Don’t forget about the debts you may have. Mortgages are a huge trigger for life insurance, says Lepore. If you are a co-signer or co-borrower on a mortgage and help with payments, the other signer would be responsible for all of the debt if you die. By having sufficient life insurance, you can help the other person make the mortgage payments without you. If you are the sole owner of the property, the death benefit can help your life insurance beneficiaries pay off the mortgage and keep the house.

After calculating the financial impact of your absence on your loved ones, think about the duration of the expenses. Child care may be unnecessary after a few years, while other costs may stretch for longer.

It’s a good idea to take a look at your financial impact after big life events, like getting married, having children, or filing for divorce. For example, if your children are older and no longer need child care, you may want to adjust your coverage.

Calculating your financial impact on others is not easy, especially if you don’t know how life insurance works or be intimidated by financial matters. The good news is people are talking more about money and there are places online to learn, Storjohann says.