The internet tool, available at www.metlife.com/lifevaluecalculator , is meant to help individuals measure their full-economic value, according to the company.
“We don’t use rules-of-thumb when we purchase car or homeowners insurance,” said Joe Jordan, MetLife senior vice president, in a news release. “Why should we use imprecise rules to value our lives? Similar to the way you can look up the book value of your car, with MetLife’s Human Life Value Calculator, you can determine the economic value of your life.”
MetLife says that the average life insurance coverage is less than three times income, a sympton (and cause) of what the company labels an “under-insurance problem.”
Under this approach, a person’s actual financial contribution to his or her household is determined, the company said in the press release. Income, projected future pay, cost of household services and fringe benefits are calculated, minus personal consumption, according to the company.