How to calculate life insurance needs

From: nowak@comm.mot.com (Mark Nowak)
Subject: How to calculate life insurance needs
Date: Thu, 3 Dec 1998 16:55:04 -0600

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Hi,

I'm having some trouble determining how much life
insurance I should have.  I'm almost 32, married,
hope to have kids and a house in the next few years
and a mother I look out for (I'm an only child and
she's alone).  I have savings from over 9 years of 
working.

Of course, I want term.

I don't want to buy more insurance than I need.

So how does one take savings, age and beneficiaries
(wife, mom and future kids) into account to come up
with an amount?

I read somewhere that a good rule of thumb is 6
times your annual salary, but I figure that assumes
no savings and does not count the number of
beneficiaries.

Please help -- I don't expect an insurance agent
to try to sell me ONLY what I need or what is
reasonable.

Thanks!

Mark

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