Suppose that you earn $50,000 annually- You expect expenses to drop by 22% for your family in the event of your death- Currently, if you die, you want to provide for your family for at least 15 more years, and the applicable after-tax and inflation return assumed is 5%- Using the earnings multiple approach provided in your textbook, what would be the amount of life insurance that you should purchase?

What Is the Difference Between Life and Health Insurance? 
Health insurance pays for your medical treatment, drugs, and preventative check-ups for you and others covered under your plan.

Life insurance provides a cash sum to your loved ones if you die during the length of the Life insurance policy.