What is the average amount of life insurance?

[bignateyk]

I keep $250K which would be enough to pay off the mortgage. I think I pay like $250 a year for it (20yr term).

edit: I think the amount you get greatly depends on how much money your spouse makes, how much debt you have, and whether you have kids or not.

For us, we don't have kids and my wife makes a decent salary, but not enough to pay the mortgage by herself, so I just keep enough to pay off the mortgage.

 

[TwiceOver]

10x your income in a term life. At least that is what I have. It's so cheap, why not.

 

[alkemyst]

It depends. It makes no sense to 'insure' your life for no reason. If you have dependents then it really depends on what they will need should you die.

If you don't have dependents the proper amount would be to allow the next of kin to properly take care of your body and pay off all debt...a little extra if you want to make a gift of it.