You have a gross annual income of $69,500. Use the multiple of income method to determine the minimum amount of life insurance you should carry.

The multiple of income method is a simple way to estimate the amount of life insurance you need. It suggests that your life insurance coverage should be between 5 to 10 times your gross annual income.

Step 1: Identify your gross annual income. In this case, it's $69,500.

Step 2: Multiply your gross annual income by the minimum recommended multiple (5 times).

$69,500 * 5 =$347,500

Step 3: Multiply your gross annual income by the maximum recommended multiple (10 times).

$69,500 * 10 =$695,000

So, according to the multiple of income method, you should carry a minimum of $347,500 to a maximum of$695,000 in life insurance coverage.