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Critics say this is a longtime insurance industry marketing ploy, while supporters call it an honest benchmark. Either way, it’s usually off-target; a key problem, again, is the focus on income rather than expenses.

Experts say the five-times-income rule applies to the sole breadwinner in a family with two kids. That makes it inadequate for larger families and a waste for people yet to start a family. Like most financial rules of thumb, this rule’s suitability is a function of your personal situation.

Rather than relying on income, a more accurate formula for many consumers will be to insure what they can’t afford to pay for propecia hair without coverage. That means taking their mortgage balance, the kids’ college education and four or five years’ worth of expenses to allow your loved ones to get back on their feet emotionally.