One of the major advantages of the human-life approach is that it takes into account the salary, wages, and benefits the insured person was earning during their lifetime, and then uses this information to determine the amount of money that is needed to adequately replace their income. This way, the family can be sure that they will not be left struggling financially in the event of their loved one’s death. With the human-life approach, it is also possible to factor in potential future salary increases. This allows the family to plan adequately and make sure the funds will be sufficient to meet their needs for the foreseeable future.

The human-life approach also accounts for inflation and allows the life insurance funds to keep up with the rate of inflation. This is often more difficult to do when opting for a less comprehensive method of determining life insurance needs, such as the needs approach. This can be especially important for families with young children, ensuring that the funds will still be sufficient years down the line when the children have grown up and started college.

Overall, the human-life approach allows for accurate calculation of life insurance needs for families, ensuring that their future is secure in the event of their loved one’s passing. In addition to their salary and benefits, the human-life approach also takes into account their age, gender, expected future earnings, and other pertinent factors. The approach also takes into account inflation and allows the funds to grow accordingly. All this combined results in a more in-depth approach that can provide a family with the peace of mind they need when facing potential tragedy.