A common guideline is to carry a total death benefit between 10 to 15 times your gross annual income if you have dependents. This approximates replacing enough income long term while eliminating debts owed. Factor in specific costs needs around college savings, mortgage balances, etc as well.

Experts emphasize age 30 as an important milestone to purchase initial life insurance policies as responsibilities and expenses accumulate for more families. Locking in insurability earlier ensures broad options. Incrementally add additional policies as kids arrive, debts expand etc.

Term life only provides a death benefit payout in event of passing during 15-30 year term length selected whereas whole life functions as forced savings allowing accruing cash value assets while also paying the insured amount lifelong as premiums stay paid.

For relatively small incremental rate increases, waiver of premium ensures policy continuation without further payments if the insured becomes seriously disabled along with conversion options allowing shifting term policies to permanent cash value policies without new health examinations later. Both prove worthwhile.

At age 18 when kids gain control over their financial and healthcare decisions, it is wise to explain life insurance implications within estate planning so they grasp death benefit purpose along with any conversion provisions transferring control to them at particular ages stated.