Julian, age 45, would like to determine how much life insurance to purchase using human life value

Using human life value goes past just what a person needs for burial expenses and tries to estimate the amount of insurance needed to cover the loss of that person's income and impact on his or her family. First, estimate the number of years Julian will work and them determine his average income over that time, figuring in raises and inflation of you can.Generally, a family will need 70% of this amount to compensate them for the loss of their family provider.The number of years until Julian's retirement multiplied by the income will give an approximate amount of earnings that need to be replaced. Determine an interest rate that will be used for the funds left on deposit with the insurance company. Multiply the years needed by the income needed and use a formula found easily online to factor in the discount rate to account for interest and you will have the amount of insurance appropriate for Julian's situation.

What's the rest of the problem? lol