How Much Life Insurance Can I Buy? 
Financial justification is an important component when purchasing life insurance . Here are the basic components in determine the death benefit amount you want use to indemnify your beneficiaries . Add up all your debt -LRB- mortgage , auto , student loan , credit cards , etc. -RRB- Add up all your future obligations -LRB- childrens education , weddings , retirement . -RRB- Multiple your gross earnings from today until your target retirement date . Add all these categories together and you 've identified the bulk of your death benefit that you can justify to the life insurance company . 