of the “real world”? Let’s explore what type of life insurance might benefit a superhero and the unique factors that could affect their premiums.
Life Insurance For Supers
Superheroes are undoubtedly put in harm’s way a lot more than the average human being. While most superheroes don’t have kids, life insurance can still provide financial security to the superhero’s family should they ever meet their dramatic demise.
After all, life insurance payouts can go to anyone, including non-relatives or charitable organizations. For example, if a certain caped crusader wanted to pass his family inheritance down to a loyal butler, he could!
What Would Affect Premiums?
- Personal Details: Age affects premiums, which tend to be higher for older policyholders, those who engage in high-risk behavior, and those in less-than-optimal health.
- Health and Habits: Premiums also depend on a superhero’s health habits and medical history. Superheroes typically maintain a wholesome image and refrain from engaging in unhealthy habits like smoking or drinking heavily. Abstaining from these things can positively impact their premiums, keeping it lower.
- Lifestyle and Occupation: It’s no surprise that a superhero leads a high-risk lifestyle but identifying their occupation on a life insurance policy might not be so easy. Even insurance agents who suspect they know the secret identity of their superhero client might not get any information outside of their alter ego’s name. However, it is critical to be honest on a life insurance application because if your insurer discovers you misrepresented something, your coverage could be terminated.
- Policy Type: Term insurance lasts for a predetermined period and only pays out if the insured person dies during that term. For this reason, it tends to be significantly less expensive than permanent life insurance, which remains in place for the policyholder’s entire life as long as they pay premiums.
- Coverage Amount: More coverage requires higher premiums, but with a superhero’s unpredictable lifestyle, it may well be worth it to ensure their loved ones are taken care of should they pass away while averting a global takeover by a villainous mastermind.
- Medical Underwriting: Most life insurance policies require medical underwriting, which is a process where applicants undergo an examination to determine their current health status. Superheroes tend to be in excellent health — after all, staying in fighting form is critical if you’re dealing with a nemesis. As such, even if they are occupationally riskier, insurers may deem superheroes of average health risk.
Remember, superheroes must try and answer questions on their life insurance application as truthfully as possible, even if they are otherwise used to maintaining their secret identities in everyday life.
Life Insurance Features to Consider
Life insurance offers some additional optional features that could benefit superheroes seeking coverage. The following are just a few of the optional add-ons a superhero might need:
- Accidental death and dismemberment rider: As evidenced by the name, this rider can increase the death benefit payout if the policyholder passes away due to an accident or if they are dismembered in a catastrophic accident. Considering the hazards of the job, a superhero may find this rider a no brainer.
- Guaranteed insurability rider: This feature would provide superheroes the opportunity to purchase additional coverage in the future without being required to undergo a medical underwriting process. This is ideal for superheroes who may have encountered some kryptonite, become radioactive, or have time-traveled since buying their initial policy.
- Critical illness rider: A critical illness rider would enable a superhero to use a portion of their life insurance policy toward treatment for a qualifying illness while they are still alive. The predetermined list of conditions for the average person includes cancer, strokes, and heart attacks.
You Don’t Need Super Strength to Find Super Life Insurance Coverage
It may seem like superheroes live forever, but they too will eventually need life insurance. Both wealthy and working class superheroes can put a whole or term life insurance policy in place to ensure their most loyal sidekicks receive a death benefit to help cover final expenses and act as income replacement. Likewise, life insurance can protect your loved ones should you pass away, even if you don’t spend your days preventing supervillains from destroying the city.