Viking Magazine - June 2017 - 11

Sons of Norway offers life insurance and annuity products in the
United States only. Not all products are available in all States.
" Life insurance provides stabilization, because you have
enough coverage to pass along your assets even at a time
when there is a correction in the market. "
SOLUTION 8
for grandchildren, you can either borrow against the cash
value of a policy or designate a grandchild as the beneficiary
of a policy to fund tuition or pay off student loans. An added
plus is that the life insurance is not counted as an asset when
determining eligibility for financial aid, says McKeever.
SOLUTION 4
PROVIDE FOR LOVED ONES WITH SPECIAL NEEDS.
Children with disabilities often need lifelong financial
support that goes beyond what a parent can merely save. A
life insurance policy addresses that challenge by leveraging a
family's assets into a larger payout upon death.
SOLUTION 5
MANAGE TRANSFER COSTS. Expenses in transferring
wealth from one generation to the next can add up with
probate costs and attorney fees. With life insurance, more of
your money can go into the hands of your heirs. " The death
benefit passes directly to the beneficiary tax free and does not
go through probate, " says Carlson. " That's one of the bestkept
secrets about life insurance. " McKeever adds that life
insurance is the best asset you can put in a trust (irrevocable
or revocable), because its value will grow and the proceeds
can be given to your heirs without being taxed.
SOLUTION 6
MINIMIZE TAXES IN RETIREMENT. Retirees are required
to withdraw money from their 401(k)s and IRAs starting at
70 ½, and the money is taxable. To limit your tax liability,
Carlson suggests withdrawing some of the funds in your 60s
that you don't plan to use to live on to purchase a singlepremium
life insurance policy.
SOLUTION 7
STABILIZE ASSETS. If you have investments tied up in real
estate or the stock market, the value can fluctuate with the
economy. Life insurance provides a conservative, guaranteed
balance to your financial holdings. " You can lose money with
the ups and downs of the market, " says Carlson.
SOLUTION 9
LONG-TERM CARE. Sons of Norway offers a long-term care
rider that McKeever says is one of the best in the industry. If
someone purchases a $100,000 policy and needs long-term
care, such as an aide to help with the other activities of daily
living, they can receive up to $2,000 a month for 50 months
to pay for those expenses. The key with any policy is to plan
ahead and buy when you are healthy. " Life insurance is very
simple, " says McKeever. " It's like a storm at sea. You batten
down the hatches prior to
the storm. Same with life
insurance, you need to buy
when you don't need it. "
PROPER DISPOSITION OF BUSINESS ASSETS. Handling
finances can be complicated when a business co-owner dies.
But it can be much smoother when there is a life insurance
policy in place. That way, the benefit can be used to provide
money to those who can and want to run the business.
For a complimentary consultation
with your Sons of Norway Financial
Benefits Counselor, visit
sonsofnorway.com.
sonsofnorway.com VIKING JUNE 2017 11
http://www.sonsofnorway.com http://www.sonsofnorway.com

Viking Magazine - June 2017

Table of Contents for the Digital Edition of Viking Magazine - June 2017

Contents
Viking Magazine - June 2017 - Cover1
Viking Magazine - June 2017 - Cover2
Viking Magazine - June 2017 - Contents
Viking Magazine - June 2017 - 4
Viking Magazine - June 2017 - 5
Viking Magazine - June 2017 - 6
Viking Magazine - June 2017 - 7
Viking Magazine - June 2017 - 8
Viking Magazine - June 2017 - 9
Viking Magazine - June 2017 - 10
Viking Magazine - June 2017 - 11
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