Why Term Life and how much do I need?
Term life is the least expensive way to go if you don't account for the cash value and the returns on whole life or universal life.
Normally term life is used as a gap insurance. Sometimes we just want to cover the mortgage for 20 years or maybe we have a start up investment we need to cover for 20 years to cover the potential gain incase tragedy happens.
Sometimes term is used simply because it is the least expensive to start.
Either way the amount of life insurance is found this way:
8 times your annually salary plus
Major debt owed (mortgage) plus
Potential College Funds less
Current retirement assets less
Any current life insurance coverage
This is a generic way to come up with the amount.