How much life insurance you should have and the type you need varies from person to person depending on your circumstance, but a rule of thumb is to have 10-15 times your annual income. In general people between ages 30-50 will need more coverage than people younger or older. This is because we have generally started to take on some larger debt and have not had enough time to build our assets yet. Think about all of the debts/liabilities you will be leaving behind including the mortgage, car loans, student loans, end of life expenses and the income that you will no longer be able to provide for your family and make sure you have enough life insurance to cover that and also give your loved ones a cushion.
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