James is looking into life insurance. He currently makes $50,000 a year and has two children, ages 15 and 11. How much coverage and how long a term of life insurance would you recommend to James?

If James wants to cover both of his children at his current salary until they both can support themselves on their own, he would need a 10-year term policy (if the youngest moves out when he/she is 21) with a face value of $500,000 (current salary-$50,000*10 years).