The Human Life Value approach in life insurance sales has been largely replaced by which approach?

The Needs Approach has largely replaced the Human Life Value approach in life insurance sales because it shifts the focus from a general estimation of a person's economic value to a more personalized assessment of the financial requirements of individuals and their beneficiaries. This method considers various factors such as the insured's current and future financial obligations, including debts, dependents' needs, education costs, and lifestyle maintenance, rather than just an estimation of income loss due to potential death.

By focusing on the specific financial needs of the family or beneficiaries in the event of the policyholder's death, this approach allows for a more tailored insurance solution. It aligns insurance coverage with the actual financial needs and goals of the client, thereby fostering a more comprehensive and client-centric approach to insurance planning. This personalized analysis can help agents create more effective insurance strategies that ensure adequate financial protection.

The other approaches mentioned, such as the Risk Approach, Asset Approach, and Policyholder Approach, do not emphasize individual financial needs to the same extent as the Needs Approach, making it less effective in addressing the specific circumstances of clients in life insurance planning.