by: Mark Milbrod, CLU, CLTC
Vice President, ASG

Every so often, we come across something that can change how we look at things.  For me, I received and e-mail that contained an article about a 43 year old father of three that tragically died due to injuries he sustained in a motor vehicle accident. 

The article went on to explain that this individual’s car was struck by a truck that clearly went through a red stoplight.  The driver’s family was suing for $20,000,000 to compensate the family for their loss due to the negligence of the truck driver.   

After reading this, it made me think about what it is we do every day.  Essentially, we assess Human Life Value to the clients we represent.  We tag a Life insurance benefit to someone that will indemnify the family for the loss of that person.  Further, we can also provide Disability Income Replacement to someone who loses the ability to earn a living due to a sickness or injury.  Again, assigning that Human Life Value. 

In the case of the individual above, I was wondering how much life insurance they had.  Even though they were suing for $20,000,000, would they really receive it?   How much Human Life Value did that person insure himself for?  If this case ultimately is presented in front of a jury, would the defense attorney ask how much life insurance he had on his life?  And if it were less than $20,000,000, would the family likely receive that kind of settlement?

When sitting with your prospective clients, ask them what their Human Life Value is.  If they were in the same accident, how much would their family sue for?   How much Life Insurance should they own so that their family could carry on?  In addition, if they were injured and not killed as a result, how much Disability Income Protection would they need to make up for lost earnings?

If they say that they would sue for that same $20,000,000, it kind of brings home the need to have larger amounts of Life Insurance or Disability Income Protection. 

As for me, that article made me put things in perspective.   That Human Life Value is a huge topic to discuss with your clients.   I am sure that these types of conversations will be powerful and enable you to place more meaningful cases.