Which of the following is an element in calculating an individual's life value according to the Human Life Value Approach?

The Human Life Value Approach is a method used to assess the economic value of an individual's life, primarily for the purpose of determining the appropriate amount of life insurance coverage. A key component in this approach is evaluating the insured’s current and future income. This income reflects the financial contribution the individual makes to their family or dependents.

By analyzing both the current earnings and anticipated future earnings—taking into account factors such as career advancement, inflation rates, and potential raises—this approach provides a comprehensive understanding of how much financial support the individual would provide over their working lifetime.

In contrast, other elements mentioned do not directly pertain to calculating the life value in terms of economic contributions to dependents. For instance, predicted needs of the family, funeral expenses, and day-to-day expenses are important considerations for family planning and insurance but do not encapsulate the core principle of the Human Life Value Approach, which focuses on income replacement and the financial impact of the individual's absence.