Unlike most types of insurance (which you buy in order to provide for you in the case of a financial hardship) you buy life insurance to provide for someone else in the case you are gone.
This means the first question in determining if you need life insurance is determining who is financially dependent on you Then you must determine what amount of money would be sufficient to replace what you are currently providing for them
Financial dependents may include a spouse, children, parents or a sibling that you provide for financially Figure out how much financial support you provide for them. What would they do if you were gone? You can buy a life insurance policy and name multiple beneficiaries, thereby providing a specific amount to several people without having to buy multiple life insurance policies.