It's important to understand what your goal is for your life insurance policy - what do you want your life insurance to accomplish? Then consider how much life insurance it will take to accomplish your goals.
When determining how much life insurance you need, you should consider how much income you earn and will continue to earn each year, how much total debt you have, how much money you have saved, and what your monthly living expenses are, as well as, what goals you have for saving for the future.
Then, decide how much you can afford to pay for your life insurance coverage.
The quickest and easiest way to determine your term life insurance needs is to use a term life insurance calculator.
You just answer some basic questions about your finances and the calculator gives you an instant, accurate estimate of your life insurance needs.