Each persons life has a different human life value. It depends on a persons, age, earnings, support of children, amount in savings, assets, tax bracket, ect.
The human life value calculator helps you assess the financial loss a family would incur if he or she were to die today. The calculator provides only a rough estimate of a human life value, which can factor into how much insurance one needs.
After calculating a typical lifetime income based on specific circumstances, you’ll see a final number that gives an approximate measure of net contribution to a family—a human life value. This should not be considered a comprehensive assessment, as it only takes generalities into account.
http://www.lifehappens.org/insurance-calculators/calculate-human-life-value/
For example, a 30 year old making $75,000 a year has a human life value of over 3 million dollars. First you are replacing the earnings potential of the individual. $75,000 a year for 35 years is about $2.6 million dollars, then you factor in inflation, loss of Social Security benefits, and loss of retirement accounts and ability to invest or save.
This human life value is the top number. You can adjust this value by determining how long the surviving family members would need or want to calculate. Some may feel that 10 or 20 years of income replacement is sufficient, while other may want to calculate the full 35 years.
Here is another calculator that goes into more detail.
http://www.hdfclife.com/financial-tools-calculators/human-life-value-calculator
In my opinion $50,000 is very low.