Viking Magazine - February 2016 - 11

Leverage life insurance
to leave a generous
legacy to your family,
church, alma mater or
favorite charity.
Empty
nesters
Protect the
lifestyle of your
spouse with the
resources of a
death benefit.
25% OF AMERICANS
WISH THEIR SPOUSE
OR PARTNER WOULD
PURCHASE SOME OR
MORE LIFE INSURANCE.
ANNUITIES ARE A
GOOD WAY TO MAKE
SURE YOUR MONEY
LASTS AS LONG AS
YOU DO.
Older seniors
Annuities provide a
guaranteed income
stream and are a
stable investment.
Take out policies
on both spouses
to protect
your kids.
Couples often rely on two incomes to
cover living expenses. It's important to start
out a life with your spouse by being honest
about your current financial situation. Do
you have outstanding credit card debt or
student loans? What insurance coverage
do you both have that you may want to
consolidate? How can you save as a married
couple? Have an attitude of working together
and talk about your financial goals.
Life insurance for a couple can replace
lost income and allow the surviving spouse
to meet financial obligations, including debt
from student loans, car loans, or a mortgage.
Decide together if term or permanent
insurance is right for you. Term insurance
is generally less expensive and provides
coverage for a specific period of time. It pays
a benefit only if you die during that time
period. Permanent remains in effect for as
long as you live and has a cash component
that grows tax deferred.
YOUNG FAMILY
New baby
Consider a policy
on your little one
to guarantee
insurability for his
or her lifetime!
TERM INSURANCE
PROVIDES COVERAGE
FOR A SPECIFIC
PERIOD OF TIME.
Life insurance becomes more essential when
there are children to protect. You'll need to
begin saving for the future: college for the
kids and a nest egg for you and your spouse.
If something happens to you or your spouse,
the financial implications for your family
could be devastating if there is not enough
life insurance in place.
A term or permanent life insurance policy
can provide resources to help a spouse and
children maintain their lifestyle after the
insured person dies. The benefit can be used
to pay bills and cover college expenses.
A stay-at-home parent, as well as the
breadwinner, should consider coverage to
replace vital services. Disability insurance
is also a must, as it will replace a portion of
your income if you are unable to work due to
a disabling illness or injury.
EMPTY NESTER/RETIREES
Coverage is still important for couples after
children are grown and they've retired.
In fact, retirement these days can last for
decades. It's important to recognize that
when you retire, your accumulated wealth is
probably at its peak.
Annuities are a good way to make sure
your money lasts as long as you do. You
cannot lose the money you contribute, as a
lump sum or in payments over time, and the
owner is guaranteed a minimum interest rate.
At this stage in life, life insurance can be
used as a way to maximize your legacy for
their family or a beloved charity. Cash and
other assets that aren't needed for daily living
expenses can be used to buy a life insurance
policy, providing a much larger death benefit
than purchase price, says Carlson. " It's called
life insurance for a reason, " he says. " It's
designed to cover a person's entire life. "
MOVING FORWARD
There are many options when it comes
to purchasing insurance. Sons of Norway
Financial Benefits Counselors can provide
personal service and answer questions that
may arise.
" We are able to customize a plan, " says
Kern. " Purchasing life insurance is not so
much of a one-time event as it is an on-going
process. "
As your situation changes - income,
martial status, and beneficiaries - coverage
needs to be reviewed. Working with a
financial benefits counselor, with whom you
have an established rapport, can help you
make sure your protection is keeping up with
your life stage.
Sons of Norway offers life insurance and annuity
products in the United States only. Not all
products are available in all States.
sonsofnorway.com VIKING FEBRUARY 2016 11
Retirees
Starting
a family
http://www.sonsofnorway.com
Viking Magazine - February 2016

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