If your spouse is a working spouse, she should consider enough life insurance to cover her outstanding debts and a multiple of her income to replace lost earnings on her death.
If she is a non-working spouse it is a bit more complicated. Estimate the cost of replacing her services as a homemaker and mother and factor that in.
The current economic culture of the married presupposes both spouses working to maintain a household which has long term debt like mortgagees, medium term debt like auto loans and short term credit card debt. The house hold also includes future obligations like college planning, weddings and retirement. Establishing the total debt load and future obligations as well as the total earning power of the spouse is the beginning reference point for coverage.
If your spouse works outside the home, it is probably a good idea to use the same type of calculations that you used to determine how much life insurance you should get. E.g. 10 times annual income. If there are some things that she does that you would not to be able to take over, but would need to hire out, you should add the cost of those fees into her coverage amount.
If she is a full time homemaker, most companies will limit her coverage to the same amount as you have. That is actually a good amount for her to get, as you may need to relinquish part of your income to care for your family, if she should pass away. At the very least, you will have the added expense of child care.
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If your spouse is a working spouse, she should consider enough life insurance to cover her outstanding debts and a multiple of her income to replace lost earnings on her death.
If she is a non-working spouse it is a bit more complicated. Estimate the cost of replacing her services as a homemaker and mother and factor that in.
If she is a full time homemaker, most companies will limit her coverage to the same amount as you have. That is actually a good amount for her to get, as you may need to relinquish part of your income to care for your family, if she should pass away. At the very least, you will have the added expense of child care.