Viking Magazine - April 2015 - 11

9.
Offset the loss of a key
person in a small business.
10.
11.
12.
Dividends from
insurance policies
can be a tax-free source of
supplemental retirement income.
Cash surrender
values are a source of
emergency funds.
Provide funds to
buy out interests of a
deceased business partner or
co-shareholder.
" Life insurance can be valuable
to small business owners,
such as a farmer, who is in a
partnership, " says Carlson. " When one
partner dies, there may be a need for
money to operate and life insurance is
there to fill that void. "
13.
14.
Any unused funds
can be used to provide
a gift to grandchildren.
It allows parents to
spend all their money
and still leave a legacy to their
children or grandchildren.
Naming a grandchild as a
beneficiary on a life insurance
policy can ensure they have the
support to attend college. It's a great way
to support them, and it doesn't affect their
financial aid, unlike savings accumulated
in 529 Plans, says Donnelly.
15.
16.
Provide a gift to
charity at death or
prior if desired.
It adds flexibility to the
estate plan by providing
options to heirs.
SOURCE: THE STATE OF AGING AND HEALTH IN AMERICA 2013
sonsofnorway.com VIKING APRIL 2015 11
Females: 81
For a complimentary consultation
with your Sons of Norway Financial
Benefits Counselor, visit
sonsofnorway.com.
17.
18.
It is creditor proof in
most states.
It can collateralize
loans. As people live
longer, they tend to take on
more debt or debt that has a
longer amortization.
The death benefit from a life
insurance policy goes directly
to the beneficiary, even if the
person dies with a debt. The lender can't
tap into that death benefit to cover the
loan. Carlson adds a policy can also be
used as an assurance to a bank and the
policy holder designates the bank to get
the death benefit first and the remainder
goes to the beneficiary.
19.
20.
It allows parents
to balance uneven
distributions of property or
business interests to children.
It can be designed to
provide an " inevitable
gain, " no matter when one dies.
Life Expectancy
by Gender
Males: 76
LIFE
INSURANCE
TIPS
« Most people still want
insurance when they are 60 or
70 years old, but they worry
the premium can't fit into their
budget. Even though your
needs change, you still have a
need for life insurance when
you get older.
« You may no longer have
access to coverage from
your employer, so you might
consider a policy on your
own. One smart way to get
protection when you are older
is to convert your term policy
into a permanent one.
« A life insurance policy
when you were younger may
have been in place primarily
as protection to cover lost
income. Later in life, it can be
used to pass on inheritance
to your family, cover the
educational expenses for a
grandchild or leave a legacy
gift to a beloved charity.
-Jim Donnelly, FBC
Raritan, N.J.
http://www.sonsofnorway.com http://www.sonsofnorway.com
Viking Magazine - April 2015

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