One standard guideline https://www.globenewswire.com/news-release/2020/03/12/1999688/0/en/WESLEY-FINANCIAL-GROUP-SETS-COMPANY-RECORD-FOR-TIMESHARE-CANCELATIONS-IN-FEBRUARY.html is that the death benefit on your policy must equal 7 to 10 times the amount of your yearly salary. But, like any general rule, that isn't constantly especially accurate. Additional info Another method of looking at it: You need to find out what income you want to attend to your spouse or other recipients when you pass away (what does term life insurance mean).
The resulting number is the shortage you'll desire to fill with life insurance coverage. This interactive calculator can help you reach a number. Let's say the shortage is $25,000 a year. A basic insurance principle states to purchase a life insurance policy that has to do with 10 times that amount, or $250,000 in this example.
