Direct answer
No, because employer-provided plans typically offer only one or two times your annual salary, which is rarely sufficient to cover long-term mortgage obligations and future education costs for two children. It depends on your total existing debt, savings, and the specific death benefit limits defined by your company’s group policy.
Financial planning guidelines published by the National Association of Insurance Commissioners regarding income replacement ratios. For additional information about income replacement guidelines, see the National Association of Insurance Commissioners website.
What this means for you
No, because employer-provided plans typically offer only one or two times your annual salary, which is rarely sufficient to cover long-term mortgage obligations and future education costs for two children. It depends on your total existing debt, savings, and the specific death benefit limits defined by your company’s group policy.
FARMER STOCKMAN
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