March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Amount of Life Insurance to Own
Once you determine that you need life insurance, the next step is to calculate the amount of life insurance to own. Some life insurers and financial planners recommend that insureds carry life insurance equal to some multiple of their earnings, such as 5 to 10 times annual earnings. Such rules, however, are meaningless because they do not take into account that the need for life insurance varies widely depending on family size, income levels, existing financial assets, and financial goals.
Two approaches can be used to estimate the amount of life insurance to own:
Human life value approach
Needs approach
Human Life Value Approach
As noted earlier, the family’s share of the deceased breadwinner’s earnings is lost ...
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