How Much Life Insurance Should We Buy? 
This varies for each person . A lot of variables go into the calculation of determining how much life insurance you need , how long you need it , and what is an appropriate amount to actually secure . A life insurance calculator can help with this . A few things to get you started when calculating out what you need and how long you need it for are : 1 -RRB- Do you have a mortgage ? If so , how much is left on it and how many more years do you have to go until it 's paid off ? 2 -RRB- Any final expenses you want paid off -LRB- e.g. burial expenses , credit card debt , medical bills -RRB- ? 3 -RRB- Education expenses for you or a family member you want to pay off -LRB- such as college tuition -RRB- 4 -RRB- Income replacement - this is a big one ! A question to think about here is how much income would be needed if you died today and how long would your family need it to maintain their current lifestyle . An experienced life insurance broker can help you with this and make it a much smoother , easier process . I hope the information is helpful - please feel free to contact me for help and if you have any other questions . Thanks very much . 