Viking Magazine - April 2015 - 10

Finance
Here are some reasons that you
need life insurance after 60,
courtesy of The Life Insurance
Foundation, a nonprofit
membership organization of life
insurance companies:
1.
2.
Offset loss of retirement
income to spouse at death.
Provide for the care of a
disabled child or spouse.
Rather than counting on your
savings, life insurance provides
a death benefit that can pay
anything from outstanding loans to final
expenses. Sometimes a child or grandchild
with special needs will have ongoing
expenses that need to be considered for a
number of years. Life insurance can provide
that protection, adds Carlson.
Planning for the Golden Years
20 Reasons People 60 and Over Need Life Insurance
Once the kids are grown and the mortgage is paid off, some believe the days of
needing life insurance are over. This is a common misconception. In fact, people
60 and older can benefit from insurance in a variety of ways, says Len Carlson,
director of agencies for Sons of Norway. By getting a financial check-up from
one of our Financial Benefits Counselors, seniors can get a better picture of their
retirement expenses and learn how life insurance might support their plans.
Oftentimes, people underestimate the cost of living, healthcare bills and
travel expenses. " You want to have enough income for a spouse, and people are
living longer and longer, " says Carlson. " Life insurance can be a buffer to replace
investment loss or serve as a cushion. "
Many rely on a pension in their retirement years, and there is a drop in
income when a spouse with a pension dies, says Jim Donnelly, a Financial
Benefit Counselor in Raritan, N.J.
" If your spouse lives into his or her 90s, insurance can help recoup that loss, "
he says. Often when people retire they no longer have access to life insurance
through their employer and they may have dropped their term coverage.
However, later in life protection may still be necessary to help family members
meet their obligations and maintain their lifestyle.
10 VIKING APRIL 2015
sonsofnorway.com
3.
4.
Help with everyday living
expenses, such as mortgage
payments, rent and utilities.
Pay final expenses, such as
medical and funeral bills.
5.
6.
7.
8.
Pay estate and
inheritance taxes.
Pay off debts.
Pay income in respect of a
decedent taxes on IRAs,
and 401Ks.
Cash surrender values
can be wholly or partially
annuitized to provide additional
guaranteed lifetime income.
" Any time you have a cash
value policy, it performs a dual
purpose, " says Carlson. " It
can be a conservative way to accumulate
money, systematically. Down the road,
you can use it to supplement your Social
Security and pension. "

http://www.sonsofnorway.com

Viking Magazine - April 2015

Table of Contents for the Digital Edition of Viking Magazine - April 2015

Contents
Viking Magazine - April 2015 - Cover1
Viking Magazine - April 2015 - Cover2
Viking Magazine - April 2015 - Contents
Viking Magazine - April 2015 - 4
Viking Magazine - April 2015 - 5
Viking Magazine - April 2015 - 6
Viking Magazine - April 2015 - 7
Viking Magazine - April 2015 - 8
Viking Magazine - April 2015 - 9
Viking Magazine - April 2015 - 10
Viking Magazine - April 2015 - 11
Viking Magazine - April 2015 - 12
Viking Magazine - April 2015 - 13
Viking Magazine - April 2015 - 14
Viking Magazine - April 2015 - 15
Viking Magazine - April 2015 - 16
Viking Magazine - April 2015 - 17
Viking Magazine - April 2015 - 18
Viking Magazine - April 2015 - 19
Viking Magazine - April 2015 - 20
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