There is not set answer to that question. A lot depends on your age, responsibilities, tax situation, etc.
For many people they only need around $15,000 to cover all funeral, cemetery, medical bills, and money to settle their estate. But even that depends on your age as the cost of everything (including funerals double every 15-years give or take.
For other people such as a guy that took a pension or annuity based on his life only (not his spouses) he needs a LOT more whole life insurance to keep his wife from falling into poverty if he dies first.
There are many different situations for different people.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
There isn't a correct answer to this question, only the answer each individual comes to in regard to their wants and needs. The catch to the decision of when or how much to buy is the longer you wait the more expensive it becomes to purchase. Something to consider that rarely is considered is the purchase of Whole Life insurance is control. A whole life is the one policy where the price is set at the begining and stays that way through the life of the policy. With term the insured does not really control cost the insurance carrier does through the life of the policy. An insurance company cannot change or alter a whole life policy without your permission. Since you can combine policies and types of coverage (it is never all or nothing) how much whole life is entirely up to you. The split is up to the individual. Some people carry combinations of policies with the idea that they will shed the term as time goes by, ending up with the whole life at the end of a long happy life. Last thought on this subject. An insurance company has less power over the insured with whole life. They have to "ask" you and you have to agree to any changes. Where this can be reassuring is if your health changes down the road. I have several serious health conditions and it is good to know my life insurance company cannot raise my price or change anything without my say so.
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For many people they only need around $15,000 to cover all funeral, cemetery, medical bills, and money to settle their estate. But even that depends on your age as the cost of everything (including funerals double every 15-years give or take.
For other people such as a guy that took a pension or annuity based on his life only (not his spouses) he needs a LOT more whole life insurance to keep his wife from falling into poverty if he dies first.
There are many different situations for different people.