According to the American Council of Life Insurers (A Trade Association that advocates on behalf of Member Organizations), the Average size of a new individual life Insurance policy purchased in 2020 was $183,780. However, the amount of life insurance that is right for you will depend on your situation and what goals you want your life insurance plan to accomplish. You'll want to take into consideration your annual income, assets, debts, expenses, and future financial goals, among other things, when determining how much life insurance is right for you. You may want to consider using a life insurance needs calculator to assist you in choosing the right amount of life insurance protection.