If you feel like you have plenty of life insurance, you aren't alone. Although the majority of Americans assume their policies are adequate, research has shown that people in the Northeast tend to underinsure themselves by about $334,000, while folks who live in the west might need $457,000 more life insurance to protect their assets after they pass away. Fortunately, you may be able to have the life insurance you need by doing these three things.

Although the old rule of thumb when buying life insurance was to purchase a policy that could replace the main breadwinner's income for ten years, new recommendations state that most people actually need about 20 times their salary. For instance, if you make $50,000 a year and you have a $500,000 policy, you might actually need a million dollars' worth of coverage to repay your debts, pay off your home, and help your family along until they are self-sufficient.

In addition to recalculating your policy, think about investing any extra money you have to strengthen your financial future. As you get older and you pay things off like student loans, cars, and mortgages, take the extra money you would have spent on payments and invest it in appreciating assets like stocks, bonds, and real estate.

Another great way to have the life insurance you need is by lowering the amount of money to keep your finances stable after you pass away. For instance, by paying off your home or staying away from credit card debt, you can allow your spouse to live off your modest policy if you pass away.