The rules of thumb you hear for life insurance, like "ten times your income," are built for a 35-year-old with a mortgage and young kids. They don't translate well to someone in their 60s, whose financial picture looks completely different. If you're evaluating your coverage at this stage of life, the right amount depends on a different set of questions entirely. Here's how to actually think through it.

There's a version of permanent life insurance that doesn't get nearly enough attention - one that offers the lifetime coverage of whole life, the affordability of term, and almost none of the complexity of investment-linked policies. It's called Guaranteed Universal Life Insurance, or GUL, and for the right person, it may be the most practical permanent life insurance option available.

If you've decided that final expense insurance makes sense for your situation, the next question is: how much coverage do you actually need, and which company should you buy it from? These are practical decisions that deserve more than a quick guess - the right answers depend on your wishes, your family's situation, and some basic math.

Nobody likes to think about end-of-life expenses. But the reality is that when someone passes away, there are immediate costs - funeral arrangements, burial or cremation, medical bills, outstanding debts - that fall on whoever is left behind. For many families, this comes at the worst possible time, creating financial stress on top of grief. Final expense insurance is a simple, straightforward solution designed specifically for this situation.