How Much Life Insurance Do You Need?

A Message from Endura Financial Investment Services

One rule of thumb is that you need life insurance coverage equal to five to seven times your annual gross income. But your needs may be more or less. So take the time to make a more accurate estimate.

If you're part of a couple, do a separate calculation for each of you. And if one of you stays home to care for your children, evaluate whether you need life insurance to pay for childcare and household services that would have to be replaced in the event of death. And if the only insurance you have is a group term life policy provided by your employer, consider buying an individual policy. You can convert a group policy to individual coverage if you leave your job, but that's not necessarily always the best option, especially if your health deteriorates. So it's a good idea to secure a policy that best meets your needs now.

For help estimating how much life insurance coverage you need, contact Troy Barta, CFP^®*, an Endura Financial Investment Services Representative at 952-738-7609.

Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member NASD/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. FR01970234SOLU (0202)

*The CFP certification mark is not affiliated with CUNA Brokerage Services, Inc.