There's no easy answer when it comes to how much maximum term insurance you can take, as it will depend on many factors such as your age, health, lifestyle, and financial situation. However, a good rule of thumb is to get a policy that is worth 10-12 times your annual income. This will ensure that your loved ones are taken care of financially in the event of your death.
Another factor to consider is the type of policy you get. There are two main types of term life insurance: level term and decreasing term. Level term insurance stays at the same death benefit amount for the entire policy term, while decreasing term insurance decreases each year, typically in line with the decrease in the mortgage balance. So, if you have a $500,000 mortgage, you might get a $500,000 level term policy or a $500,000 decreasing term policy that starts off at $500,000 and decreases annually.
The main difference between the two types of policies is that level term insurance is more expensive because the death benefit stays the same, while decreasing term insurance is less expensive because the death benefit decreases each year. So, if you're trying to save money on your life insurance, decreasing term insurance might be a good option.
There are also other factors to consider when choosing a policy, such as whether you want a term life insurance policy or a whole life insurance policy. Term life insurance is typically more affordable and provides coverage for a set period of time, while whole life insurance is more expensive but provides coverage for your entire life.
Ultimately, the best way to figure out how much maximum term insurance you can take is to speak with a life insurance agent or financial advisor who can help you assess your needs and find the right policy for you.