How Much Do I Need?
Life Insurance isn't complicated. If you have a young family and you're looking to protect them from your absence, then here's a general rule of thumb:
Your Annual Income x (The Age of the Youngest Child - 20) = The base amount of insurance you will want/need to get
(Ex: $49,000 x (6-20) (14) = $686,000 in coverage.
If it's within your budget, add any mortgage debt, student loan debt, or car debt to the total so your family will be completely debt-free so they'll never have to worry about the bills
(Ex: $686,000 + $275,000(Mortgage) + $43,000 (Student Loans)= $1,004,000)