Placing a value on human life is not possible. However, putting a relative value on a human life is possible. It must be related to what will be lost in case of a death of the person. This will be the present value of a person’s estimated future earnings that will be used to support dependents in case of any mishap in the person’s life. Human Life Value (HLV) or income replacement approach is a method to determine the appropriate amount of insurance a person needs to buy at present in case of future loss of income.