I am 23, recently married, in Graduate school and anticipate to be starting at ~$70k once I graduate. Currently, my wife isn’t necessarily dependent on me and my income as it is extremely low but once I get my big-boy job we will transition to starting a family and her being a stay at home mom. My understanding of life insurance is that it will be able to cover my spouse/family for a period of time in the event of me passing away and my income no longer being present.
Q1: If this is the case, should I at this time pursue a life-insurance policy that covers my anticipated income in a few years, or just one that covers cost of burial ($10k or so)?
Q2: How do I begin to calculate how much my life-insurance policy should be? For example, 10x my yearly salary (effectively covering my family for 10 years)?