Viking Magazine - August 2013 - 25
Imagine that something tragic
happens next week and you are
out of the picture. With your
income gone, what expenses
will you leave for your family?
The mortgage, car payment, and
credit card bill? That's the real
cost to your family if you don't
purchase life insurance.
MYTH 5: I only need
enough life insurance to
cover fi nal expenses.
You can start with a small
policy to just cover fi nal
expenses, but you may want
to consider a larger one
eventually. A death benefi t can
also cover lost income, help
fund retirement, and be used to
leave a legacy to your family or
a beloved charity.
MYTH 6: Term insurance is
the cheapest insurance.
If you die when a term policy
is in force, this statement is
most likely true. " However,
if you were to pass after the
policy expires, then it is the
most expensive policy you
can buy, " says McKeever.
Term insurance is like renting,
whereas you own a permanent
policy. The benefi t of whole life
insurance is that it will be in
force on the day you die. With
a permanent policy, premiums
do not increase and you build
up equity over time.
MYTH 7: Whole life or
universal life insurance is a
bad investment.
The question you need to ask
yourself is: Are you are a saver
or an investor? Do you like
guarantees or can you tolerate
" If you view life
insurance as a need,
like carrots and
potatoes, it will never
be too expensive. "
-Bob McKeever,
Sons of Norway FBC
risk? When you invest in the
stock market, can get a good
return on your money, but it
can also go up and down like a
yo-yo. For the average person,
the death benefi t of a whole life
policy will likely outperform a
stock or mutual fund portfolio
over a lifetime. Life insurance
is not an investment, but it is
the best way to protect your
family with a guaranteed
benefi t when you die. The best
advice is to diversify.
MYTH 8: I have life
insurance through work, so
I'm covered.
Chances are that the amount
of insurance you have at work
is not enough to cover your
total needs. " Employers usually
place a limit on what you can
buy, " says Carlson. " Having
your own policy means it is
portable if you leave your job. "
Owning your policy also means
you have coverage if your
employer decides to change or
eliminate the plan.
MYTH 9: Young children
don't need life insurance.
The last thing a parent wants
to think about is the possibility
that their young child might
die, but unfortunately, it does
happen. A policy can cover
burial expenses or guarantee
a child's future insurability. If
children develop a disease or
chronic condition without a
policy in place, they may not
be able to buy insurance when
they really need it. A rider can
be placed on a policy to enable
a child to buy additional
coverage regardless of health at
older ages.
MYTH 10: There is no
need for a policy on my
spouse: if something
happens, my parents or in -
laws can take care of
the kids.
While grandparents
may indeed be able
to help, there will be
many expenses for
your family to cover
if the primary income
provider is gone. " Will
in-laws be accessible
24/7? " says Carlson.
" Yes, grandparents are
great, but it's not realistic
to expect them to take
over. " With grandparents
likely in their 70s, their
health situation or ability
to support your family
may change. It is your
responsibility to make
sure your spouse and
children are provided for
in the event of a tragedy
and life insurance can
guarantee that support.
sonsofnorway.com VIKING AUGUST 2013 25
For the
average
person,
the death
benefi t of
a whole
life policy
will likely
outperform
a stock or
mutual fund
portfolio
over a
lifetime.
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
Viking Magazine - August 2013 - 17
Viking Magazine - August 2013 - 18
Viking Magazine - August 2013 - 19
Viking Magazine - August 2013 - 20
Viking Magazine - August 2013 - 21
Viking Magazine - August 2013 - 22
Viking Magazine - August 2013 - 23
Viking Magazine - August 2013 - 24
Viking Magazine - August 2013 - 25
Viking Magazine - August 2013 - 26
Viking Magazine - August 2013 - 27
Viking Magazine - August 2013 - 28
Viking Magazine - August 2013 - 29
Viking Magazine - August 2013 - 30
Viking Magazine - August 2013 - 31
Viking Magazine - August 2013 - 32
Viking Magazine - August 2013 - 33
Viking Magazine - August 2013 - 34
Viking Magazine - August 2013 - 35
Viking Magazine - August 2013 - 36
Viking Magazine - August 2013 - 37
Viking Magazine - August 2013 - 38
Viking Magazine - August 2013 - 39
Viking Magazine - August 2013 - 40
Viking Magazine - August 2013 - 41
Viking Magazine - August 2013 - 42
Viking Magazine - August 2013 - 43
Viking Magazine - August 2013 - 44
Viking Magazine - August 2013 - 45
Viking Magazine - August 2013 - 46
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Viking Magazine - August 2013 - Cover4
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