Another
method is to add up the total bills, such as credit cards, mortgages,
car payments, loans and funeral costs, while also estimating and anticipating future bills (the need for a new
car, tuition for your children, inflation etc.) If the goal is to simply replace an income, as might be the case when both spouses are professionals, the estimate should be based on the annual income multiplied by the number of years of income that you want the life
insurance to cover.