ST. PAUL, Minn.--(BUSINESS WIRE)-- How can you put a monetary value on someone’s life? You can’t. But you can estimate the financial loss caused by a premature death. And now advisors and clients can calculate it on their iPads®.
Minnesota Life Insurance Company, a Securian Financial Group affiliate, offers an app for the iPad that financial advisors can use to show clients their current economic value based on their expected lifetime earning capacity. The low end of economic value includes only immediate debt plus the cost of funding lifetime priorities such as college costs. On the other end of the spectrum is all of that plus the client’s potential earnings through retirement – the Human Life Value.
“People often do not realize how big that number can be,” said Andrea Mack, director, Life Product Promotions. “Once they do, they think twice about their life insurance coverage.”
Minnesota Life’s Human Life Value Calculator app for the iPad asks for basic economic information such as current income and debt, number of years to retirement, ongoing financial commitments, funding goals such as college savings, and current resources. The app then shows clients the range of their economic value by displaying their basic needs on the low end of the spectrum and their Human Life Value on the high end. A slide bar allows them to choose an amount of desired insurance coverage between those numbers. They also can arrange to send the results to themselves and their advisors by email.
“When clients download the app, complete the calculation and see the results, they understand how their debt, income and resources affect their life insurance needs,” said Mack.
The Human Life Value Calculator app for the iPad can be downloaded from the App StoreSMby searching for “Human Life Value Calculator.”
iPad is a trademark of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple, Inc.
Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions such as surrender charges. Policy loans may create an adverse tax result in the event of a lapse or policy surrender and will reduce both the cash value and death benefit.
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer.
DOFU – 06-2012
For Securian Financial Group
Maggie Jensen, APR, 651-665-7558
Source: Securian Financial Group