Life insurance can be used to pay off your debts, so you could start by considering what loans you have and how much it would take to pay them out.

It can also be used to replace the income that you would have earned so that your family has enough to live on. Consider how the insurance payment would be invested and how long it needs to last.

Everyone’s situation is different so you might also want to discuss with an insurance consultant.
 

Age	Level of Cover	Approx. Monthly Premium
30yrs	$250,000 $1,000,000	$20 $40 - $50
40yrs	$250,000 $1,000,000	$25 $50 - $60
50yrs	$250,000 $1,000,000	$40 - $50 $110 - $160