Viking Magazine - January 2017 - 11

Generation X
(1965-1981)
Baby Boomers
(born 1946-1964)
As you raise kids, save for
college tuition, pay down
a mortgage and plan for
retirement, life insurance can add an important bit of
security in this insecure world. " The stock market goes up
and down, but by the time you reach 50, you need to be a
little more conservative with your money, " says Carlson.
" If the market declines, you can lose money and not have as
much time to recover. "
Life insurance is a conservative but safe way to
accumulate money. With a cash value policy, money is
available for you to borrow against to help fund college
expenses for children or supplement your income in
retirement. Krause adds that owning enough life insurance
enables policyholders to maintain control of their fi nancial
future. A policy provides future fi nancial security - either
when death occurs and the money is paid out income tax
free or as a living benefi t with the option of borrowing
against the cash value for whatever needs you have.
65+
The number of Americans ages
65 and older is projected to more
than double from 46 million today
to over 98 million by 2060.
Even though your
kids are grown, life
insurance can still play
a vital role in protecting those you love and preparing for
retirement. Perhaps you are still working to support your
young adult children, grandchildren or elderly parents.
If something happened to you, a policy could provide
income replacement. Or, if you are retired, consider life
insurance to supplement the lost income from you or your
spouse's pension or Social Security when he or she passes,
says Carlson.
For those Sons of Norway
members who have businesses
or are independent contractors,
their death could mean the end
of their business and income.
Consider life insurance as an
important part of business
continuation planning.
Annuities are another
In 2015,
millennials (75.4
million) have surpassed
baby boomers (74.9
million) as the largest
living generation in
the United States.
consideration for baby boomers, adds
Krause. " Annuities are a safe place to put your money for
people who have retired but are not comfortable with what
their dollars are doing and want a more conservative place
for their money as they get older, " she says.
The Greatest Generation
(born 1945 and prior)
People who have lived through the Great Depression are often
cautious with their money, says Krause. You may have your plans in
place but feel reluctant to make changes. However, money sitting in
the bank with a low-interest Certifi cate of Deposit or invested in a
mutual fund could go further as a legacy with life insurance. If you
don't anticipate using a portion of money and plan to pass it on to your heirs, consider using it to
buy a single-premium life insurance policy that will be worth much more after you die.
For instance, a 75-year-old female could take $100,000 in cash to buy a single-premium policy
that could pay out $180,000 in a death benefi t income tax free, says Carlson. That money could be
used to cover fi nal expenses, be passed on to family in an estate or given to your church, alma mater,
the Sons of Norway Foundation or another beloved charity.
" Don't let money sit around, " advises Carlson. " Review your CDs and variable accounts and
consider transferring this money into a life insurance policy. It's the best way to leverage your
money, and your benefi ciaries won't have to pay taxes. "
Sons of Norway offers
life insurance and
annuity products in
the United States only.
Not all products are
available in all States.
For a complimentary
consultation with your
Sons of Norway Financial
Benefi ts Counselor, visit
sonsofnorway.com.
sonsofnorway.com VIKING JANUARY 2017 11

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Viking Magazine - January 2017

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