How To Determine How Much Life Insurance You Need? 
I usually use the acronym DIMEE as a place to start . D = Debt or short term debt . This would be paying off credit cards , car loans , or any consumer debt . I = Income or Income Replacement . You should deceide how much for how long . A good place to start is 3 to 5 years of replacing an income . You might consider longer if cost is not much different . M = Mortgage = Paying off Mortgage . You should consider paying off the Mortgage if the income earner dies . E = Education = An estimation of your children 's tuition for a good state university if you die . You should consider 4 years of costs per child E = Expense for funeral/burial : You should cover the costs of burial or cremation , funeral services , and transportation of loved ones . These are a great place to start the discussion of what amount of Life Insurance that you need . 