These are two separate issues:
- How much do you need is determined by calculating your actual need for life insurance based on your own personal situation, including your income, size of family, assets, liabilities, and future financial goals.
- How much can you buy - how much life insurance you qualify to purchase base don your age, health and lifestyle, among other factors.
Usually, a life insurance carrier may limit the total amount of life insurance available to an applicant to about 15-20 times annual income.
However, this number may vary based on your existing life insurance coverage, your overall assets, and other related factors.
So, you may or may not qualify to buy the amount of coverage you actually need. But, one way to find out is to apply for a policy.
Here's how to learn more about how much term insurance can I buy?