Hello and welcome! If you have any other questions, please let me know or please click Accept.
The way to figure out the answer to this question is to see how much income you're bringing into the family and how much money they would if you were not around to bring in that income.
Thus, your retirement account and any assets you own will go to your wife and/or children in most circumstances so you just have to look at what you're bringing in and what will not be there anymore when you're gone.
What you're bringing in isn't that much a year but you have some riksy assets and while there is rental income now, that is not guaranteed, so you want to account for this as well
Let's say your wife is going to live for 30 more years and she will inherit all of your assets nad liabilities.
If you are living comfortably right now, then your wife would need a policy of $600,000 on your to maintain the standard of living she has now. I would also put in a cushion in there due to the fact that you have some risky investments and some income that may not be there anymore.
Therefore, I think a $750,000 is probably what you would need if you are able to afford it. If not, I would get at least a policy of $500,000.