Q1. Who invented HLV?
Dr Solomon S. Huebner originated the concept of Human Life Value.
Q2. How can you assess your Human Life Value?
Human Life Value can be assessed based on age, income, years till retirement, occupation, income, and employment benefits.
Q3. How is human life value in insurance calculated with example?
Let’s understand the calculation of human life value through the Income Replacement Approach mentioned above:
If Rahul is a 30-year-old working professional with an annual income of 10 Lakh INR, his human life value would be,
(60-30) x 10,00,000 = At least 3 crores.
Q4. What is the right amount of life insurance?
The right amount of life insurance is the one that is adequate to meet your family’s financial requirements. There is no definite number that works for everyone. The ideal life insurance cover can be calculated after calculating your expenses and liabilities. In addition to this, it should also consider inflation.
Q5. How to Access Human Life Value?
You can access human life value with the help of an HLV calculator. The calculator is easy to use and considers inflation and liability to give you the approximate amount your family would need in your absence. With Human Life Value, you can easily choose the right insurance cover for your family.