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Human Life Value Calculator Explanation

Selling the proper amount of life insurance has been an ongoing issue for agents. For years, the life insurance industry has devised specific strategies to deal with this obstacle. Traditionally, carriers would market life insurance products based primarily on meeting a single dominant need, such as funeral costs or protecting a mortgage. While this financial needs approach often provides a short-term solution, it seldom replaces all of the contributions a breadwinner makes. The main emphasis of this approach was to provide clients with the proper amount of coverage, without "over-insuring" clients. Due to this prolonged dependency on this financial approach, America now has a big under-insurance problem.

So how will agents deal with this under-insurance problem? Clearly, a different approach has to be taken when determining a person's insurance coverage needs. One such approach that may be the most appropriate for determining this value is the Human Life Value method. This approach is nothing new to the life insurance market; it was developed by Dr. Soloman S. Huebner, who also founded The American College of Life Underwriters in 1927. But this approach is quickly gaining new popularity among insurance professionals. Most courts use this approach when determining settlements in wrongful death cases. Most recently, the Department of Justice used this method when evaluating claims for victims of the terrorist attacks of September 11, 2001.

The Human Life Value approach focuses on value replacement rather than just final needs. Under this approach, the total contributions a breadwinner makes to his or her household over the course of a lifetime is calculated. And as a life insurance professional, you are the only ones who can help your clients retire with the security on knowing they'll never outlive their income.

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