Term Life Insurance: Term-to-60 vs Term-to-85, which is better?

Term insurance is for income replacement. Most people finish their major financial liabilities—children's education, home loans—by age 60. Insuring up to 85 often results in much higher premiums with little utility, as you are likely to be retired by then. We analyze why "Term-to-60" combined with a solid retirement corpus is the most efficient strategy.