<prompt> Human: My husband and I have two term life insurance plans, 500k 2 whole, 1m, and additional plans through our employers100k. We also have two term plans on our kids50k. I received a application from our credit union to apply for a 100k ea. policy.My question is do we need another policy? How many do people generally need?  <response>: It actually feels like you have too many insurance policies and bad ones at that. Whats going on with the whole life policies and why do your kids have life insurance? Life insurance is to support a dependent of yours, which Is why it makes no sense to have it on kids. Secondly, you need to look into Term life and see what the difference in cost is between then and those whole life youre paying for. Term is considerably cheaper for more coverage. Depending on what assets you have, you should look at anywhere from 10-20 times your annual salary. 