Viking Magazine - August 2013 - 24
Finance
Solutions for You + Your Family
Insurance Myth Busters
H
ow you view life
insurance might
depend on your family
experience growing up, what
you've read or snippets of
conversations with friends or
fi nancial experts.
With information coming
from so many different
sources, it's easy to feel
overwhelmed. Sometimes you
may get contradictory advice.
It's best to consult with an
expert to fi gure out when to
buy a policy and what kind is
right for your family.
Here are some common myths
about life insurance and advice
from Sons of Norway about
how life insurance can fi t into
your overall fi nancial portfolio.
MYTH 1: I'm still young
and single, so I don't need
life insurance.
While you might not see the
immediate need, project out
fi ve, ten, or fi fteen years and
think about what your life
might look like down the road.
Chances are you will eventually
get married, have kids and
buy a house. " Premiums are
less expensive when you are
younger and you will likely be
in better health now than if
you wait to buy a policy later, "
says Len Carlson, director of
24 VIKING AUGUST 2013
sonsofnorway.com
agencies for Sons of Norway.
" Also, if you buy a permanent
policy, you will have more time
to build up the cash value. "
MYTH 2: Once the kids are
grown and gone, there is no
use for a policy.
Life insurance can play an
important role your entire life.
There are different reasons you
need life insurance after kids
are gone. The death benefi t can
cover fi nal expenses and replace
your income to support the
surviving spouse. Life insurance
is also a way to pass on money
to your family tax-free.
MYTH 3: I am too old to
qualify for life insurance and
there's no reason to buy it.
Some people can qualify for
coverage up to age 85. Rather
Need help distinguishing fact from fi ction? Our experts can help. BY CARALEE ADAMS
than investing in a certifi cate of
deposit and accumulating little
interest, purchasing a single
premium or universal life policy
can generate more money to
pass on to your family after
you die-and it's income tax
free. With a permanent policy,
you can borrow against the
accumulated cash value to help
fund a grandchild's education or
for other purposes.
MYTH 4: Life insurance is
too expensive for my budget.
" If you view life insurance as a
need, like carrots and potatoes, it
will never be too expensive, " says
Bob McKeever, fi nancial benefi ts
counselor for Sons of Norway
in Smithtown, N.Y. " However,
if you view life insurance as a
second home or vacation, then
it will always be too expensive. "
http://www.sonsofnorway.com
Viking Magazine - August 2013
Table of Contents for the Digital Edition of Viking Magazine - August 2013
Contents
Viking Magazine - August 2013 - Cover1
Viking Magazine - August 2013 - Cover2
Viking Magazine - August 2013 - Contents
Viking Magazine - August 2013 - 4
Viking Magazine - August 2013 - 5
Viking Magazine - August 2013 - 6
Viking Magazine - August 2013 - 7
Viking Magazine - August 2013 - 8
Viking Magazine - August 2013 - 9
Viking Magazine - August 2013 - 10
Viking Magazine - August 2013 - 11
Viking Magazine - August 2013 - 12
Viking Magazine - August 2013 - 13
Viking Magazine - August 2013 - 14
Viking Magazine - August 2013 - 15
Viking Magazine - August 2013 - 16
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Viking Magazine - August 2013 - 18
Viking Magazine - August 2013 - 19
Viking Magazine - August 2013 - 20
Viking Magazine - August 2013 - 21
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Viking Magazine - August 2013 - 24
Viking Magazine - August 2013 - 25
Viking Magazine - August 2013 - 26
Viking Magazine - August 2013 - 27
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