I am a non-attorney spokesperson, so take my advice with that in mind.
Your debt generally dies with you, but there are caveats on that. For instance, whatever is owed on your condo will still be owed or it can be forclosed on, iirc. Same goes for things like cars and motorcycles. If you leave behind a significant estate and you also have serious outstanding debts (credit cards, school loans, etc), your creditors can go after the estate to be paid off.
For me, the amount of life insurance I carry is based on who I feel like I should/would like to help out after I'm gone. I'm married, so that means I want to leave things in the best condition possible for my wife. I'm active duty, and carry max SGLI, so my death is worth about a half mil to the wife if I check out.
