When you are married or in any sort of relationship, where your finances are married together, life insurance is an important aspect of your financial lives. Life insurance should protect your spouse, or significant other in the event of a premature death. In the even that something happens to you, your spouse will need to grieve, not worry about the bills.
For us, we felt that our coverages were less than what we needed. We felt that if one of us were to leave the other alone, we should have enough insurance to payoff all of our debt and provide another three years of income. The three years may be much, but I would feel better knowing that the Queen of Debt will be taken care of for as long as she needed.
So, to determine the new amount of our insurance we multiplied our respective salaries by 3 and added that to our total debt figure . In total, our actual premiums did not increase by much. The added peace of mind is well worth the extra cost.