Once you’ve reached your middle years, it’s time to stop thinking your employer-sponsored life insurance is all you need.
Those group plans are usually designed to cover burial costs and the briefest of transition periods, says Jeremy Kisner, senior adviser with Surevest Wealth Management in Phoenix.
“It’s typically not nearly enough,” he says. “Most employers will give you at least two times your salary, where you typically need at least 10 times your salary — or more if you’re younger, because you’re trying to cover a longer time frame.”
Midlife is the time to get serious about life insurance. And here are some ways to do that.