Life Insurance/Income Protection coverage formula (2 ways):
1st way: Monthly expenses x 12 months / interest rate
Example: 50,000 x 12 = 600,000 / 4% = 15,000,000
Logic: If you suddenly pass away, your dependents will receive the insurance proceeds. It can be put in a fund that matches the interest rate used for calculating to outpace inflation rates as much as possible. This way the family can cope with your passing for as long as needed without worry of financial loss as an additional burden.
2nd way: Monthly expenses x 12 months x yrs. to independence of youngest child
Example: 50,000 x 12 x 23 = 13,800,000
Logic: If you suddenly pass away, you can still take care of your family financially until the youngest child is of age and can work.
Note: Taboo as it is, life insurance is important, especially for those with dependents. I encourage everyone to ask more questions about topics like these, get more resources and increase your financial knowledge.
Additional readings: https://www.investopedia.com/articles/pf/06/insureneeds.asp