How much life insurance should you buy? And how much is life insurance, anyway? The costs as well as your coverage limits will depend on what you can afford, what your current circumstances are and what your plans are for the future. A 25-year-old fresh out of college and looking to buy a new home with his wife will have a very different life insurance plan than a 45-year-old retiree looking to invest for retirement and protect her wealth for her family's sake.
There are several life insurance calculators on the Web that can help you determine (by rough estimate) what levels of coverage to purchase - but the best technique for finding the right limit for you is to talk to a real insurance agent by calling up or emailing a reputable insurance company. For example, if you visit the website for New York Life, you'll notice that in nearly every article they write about life insurance, they recommend that you discuss (at no obligation or cost to you) your financial outlook and needs with a licensed company insurance agent who can give you personalized advice.
Life insurance will almost always cost more than $20 a month, but might cost as much as a few hundred dollars monthly. The cost depends on several factors. For example, if you are buying term life coverage, which protects you during a set period of time, you'll spend less, but you won't see any of the money back unless you die - which means you won't personally benefit from it at all. However, this might be your best option if you are still quite young and anticipate a substantial increase in income in the next several years.
Talk to different life insurance agents and look at quotes from many different companies before you decide on the company that seems best for you.