Setting a value for human life is not only socially immoral but also unpleasant. Nevertheless, it is a legal procedure that courts must follow to ensure you get compensation. There are several factors to be considered before the value of your kin is determined. It is after comparing these factors that you, the surviving family member, can receive excellent financial benefits.
According to Findlaw, there are guiding principles used to determine compensation for the loss of a child or adult. For example, if you lose a child, assessing the financial lose may include considering their age, work expectancy, habits, life expectancy, and health status. Other factors in the list are earning potential, relationship with those claiming a monetary loss, and the circumstances of the bereaved. These factors are hard to determine; therefore, you may have to speculate.
In the loss of an older person, it can be a bit easier to assess financial damage. As a child to the deceased, you may file for not only the economic loss but also support and parental care. However, there still may be limitations on the recovery you can make similar to when filling for the wrongful loss of a child.
For instance, the earning potential for someone who is past the retirement age may be a bit low. Also, in this case, the children filing the claim are adults; therefore, parental guidance and care may not be significant in determining the case. However, there has never been a correct way to value a loss of life. Most of the time, it may be undervalued, especially for children and the elderly.