Human Life Value
Effective Tax Bracket - The tax bracket used in the analysis is an 'effective' tax rate - not a marginal tax rate. The 'effective' rate can be determined by dividing total income taxes paid last year by the total income last year. Your marginal rate is the tax rate applied to the next dollar of income that you earn. The lower the percentage, the higher the resulting Human Life Value.
Percentage Spent on Self Maintenance - Of your current income what percentage is spent on self-maintenance - items like personal life insurance, hobbies, etc. - typically 10 to 20 percent is a close estimate. The lower the percentage, the higher the resulting Human Life Value.
Percentage Annual Increase in Income - This is an increase over a long period of time - typically 3 percent would be appropriate.
After-tax Discount Rate - A conservative after tax return. For example 4 to 5 percent.
Current Life Insurance Coverage - Enter the amount of any current life insurance protection.
Current Annual Income - Enter current annual income.
Value of Fringe Benefits - Additional value of fringe benefits that would be lost to the family if death occurred.
Non-Monetary Contribution to Family - Certain functions (cleaning the garage, mowing the yard, babysitting, cooking, etc.) would have to be purchased if death occurred. What is the approximate value of these services?