Determining the correct amount of life insurance depends on many factors, such as whether you are the primary earner, how large your family is, current debt (mortgage, credit card and other), projected expenses (education, weddings and other) and more. Typically, those seeking no-exam life insurance fall into two categories, primary earners and stay-at-home spouses.

Primary earners are their family’s sole or largest earner of income. Most investment experts recommend a plan that would equal 10 to 12 years of salary after the primary earner’s death. If the primary earner makes $60,000 annually, then a policy ranging from $600,000 to $720,000 would be appropriate, though seeking a policy of $1,000,000 or more is common and often recommended. 

Parents or spouses who take care of a household rather than work outside the home are to be considered, too. While the market may not recognize their efforts monetarily, they in fact do thousands if not tens of thousands of dollars of work annually. This can include grocery shopping, carpool, child care, emotional support, cleaning, cooking, among others. Investment experts recommend a $250,000 policy for stay-at-home parents or spouses.