Human Life Value Calculator
The Human Life Value (HLV) Calculator helps you identify your life insurance needs on basis of income expenses, liabilities and investments and secure your family’s future.
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Frequently Asked Questions
Why is human life value important?
Human life value is the monetary value of a person’s life. It is determined by the total benefits others depending on him/her may expect to derive from future efforts made by the person whose life is being valued. Evaluating human life in this way is important especially in cases where there happens to be a sole breadwinner as it determines how much insurance suffices to cover both present and future expenses of the dependents.
How is human life value calculated?
There are different ways by which human life value is calculated. Two of the most commonly used methods are the income replacement method and the need-based method. In the income replacement method, whatever income the family needs for support is covered by insurance. In the need based method, the amount required to cover needs and goals in case of death of the sole breadwinner is calculated. You can also calculate it online with this tool.
How to assess human life value?
Human life value is the monetary worth placed on a human life. Assessing human life for its economic value is a useful tool for insurance companies to determine the amount of money a family needs in case of death of the sole earning member. Factors like an individual’s age, gender, when he/she wants to retire, occupation, annual wage etc, determine HLV. These measures, which also indicate the likely financial loss, are by no means exhaustive.
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