The Human Life Approach is a method of calculating the amount of life insurance a family needs based on their financial loss when an insured family member dies.
When calculating the human life approach, a number of factors are taken into account, such as the age of the insured person, gender, planned retirement age, annual salary, benefits, etc.
The human life approach is primarily applicable to families with working people and differs from the needs-based approach.
It is important to compensate for all income lost in the event of the death of a working family member using a life-based approach.
When calculating a life insurance policy for a life-based approach, many factors need to be taken into account to ensure that the family does not end up in financial distress, such as expected future earnings and the length of time the money will be needed.