Given that every family or business has unique circumstances, the required levels of life insurance coverage can vary significantly among individuals. One common method to determine how much coverage you need is to multiply your yearly income by a factor such as 15. However, it's important to note that this approach should take into account factors such as age, savings, or investments, which may lower the figure needed. Conversely, a young family with a substantial mortgage may require a higher coverage multiple than 15.