How much life insurance you need is a very personal decision influenced by individual considerations that a simple rule of thumb like 10x your annual income can't address.
Having children changes everything. It's no longer about you and your spouse. Now you have someone that is totally dependent on you.
Now you need to think about their future instead of just your own, including what happens to them if you die. It's why at this stage of someone's life that life insurance quickly becomes a necessity.
While the rule of thumb says 10 times your annual income, that's really just a starting point. You really need to look closer at the individual situation to figure out what's right.
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