This is one of the first considerations that come to mind, and a darn good one my man, at least you are thinking about getting some coverage. If you earn a net income of $30,000 a year (sorry dude, I know how that feels) and your kiddos are 5 years old they have at least 17 years of dependency till they finish college, but since they may pay their own way (good luck with that) let’s just say 13 years till they are 18 and not needing your support. Well, 13x30,000 makes a cool $390,000. If you have a mortgage add that on top, so wife and kids will have a roof over their head. Add to that your funeral expenses and that is a pretty basic amount you will need. I say basic because there are always more things to consider, such as inflation, where at 4% annually, it is vaporizing 4% of the "buying power" of your coverage every rear. Sad but true. By the way, more than likely, you will end up paying at least a portion of your kids' college. I am just lowballing the example, just so you can see how fast the coverage amount adds up.

The question is can you afford it? Well buy what you can, buy it now and later you can adjust it if you can afford more. The financial gurus have all kinds of ideas on the subject, but I promise, they will not pay it for you. The point here is to get yourself insured before something happens, don't just wait until you can afford all the coverage in the world.