Depending on how much you can afford or wish to spend. It is Risk Assessment. It should at least cover your debts ( mortgage, car loan, credit bills) including funeral. Then if you can, double that amount. That should be what you want your life insurance to pay out. It all comes down to what you are willing to pay out every month for the next 30 years or so. Insurance is not about making a buck, it is to prevent a catastrophic event from occurring. Like sticking your loved ones with debt. Of course if you can afford it, put a million dollars of coverage in your wife and 2 million in you. That should cover just about anything.