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Human Life Value
Can anyone put a price on a person’s life? Is it possible to calculate the value of a human life?
Every person in this world is precious to him and his family. Trying to calculate the value of a human life may seem silly.
But it is the most important task of the underwriter to evaluate a person’s life and money, to reduce the amount of insurance that can be given to a person. Every person in the world wants to insure themselves to be able to meet their limits and it is the job of the insurance company to cut the line to meet the limits and the most important thing is to protect against insurance problems, which countries like America have. face each other now.
Concept of Quality of Life:
Suppose a person buys car insurance for 100000/- ($2500) on a car whose price is 800000/- ($20000). The car meets with an accident and is completely destroyed. Even if the insurance company honors his claim fully, he will receive Rs.100000 ($2500). With this money can he buy the car he had before the accident? The answer to this question would be ‘No’, because he did not insure his car because of its value. In simple words, the car was not insured for what it was worth, but less insured by defeating the “Principle of Indemnity”.
Insured defaults sometimes do not leave a notice of the insured failing to meet its obligations. Likewise, life insurance should be sought keeping in mind the financial loss that the family may suffer in the absence of this person and that should be the amount of insurance. Instead of buying Life Insurance as a tool to reduce taxes, provide for old age, enter small markets and so on, it would make sense if insurance is wanted from an economic point of view instead of the cost of human life.
The concept of Human Life Value was established by Dr. Solomon S. Huebner, who founded ‘The American College of Life Underwriters’, in the 1920s. The concept of HLV is used by various professionals such as Underwriters, courts, etc. to determine the financial value of a person’s Life. For the victims of the ‘Terrorists of September 11, 2001’ on two platforms, the courts decided on the amount of settlement based on this concept.
Insurance companies use a principle known as HUMAN LIFE VALUE to calculate the economic value of a person to his family. The money that the family may need for a person to continue to live if he is not there, will be his financial value to the family. Instead the financial loss of the family on the death of the person is the cost to his family. This can be the amount of money that one can seek insurance protection for.
Basically, the value of a person’s life depends on what a person earns. It is money that the family will lose in his absence. By using what is called the Human Life value, the amount of financial support given by the person to his family is determined.
Calculating the Cost of Human Life requires a detailed analysis of many factors. Some of them are-
1. Annual cost of living
2. The amount of time you get until you retire
3. Personal Income
5. Increase in future payments, etc.
The first way to calculate a person’s cost of living would be to determine their annual income after deducting their expenses such as insurance premiums, premiums, income tax, etc. the money he gives to his family every year. The financial value of this lifestyle also depends on the length of time it is earned. Let’s say that the person is 25 years old and his annual income after deducting all the necessities of life and other things comes to Rs.200,000 (about $5000). Assuming he continues the job until he retires at age 55, his family income will last 30 years, as long as he lives to retire. So, if they survive till retirement, then the family will get Rs.200,000 for 30 years, for example. 200,000 * 30 = 6,000,000 ($150,000). This will be the money that the family will lose on his premature death.
The cost of getting to that point would be a reasonable amount of money that a person would need to protect themselves, if they want their family to continue to live the same life in their absence. But this also depends on his ability to pay back, that is his ability to pay the insurance premium amounting to Rs.6,000,000 ($150,000), keeping in mind the needs of his current family and circumstances.
Calculation methods for HLV
Method – I: Currency Exchange Rate
This is one of the insurance calculation methods and it is based on the current income.
Insurance needs = annual income * number of years left until retirement.
If the annual income is Rs.100000 ($2500) and the age is 35 years. Assuming the retirement age as 60 years, the remaining working years are 25 years.
Insurance cost = 100000 * 25 = 25,00,000 lacs ($62500).
Method II: Fixed Multiplier
Another way to calculate insurance is to use a fixed multiplier for annual income. The increase depends on the age of the person.
Age range Multiplier
20 - 30 20
31 - 40 18
41 - 50 15
51 - 60 10
In the above example the insurance cost would be 100000 * 18 = 1800000 lacs ($45000). If the age is 52 yrs and the annual income is 4 lacs ($10,000) the insurance cost would be 400000 * 10 = 4000000 ($100,000).
Human Life Value (HLV)
The formula for calculating life insurance is based on what a person contributes and would have contributed to his family in the event of his sudden death.
Hence HLV is defined as the present value of all future cash flows. It also includes other expenses, personal expenses, life insurance premiums and taxes.
Let’s see this example to understand better-
‘X’ age: 40 years
Retirement age: 60 years
Current salary: 300000 per year (expected to remain the same)
Personal income: 125000
Total contribution to family: 175000 (300000 – 125000)
Suppose ‘X’ dies at the age of 40.
Income lost by the family : 175000 * 20 yrs (60 – 40) * discount for 20 years
HLV calculation methods based on other leading insurers:
ICICI Prudential Life :
HLV based on:
Financial Assets (TA)
% of Cash Flow Rate (Based on Fixed Int Rate)
SA (SA) present
Addl SA = CPRO + TL – TA – SA
CPRO – Capital Needed to Protect Life
MetLife – HLV Calculator :
HLV based on:
Expected retirement age
The benefit of the fringe
Monthly Income (Self-Employed)
Investment Return Rate
Current Life Insurance
The value of a person’s life estimated through any of the above methods LESS the current insurance premium provides the additional insurance that should be taken by the person to meet his future needs and that of his family in the event of an accident. / his unfortunate death.
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