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.

If you've already decided term life insurance isn't enough, and you want a policy that lasts your whole life and builds cash value along the way, you're choosing between two main options: Indexed Universal Life (IUL) and Whole Life insurance. Both are permanent policies. Both build cash value. But the way they get there, and what they guarantee along the way, are very different.