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Step 1
First of all, it's important to understand the difference between term life and whole life insurance. Term life is just the insurance itself and is very affordable for most households. Whole life or cash-value insurance also involves an investment product--one that generally has a poor rate of return compared to if you paid for the term life insurance and invested the difference elsewhere (or if you're not out of debt yet, the money can be better applied getting out). Term life insurance does not make agents huge amounts of income, which is why in many cases it may not be promoted.
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Step 2
To figure out how much coverage you'll need, it's useful to use a pre-built calculator (I'll include the link to a non-profit organization below).
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Step 3
If you're figuring up the insurance costs of a stay-at-home parent, remember to factor in what this person provides (such as child care, managing the household, etc.) You'll need to factor this in if you have children under 18.
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Step 4
Rates can vary very dramatically for the same person from company to company. It's worthwhile to spend some time researching different company options and getting several quotes.
