There is an easy way to tell. Put on the first. Wait a day. Go feel the outside of the insulation. If it is significantly hot, then you are losing energy and need more insulation. I bet it will not be hot.
Stop reading this post if you don't want to get into a math argument.
By the way, Eli, you theoretically can have too much insulation. Heat that is conducted to insulation is proportional to the insulation thickness - Thus it is proportional to the insulation outer diameter. Thus the thicker it is, the less conducted. That is a good thing. But there is a drawback as well. Thicker insulation means more surface area exposed to the atmosphere to lose heat. Surface area is proportional to the diameter squared for a cylinder. So if you double the insulation outer diameter, you cut conduction by half but quadruple the surface area to lose heat. So eventually as you add more and more insulation you will start getting worse! Obviously this isn't the case for most people (they aren't realistically ever going to put that much insulation on). But it is theoretically possible to have too much insulation...