Your policy’s payout should be large enough to replace your income so that minor children are protected financially. A general rule is to count how many years until your youngest child turns 18 and multiply this number by your annual income. If you want a larger benefit and can afford the premiums, count the years until the youngest turns 21 instead. Parents with joint custody should figure out what provides the best protection for their children. A noncustodial parent whose ex-spouse is providing care or financial support would also be wise to have life insurance in case the custodial parent dies.