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.

Life insurance doesn't need to be complicated. For most people in their working years - especially those with a spouse, children, or a mortgage - term life insurance is the simplest, most affordable way to make sure the people who depend on them are financially protected if the worst happens. Yet despite its simplicity, a lot of people either don't have term coverage, don't have enough of it, or are paying more than they should.