Many factors may help determine how much life insurance coverage you need at 60. Your agent may discuss the following factors while helping you determine how much life insurance coverage is appropriate for your situation:
Whether you have jointly-held debts
Your income replacement needs
Large debts that the family may struggle with if you pass away
While it may seem obvious that someone who financially supports dependents by working outside the home needs life insurance, it’s also crucial for an at-home parent or grandparent to have proper life insurance coverage in proportion to the economic benefits they provide to the family. In their absence, the surviving parent or grandparent may have to hire help to run the household and care for the children.