re: How much life insurance do you have?

I’d recommend buying as much as you think you need or can afford in term life and do it at as young of an age as you can. You mentioned your friend dying in his 40’s, if you are late 30’s to late 40’s, I’d suggest getting 30 year term if you can qualify and if not, get as long as you can.
You can always drop it if you had to but you can’t always buy it later because medical conditions can change and prevent you from being able to qualify for it.