How Much Should You Pay For Life Insurance? 
When I talk to a potential client about life insurance I generally will have a 2 part discussion . The first is identifying how much insurance you need . Taking into account replacing income , the mortgage , credit cards and other debt such as student loans , etc. . Then we figure out the cost between a term or period of time you need the insurance for example , if you have kids in school at home which you probably should have more insurance than after they have moved out along with your long-term needs . At this point , we will know what the cost is . Can you afford this ? Does it make sense and fall in line with your budget ? The second part is taking your budget and determining how much you care afford of that total amount . The reason I use this approach is I believe it is important for you to know how much you need versus how much you can afford . That way you at least know the short-fall you have and can work to filling that gap if possible or make other adjustments which may allow you to afford more . 