When you’re trying to figure out how much life insurance coverage you should get, you might hear the term “Human Life Value.” But what does that mean?
If you’re not sure, then this is an episode for you. I’ll explain what it is and how it’s calculated. I’ll also explain different methods you can use to get an idea of how much life insurance coverage you actually need.
Listen now!
Show highlights include:
- How insurance companies calculate coverages for age groups. Examples from a real underwriting guide. ([1:06])
- Why a homemaker should have life insurance, even if they don’t earn a nickel. ([1:59])
- What “Human Life Value” actually means, and how it’s calculated. ([3:57])
- The “10 Times” rule for estimating your life insurance need. It’s popular, but is it accurate? ([4:29])
- How group life insurance could trick you into miscalculating your coverage needs. ([5:36])
- Do you need life insurance if you’re wealthy and have lots of assets? Here’s why the answer is usually “Yes.” ([10:09])
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