Maybe, maybe not. The question is, do you have enough to cover your needs? The obligations you had at age 30 are likely still there. Plus, as you’ve progressed in your career you may now have a higher income level and lifestyle that you need to protect.
Experts recommend having enough life insurance to replace income for 7 to 10 years. To meet that recommendation, the typical married couple would need to double its current coverage according to a recent study by LIMRA.
There are more things that can and do go into a calculation on how much life insurance a family needs, the 7 to 10 years is a very basic formula. If you currently have more than 7 to 10 years of income in life insurance protection, you are probably covered appropriately. If you have less than that, it would be worth the time to look into your options.
Call me at 919-943-5577 or e-mail me at nancy.j.williams@mwarep. org if you are interested in reviewing your current coverage and your needs. Please also visit my site at www.healthinsuranceraleighnc.com.