Experts often suggest a simple rule: Purchase at least 5x your annual income in life insurance coverage.    

The more personal question for you is, how many years of income would like to provide to help ease the financial burden on yo loved ones, in your absence? You may also consider adding coverage equal to your outstanding mortgage and other debts, and future needs such as college tuition for your kid(s).

Although one of the biggest reasons people get life insurance is when they have children or other financial dependents, there are also reasons why single people may need life insurance, too. For example, maybe your parents co-signed your student loans, you have a mortgage or you co-own a business. 

As with all financial decisions, the amount of life insurance coverage that you purchase should be a personal one that's determined by your unique circumstance and your individual needs.