Viking Magazine - March 2017 - 13

THE STATS
Help fund expenses for
college. With a permanent policy
on either the parent or
grandparent, the cash value accumulates
over time and provides a nice nest egg you
can tap for a
variety of
expenses
- college,
medical
expenses,
emergencies -
at a low interest
rate. " Borrowing
against the cash
value of a policy is
one of the biggest advantages of life
insurance, " says Donnelly. That money can
be used to help pay for college expenses,
without hurting the student's ability to
qualify for financial aid. A life insurance
policy would also be a self-completing plan
because if you die before the children go to
college, the proceeds from the policy can
still be earmarked for the children's
education.
Allow money to go directly
to beneficiaries, not
creditors. Proceeds from life
insurance are given to the ones you
designate on the policy - your spouse or
loved ones. Credit card companies or other
collectors cannot demand a portion or
garnish that death benefit money. It is
protected for your family. " Life insurance is
one of the most efficient ways to leave
money to your loved ones, " adds Donnelly.
Provide a safe investment.
The stock market can go up and
down, making your investments
worth more at some points in time than
others. With life insurance, the value is set.
As long as you pay the premium, the
insurance company promises to pay that
amount upon your death. If you have a
large estate, life insurance can help you
replace assets lost to estate and capital gains
taxes as well as paying the taxes.
Supplement your income in
retirement. Just because your
children are grown does not mean
your need for life insurance has gone away.
A policy can provide a valuable safety net in
retirement in two ways. First, the cash
values that accumulate in the policy can be
a source of money to tap into if you need
additional income to supplement your
retirement benefits. Second, there is the
death benefit. Often seniors rely on term
insurance, which expires after 20 or 30
years, or coverage from their employer,
which ends when they stop working,
notes Donnelly.
" There will be a financial impact to their
families when they die. Insurance will
provide financial security to the loved ones
left behind, " he says. Carlson adds that
coverage is especially important if a couple
took a higher pension distribution amount
and decided not to get joint survivor
pension payments, leaving the widow or
widower with a drop in income upon the
death of a spouse. Life insurance will fill
that void.
Create a generous legacy for
your family or beloved
charity.
Life insurance proceeds can be passed on to
your children, grandchildren or a charity,
such as your church, alma mater or The
Sons of Norway Foundation, tax-free. " Life
insurance is the best thing a person can
possibly buy, " says Carlson. " Money is
passed on income-tax free. That is a
powerful thing. "
Sons of Norway offers life insurance and annuity products in the United States only. Not all products are available in all States.
Nearly
5 million more
U.S. households
had life insurance
coverage in 2016
compared
to 2010.
56% of
households
said they were
more likely to buy
when advised by
a trusted financial
professional.
One in five
households
with children
under age 18
were uninsured
in 2016.
Source: LIMRA,
September 2016
For a complimentary
consultation with your
Sons of Norway Financial
Benefits Counselor, visit
sonsofnorway.com.
sonsofnorway.com VIKING MARCH 2017 13

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Viking Magazine - March 2017

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