There's no perfect way to determine how much term life insurance you need. However, when you consider your current and expected future needs, you can make good estimates. Here are five questions to consider when determining how much coverage you want: 
How old am I now? Older people will typically need less life insurance than younger ones. They often have fewer, more easily manageable expenses. Likewise, if you're 20, single and have no plans for kids immediately, you really have no need for a large policy. Smaller options should be sufficient for final expenses. The less complicated the policy, the better your savings will likely be.
What's my relationship status? Again, singles without kids have less need than couples with kids. That said, if you're serious with your partner and open to kids in the future, buying a policy now might help. Investment while you're younger and in great health will probably net affordable premiums.
How many kids do I have/plan to have? Managing your risks means you have to consider your children. A woman with teenagers might get by with a 10 year life insurance policy. She may not need it anymore after her children leave home. Someone whose kids are still in diapers might want to opt for 20 to 25 years on a policy. That way, they can account for the possibility of more babies. They can also have enough coverage while they raise the children to adulthood. At minimum, you want enough coverage to care for the kids until they're legally adults.
What's my (and partner's) income? The home's primary wage earner needs insurance. For couples where one partner stays home with the kids or is primarily in charge of managing the home, that partner needs to have insurance as well. They may not be bringing in money, but they are providing valuable services for the family. The general rule of thumb is ten to twelve times your annual income.
What financial obligations do I have? Say you're a grandparent and have a nice nest egg, but you also care for your granddaughter regularly. You want to have a policy that leaves enough money to a trusted person to care for her until she's an adult. The same is true if you have an adult child who has a disability; you want to leave money for his or her future care. If you're single and have some pets, might account for some money for the pets' care.
Akin & Associates has your life insurance needs in mind. One of our agents can help you get a fast, free quote right now. If you have questions about what policy is right for you, call u for more information.