A method for calculating a recommended amount of life insurance coverage to replace income lost by the death of the covered individual. Families with one or both parents working may choose the human-life approach in assessing whether a policy will enable the family to maintain its standard of living if one parent dies. Factors to consider include the covered individual's total compensation from employment (including health and retirement benefits) that would be lost and how long any dependent children in the family need to be supported.
Related information about human-life approach:
- Human-Life Approach Definition | Investopedia
A method of calculating the amount of life insurance a family will need based on the financial loss the family would incur if the insured person were to pass away ...
- What is human-life approach? definition and meaning
Definition of human-life approach: A method for calculating a recommended amount of life insurance coverage to replace income lost by the death of the ...
- Human-Life Approach - Financial Dictionary - The Free Dictionary
A way to calculate the benefit of a life insurance policy. One takes the human-life approach when one considers the financial loss to a family if the policyholder ...
- Insurance Glossary - Needs Approach
Contrary to the 'Human-life Approach', the 'Needs Approach' means a mode of calculating what the value of a life insurance an individual or a family needs is in ...
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The needs approach to estate planning has a different focus to the other more common strategy known as the human-life approach. This strategy focuses more ...
- AZ life chapter 1-7 flashcards | Quizlet
Aug 22, 2012 ... Two approaches determining amount of personal life insurance needed, Human life approach and needs analysis. individuals after tax annual ...
- Life Insurance Needs Analysis - I - YouTube
Oct 4, 2012 ... There are three approaches to estimate the amount of Life Insurance required for an individual: 1. Human life approach, 2. Needs approach 3.
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There are several methods used to estimate an individual's need for Term Life Insurance. They include rule of thumb, human life approach, and needs based ...