Securian Says Its New App Can Calculate Life’s Worth
Think it’s impossible to place a value on a person’s life? Not so, according to a new iPad app.
Minnesota Life Insurance Company, an affiliate of St. Paul-based Securian Financial Group, recently launched an iPad app that claims to calculate how much a user is worth, now and through retirement.
The Human Life Value Calculator app takes into account factors including current income and debt, number of years to retirement, ongoing financial commitments, funding or savings goals, and current resources.
The app then provides users a range of their economic value. The lower end of the range reflects what one would need to pay off immediate debt, such as college costs and car payments. The higher end of the range, meanwhile, reflects all of that plus the person’s potential earnings through retirement.
Securian said that the calculated range is meant to help users determine their “desired life insurance coverage.” It also helps users estimate the amount of life insurance needed to cover financial loss should one die prematurely, the company said.
“People often do not realize how big that number can be,” Andrea Mack, director of Securian’s life product promotions unit, said in a statement. “Once they do, they think twice about their life insurance coverage.”
The app can be downloaded by anyone for free from Apple’s iTunes store, and users can share the results with their financial advisors via e-mail, Securian said.
Securian Financial Group offers a range of financial planning services to individuals and businesses. Minnesota Life Insurance Company is among the state’s 10-largest life insurers based on premiums written in the state.