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How do Retirement Calculators work?
While the above Human Life Value formula makes things easier, you can also take a more detailed approach.
By using the Human Life Value calculator, you can get the desired result without having to do manual calculations.
By now, you may know what human life value or HLV is in insurance. However, do you know why it is so important, especially for the policyholder?
The Human Life Value of an individual is affected by several factors. These include:
The Human Life Value or HLV in insurance is an important metric that can help you choose the right life cover amount. While calculating the HLV is possible manually, a HLV calculator can make the process easier. By considering various factors like your age, income, goals, savings, pending debts and liabilities, and so on, a HLV calculator ensures that your loved ones have enough even in your absence. In doing so, it gives you a peace of mind like no other.
Yes, the Human Life Value differs based on various factors, like income level, family responsibilities, obligations, lifestyle, plans for retirement, and so on.
Your HLV may be impacted by several changes, such as:
Progression in career or salary
Diagnosis of health conditions, which may reduce life expectancy and affect calculations.
Increase in the number of dependants, such as a child, which increases one’s financial responsibilities.
The HLV is important for many reasons. It helps you select the right amount of life insurance to make your loved ones’ lives easier in your absence. By doing so, it helps them maintain their standard of living, repay outstanding debts, and take care of future expenses like higher education, marriage, or retirement.
Dr. Solomon S. Huebner invented the concept of Human Life Value. He is also known as the Father of Insurance Education.
No, different individuals can use the Human Life Value calculator, including students, homemakers, retirees, and so on. They must input their contribution to the house to get an accurate estimate of their coverage needs.
Ideally, one should recalculate their HLV at regular intervals. However, it is a must when there are major life changes, such as:
Growth in salary or a job change
Marriage or the birth of a child
Increase in liabilities (such as a home loan or a car loan)
Changes in retirement plans.
To calculate the Human Life Value, you can use the following formula:
(Retirement age - Current age) x Annual Income = HLV
Let’s take Mr Arun as an example. He is 30 years old and plans to retire by 55. His annual income is ₹12 lakhs. His HLV can be calculated as follows:
(55-30) x (12,00,000) = 3,00,00,000 i.e. 3 crores.
He can opt for a ₹3 crore life insurance plan to ensure his loved ones continue to maintain their standard of life.
To assess your HLV, you need to take into account your current income, personal expenses and taxes, remaining working years, and the present value of your future earnings. In addition, also consider whether you have any savings, investments, or existing life insurance coverage.
Along with the HLV, you must consider factors like:
Balance of premium and coverage
Tenure of the policy
Premium payment term
Type of life insurance (term plans, whole life plans, endowment plans, etc.)
Riders for additional coverage.
The life cover amount is one of the factors affecting the life insurance premium. Hence, make sure to choose an amount that you can afford.
Each individual needs a life cover that fits their needs. Ideally, it should cover:
Regular expenses of your loved ones in your absence.
Outstanding loans and liabilities
Children’s education costs and marriage expenses
Healthcare costs for everyone
Spouse’s retirement needs, and more.
Before you choose a final sum assured, check the different channels into which your income goes. Review how long these channels will need funding. Only consider those expenses that you have to take care of. To make planning easier, use the Human Life Value Calculator.
Having the right life cover amount ensures that your family is financially stable even in your absence. You can rest assured knowing that your loved ones’ various expenses, such as education costs, daily living expenses, marriage costs, retirement plans, and more, are all taken care of.
Knowing that you have done your best to ensure a financial cushion for your family in your absence can bring you peace of mind. It not only secures their future but also makes your present worry-free.
It is extremely crucial to plan your family’s well-being, especially if they are dependent on you. Planning ensures that your loved ones do not face financial stress when an unfortunate event strikes. While the emotional turmoil of such an event may take time to heal, the financial cushion ensures they continue to live a life of dignity and pursue their dreams with confidence.
Yes, one must remember that the HLV calculator in insurance is an online tool. Hence, it may not take into account several subjective factors. It may not predict the inflation rate accurately. With changing times, one’s lifestyle may also evolve, leading to the old HLV becoming outdated. Irrespective, it is a useful tool that can help you plan your life insurance journey more accurately.
The Human Life Value in insurance refers to the economic worth of an individual based on their future contribution to their family. One can calculate the HLV via the Human Life Value calculator and ensure an appropriate sum assured for their dependants.
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