How much does life insurance cost? And how much life insurance do I need?

A few guidelines from experts while determining an appropriate amount of insurance for your dependents and family.

• Covering all of your debt obligations.
• Income or supplement income replacement to the family.
• Children's Education.

Multiples of salary is something that experts count for you. Most common denominators given are:

• Young family needs anywhere from 10-20 times your annual income.
• A pre-retirement family may need 7-10 times your annual income.
• If you are already in retirement you may only need 3-8 times your annual retirement income or enough to help offset any estate taxes.

So when asking yourself how much does life insurance cost? or how much life insurance do I need? Keep in mind that a number of factors determine the actual amounts.