Most people value human lives and want other people to as well, but it can be difficult to properly account for the value of human life in an insurance strategy. The human life value approach (HLV) is an insurance paradigm focusing on the benefits people receive from their lives rather than on their monetary loss from a specific event or circumstance.
Instead of simply insuring against loss, the HLV approach aims to create a positive experience for the insured and maximizes the human capital returned to society. The HLV approach has the potential to improve the lives of people with a wide range of needs and circumstances, including the elderly, people with disabilities, and the unemployed; those who are currently insured but are unhappy with their current coverage; and those who are now uninsured and would like to purchase insurance.
Given that it considers all the variables, the HLV calculator is the finest tool for determining the customer’s desired sum. Use the HLV available online to determine the necessary sum insured for your clients:
The human life value is the cost of sustaining your family if you pass away and cannot work. The overall money you might earn for your family throughout your life is simply an estimate.
This computation, too, is subject to several assumptions, and there is still no set formula for it. But it’s crucial to comprehend the HLV to keep things simple and estimate how much life insurance you’ll need overall.
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