When you’re trying to figure out how much life insurance you need, the first thing to decide is whether you want to supplement your family’s income for a long time or just cover any one-time expenses at the time of your death.

If you’re single and don’t have any dependents, then you likely only need enough life insurance to cover your final expenses, like burial costs, student loans, medical bills, and other outstanding debt. If that’s the case, one or two years’ salary should be enough.

But if people rely on your income, or your finances are mingled with someone else’s, one year’s pay probably won’t cut it. Life insurance is meant to replace your income for people who depend on you, and most agents recommend 10 years. Using that rule of thumb, you can multiply your salary by 10 to get a rough estimate, but every situation is different, so 10 years’ pay won’t work for everyone. You should also consider the following:

Financial situation

Any existing life insurance policies or assets that could help provide for your family, like savings, home equity, 401(k), pension plan, or investments.

Final expenses

The average funeral costs over $7K, and even a no-frills burial costs thousands. There may also be probate costs, along with any medical bills your health insurance doesn’t cover.

Mortgage balance

You should choose a policy large enough pay off (or at least significantly reduce) the remainder of the loan so your family can afford to stay at home.

Outstanding debt

If you have student loans, your cosigner could be required to pay the whole balance immediately if you die. And depending on where you live, your spouse could also be on the hook, even if he or she didn’t sign anything. You should also consider any credit card debt and auto loans or leases your family would have to pay if you died.

Education costs

Some private colleges already cost over $60K a year total, and prices are going up much faster than inflation.

Emergency fund

Some financial experts recommend having up to six months’ salary on hand for any household or personal emergency that may come up.

Required monthly income

How much will your family need to survive day to day? Be sure to include any expenses that could come from your absence, like extra child care – especially if you or your partner currently stays home with the kids.

Better safe than sorry

Having extra money isn’t a problem, but not having enough certainly is, so it’s better to err on the side of too much coverage if you’re unsure. Circumstances change quickly, so you should review your needs and coverage amount every few years to be sure your loved ones are protected.