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October 14, 2021

How Much Life Insurance Should You Carry?

Choosing the right amount of life insurance coverage could be one of the most important financial benefit decisions you can make. Life insurance helps protect your loved ones financially in the event of your untimely death during your income-earning years. Thinking about providing for your loved ones if you were no longer around can feel daunting, but it’s an important component of your holistic financial plan.

Take this small step to help you feel more confident about your life insurance coverage selection.

Small Step: Try Benefit Scout® to help find your life insurance fit

Try Benefit Scout, a simple but savvy online life insurance benefits calculator created by Securian specifically for members of the ELCA Traditional Benefits Program who receive life insurance through Portico. It’s easy to use and can help you determine the right amount of coverage for your beneficiaries. You’ll answer some basic questions about yourself, your dependents, and your finances to get an estimate of how much coverage might be a good fit for you and your family with detailed information about how the coverage might be used to pay expenses.* You’ll also learn about the types of protection available through a life insurance policy.

Try Benefit Scout

Motivated to do more?

If you have an ELCA Retirement Plan account with Portico:

  • Call a planner for a professional opinion on your financial questions or concerns. Planners are available at no out-of-pocket cost to you.

* When considering your Benefit Scout results, keep in mind that you may already have a basic group life insurance benefit that is two times your annual defined compensation, with a minimum benefit of $7,500, and a maximum of $50,000.

This material and any opinions are for educational purposes only. Information presented shall not be construed as offering or disseminating specific financial, retirement, asset protection, tax, or legal advice.

Portico Benefit Services provides health, flexible spending, retirement, disability, and survivor benefits to eligible members. Benefit plans are governed and administered individually through separate plan documents. The basic, supplemental, and dependent life insurance benefits are provided under the ELCA Survivor Benefits Plan and offered by Securian Life Insurance Company. Product guarantees are backed by the financial strength and claim paying ability of Securian Life Insurance Company. Premiums are not guaranteed to remain unchanged. Portico Benefit Services does not assume any responsibility or liability for the obligations of Securian Life Insurance Company under the insurance policies. Portico Benefit Services is not affiliated with Securian Life Insurance Company. However, Portico receives compensation for its services as plan administrator.