You have a gross annual income of $62,000. use the multiple of income method to determine the minimum amount of life insurance you should carry.

Gross annual income of $62,000

The multiple of income method states that most families need 70% of ones income for seven years.

If that were true, in this case, we would take

($62,000) (.70) = $43,400

($43,400) (7) = $303,800

You would want to have roughly $303,800 in life insurance.