how does the income of a person determine his/her life style?
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The Human Life Value Approach to Calculating Life Insurance Needs: The human life value concept deals with human capital, which is a person's income potential. It goes beyond just the numbers and considers the overall impact of losing someone, especially the breadwinner.
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This study suggests that greater income is associated with increased happiness and well-being because of the greater advantages you have. For example, people with more money are able to buy more of what they want, have more choices and are not as limited by the need to simply survives .
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