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blacksheep | What is the concept of Human Life value? |
For Life Insurance |
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Fara
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I listen to Dave Ramsey quite a bit and what he suggests is 8-10 times your annual income. The idea behind this is the person you are leaving behind is able to put that money into a mutual fund of some sort and hopefully earn close to 10% annual return to make up for the lost income from the one who died. |
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Jeevan Kumar Mittal, 1956
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None can measure value of human life. Poor can become king / rich any time. I was zero in 1975 but I
Insure maximum. |
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Expression
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Dependes your bank balance and daily earning. |
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aseem01
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Human Life Value is defined as the present value of all future income that you could expect to earn for your family's benefit, plus other value you expect to contribute, less taxes and personal consumption through your planned retirement date. |
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Nadine - Unity CEO
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I have worked in the insurance industry for 5 years. Basically, think of your life like an ATM machine. You are the money source for your family. Now, if you weren't there, how much would your family need to maintain the same standard of living? Would Debt need to be paid off? Would there need to be college funds for your children? Does your spouse work? Whether a spouse works or not, the homemaker should also have life insurance, because if they weren't there taking care of things at home, there would be those additional expenses to consider (child care, cooking, cleaning, money management, etc.) Also, how much money would your spouse need, over what period of time, to live on? Then take that amount for an annual estimate, and get insurance that will pay an amount that can be invested at a given interest rate (usually use 8-10%) to pay that income amount per year.
Each individual's needs are different, and the best thing to do would be to sit down with an insurance agent to figure this out.
If you are a single person, you should still have enough insurance for final expenses - funeral costs, medical bills, etc. and to pay an executor of your estate. Some insurance can be purchased with an option to get some of the face value (the amount you're insured for) in case of terminal illness.
If you live in Arizona, I'd be happy to help you personally. Good luck. |
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deep5223
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There are basically two ways to determine the amount of life insurance one should purchase. One is the "needs basis" which Nadine explained quite well. The other is "human life value" and it takes your earning power vs working life expectancy to determine the amount of coverage. Example: you are 30 years old and earn $35,000 a year and plan to work until age 65. Not taking into consideration any future raises, it would be 35 years time $35,000 or a human life value of $1,225,000. This is also used by courts to determine the amount to pay someone who was killed accidentally. |
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marsh man
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The concept of human life value is relevant to ones present earning capacity,as related to provisions for family expenses on maintenance,education , provisions for social commitments like marriages of girl child, start in life provision of boys, mortgage commitments and life expectancy.
It should be measurable in terms of money.
From any point of ones income earning age, the residual period as long as he can earn is the period under risk. If this period if shortened for reasons like death or total disability, his family should not go deprived of the income required to maintain a fitting standard of living and the capacity to meet further expenses including the insureds medical or funeral expenses, apart from clearing mortgage debts.
Therefore taking into account all the above monetary needs, arrive at a value of insurance.
generally it is calculated by multiplying present annual income by the residual income earning period of years, along with all future family and mortgage commitments This lump sum must be adequate to provide periodical interest earning to the family in any particular rate of interest to indemnify the loss and also provide for deffered lump sum income to meet social , legal commitment as and when they arise.
It should also be corresponding to his premium paying capacity. Practise differs from company to company in calculating this amount. Mostly it is twenty percent of the.annual income.
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