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Human Life Value Calculator
Total Remaining Years
Your Human Life Value
What is human life value?
Human life value attempts to measure your life in monetary terms. Human life value is very important to know how much you need to be insured for. The main aim of insurance is to provide for your family even in your absence especially if you are the sole breadwinner.
Your current income, how much you would earn in the future and most important your average future income determines your human life value. The human life value calculator factors all this into its calculations.
You also need to consider expenses such as personal expenses, children's education expenses and any other foreseeable expense. The human life value calculator also takes this into account.
Another major factor is your loan liabilities. Your EMI repayments on your home loan, car loan, personal loans or your child's education loan needs to be made even in your absence. The HLV calculator incorporates this.
The rise in prices of goods and services with time is called inflation. You need to factor the effects of inflation while calculating human life value.
Why human life value calculator?
If you are over insured you waste your money paying unnecessary insurance premiums.
If you are under insured you will have to bear the expenses from your own pocket called out of pocket expenses.
How does the online human life value calculator work?
You need to key in your annual income in the annual income slot of the HLV calculator.
You need to key in your current age. HLV calculator considers your retirement age as 60 years as default and fills in your total working years remaining.
Your loan liabilities called loan outstanding is filled in the HLV calculator.
The HLV calculator then calculates your current human life value.