How much life insurance would James Bond need?

Following the news that Daniel Craig has decided to return as James Bond for the movie franchises 25th film – due November 2019 – the team at have crunched the numbers to work out what sort of life insurance policy the fictional secret agent would need, and the results might surprise you…

Daniel Craig at Spectre film premiereA common misconception about life insurance is that it costs more if you lead a risky lifestyle – something that James Bond almost certainly does. However, as an unmarried, childless (as far as he knows!), orphan, Bond has no financial dependents in his life. You can’t really settle down and put down roots when you’re a jet-setting secret agent, after all.

Life insurance is taken out so that your loved ones and dependents – usually family members – will be looked after financially when you pass. For instance, to pay off the mortgage or to pay for University etc… So although it’s tempting to view James Bond as a high-risk candidate who would have to pay through the teeth for life insurance cover, that’s actually not the case at all.

So, what cover would James Bond need?

As we’ve already established, Bond would not need a huge life insurance payout to provide for any financial dependents – so all he would really need is cover for funeral costs.

In order to get £10,000 of cover for his funeral costs, Bond would probably be looking at a premium of just £12.00 per month. Funeral cost cover would naturally be Whole of Life Cover, so he would be paying that premium for the rest of his life.

To arrive at this figure, the life insurance experts at took into account Bond’s age (which is stated in Moonraker as 37) and the fact that he is a smoker who likes the occasional tipple.

Let’s compare this to another fictional character with entirely different personal circumstances – Phil Dunphy from Modern Family.

Phil Dunphy actor Ty Burrell

Ty Burrell – who plays Modern Family’s Phil Dunphy

Phil is an estate agent with a wife and three children, so has loved ones who are dependent on his income. If Phil were to pass away then his families finances would be affected straight away.

Until recently on the show, Claire (Phil’s Wife) was a stay at home mum and their three children were all still living at home. However, Claire recently got a job and two of the kids have now left for college.

This means that Phil has two college educations to pay for on top of his normal outgoings like bills and mortgage payments.

When looking at Phil’s personal circumstances, the experts recommended a Term Life Insurance policy to cover his mortgage. If he were to pass away before the mortgage was paid off, the policy would step in and pay it off. A term life policy would also suit Phil as he could consider setting the term to finish once his youngest child has gone through college.

Phil is a non-smoker and, as he’s a keen power walker (something fans of the show will appreciate!), he would be viewed as very insurable and should get access to some good life insurance deals.

After taking everything into account, the quote for Phil for a 15-year term (which would get him to the end of his mortgage and see his children through college) with £250,000 benefit would be £32.00 a month.

That’s almost three times as much as the cover for the danger-loving James Bond.

If you would like to know how much you would have to pay for life insurance, use our life insurance calculator now.

Read more…

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