There is no easy or acceptable answer to the most challenging puzzle of human existence, and that is; what is the cost of a human life? Insurance risk management on human causalities on cost payout is usually done by economic value of a human being potential future economic productivity and earning and that of support of beneficiaries. So, a human being past and current earning, up to death, is used to calculate on an average life span moving forward. So those that have earned more, will receive larger payouts.
Insurance itself, is a basically a pooled collection of policies to spread risk for a low probability event. The cost of death, however, is high. Not just factoring in future earning potential that will never be realized for beneficiaries that are dependent, but the fact that medical events, either by old age, illness from diseases, or catastrophic injury can result of that individual depleting savings, with some reports showing 80% of retirement saving depleted in the last 6-months of life. This often leaves beneficiaries with nothing or very little.
The value of a human life, for most people, is beyond the economic value, but that of compassion and love from others of that human being. Love ones will often say that life should have no cost, and every resource and help from others must be poured in to help one human being to live if possible. There is a large portion of global society, that there is no insurance on a human life, nor the means for any support of beneficiary or probate. Death happens every second somewhere in the world, and many will die alone or without anything to leave behind.
They say every human being will experience three deaths. 1) When you physically die. 2) When they either bury or cremated your corpse. 3) When no one is left around to remember you or speak of your name. But most of the current generations living today, all bear a deep compassion for human beings, and a deep desire to keep everyone alive, regardless of circumstances, place or time. So how can we balance the cost of a human life verses the cost of resources to keep everyone alive as long as possible, especially since we will all be forgotten by time eventually.
