Minnesota Life Insurance Company has come up with this cool application that does computations based on your own input to determine the monetary value of your life.
Sure, it may sound a bit cold-hearted at first, but it’s all about determining the financial loss caused by a premature death.
A Securian Financial Group affiliate, Minnesota Life Insurance Company offers an iPad app called “Human Life Value Calculator” that financial advisors can use to show clients their current economic value based on their expected lifetime earning capacity.
The software asks for current income and debt, the number of years to retirement, ongoing financial commitments, funding goals, resources, and other basic economic information.
Once you feed it this info, it then displays your basic needs on the low end of the spectrum and their Human Life Value on the high end – thus determining the range of your economic value.
A slide bar allows you to choose an amount of desired insurance coverage, and then arrange to send the results to your advisors by email. You can also send the email to yourself, for a more comprehensive view of the value of your life.
“It’s a tough question to answer. Most of us would consider it nearly impossible to place a value on the life of a person. The impact you and others have in this world can’t truly be quantified through simple numbers,” says Minnesota Life Insurance Company.
Making it clear that everyone understands the benefits behind the Human Life Value Calculator (its title is really at fault here), the insurance company
“While you can’t possibly place a value on your personal relationships, emotional support, and the memories created with friends and loved ones, you are able to determine your economic value – the amount of life insurance needed to cover financial loss, should you die prematurely.”
“People often do not realize how big that number can be,” said Andrea Mack, director, Life Product Promotions. “Once they do, they think twice about their life insurance coverage.”
The app is, of course, free to download and use, since you’ll most likely contact Minnesota Life Insurance Company once you realize you need insurance.
It’s compatible with iPad only and requires iOS 5.0 or later. Those who try it out are encouraged to leave their impressions in the comments. Download Human Life Value Calculator (Free)