The amount of life insurance coverage you need depends on a number of factors, such as the amount of mortgage or personal debts you have, the age of your children if any, and the amount of income your family will need in your absence. In the least, life insurance should be sufficient for paying off the mortgage, the funeral, and providing enough income for the children's living and education until they turn to age 21.

Normally, life insurance should cover the following in the event of death:

1. Pay off primary mortgage to keep the property for family

2. Pay off 20-30% of investment mortgage to make net investment income positive

3. Provide sufficient income to family till the youngest child turns to age 21