Based on the Human Life Value Approach, which of the following is NOT used to calculate an individual's life value?

The Human Life Value Approach focuses primarily on quantifying the economic value of a person's life by assessing factors that contribute to their potential earnings and financial impact on dependents. The core principle is to determine how much an individual’s absence would affect their family’s financial stability, particularly through lost income.

Calculating an individual's life value involves considering factors such as their current income, anticipated future income, and the effect of inflation which can influence their earning potential over time. All these elements help establish a clear picture of the financial loss that would occur in the event of their untimely death.

On the other hand, detailing the specific needs of the family after the insured's death, while certainly an important aspect of life insurance planning, does not factor directly into the Human Life Value Approach. This approach doesn’t evaluate the personal or emotional needs of the family, but rather focuses on the financial loss based on the income-generating capabilities of the insured individual. Thus, when determining life value in this context, predicted family needs are not directly calculated, making that option distinct from the others that pertain to income assessments.