Viking Magazine - March 2018 - 11
Income replacement. Consider
your annual salary and multiply the
number of years you would want to
guarantee that same income. It may be
10 years of wage replacement or more,
depending on the likelihood of the
surviving spouse working or the desire
for a more permanent approach to
long-term security.
" You really have to work the
numbers backward to come up with
the right amount of coverage, " says
Schiermeister. " The younger you are,
the more insurance you can get for
your money. " It's smart to lock in your
insurability, even if you only afford
a term policy at first, with the option
of converting to permanent coverage
down the road.
If someone has money they don't
intend to spend sitting in a bank
account at a low-interest rate, a
permanent single premium life
insurance policy could be a good
option, suggests Carlson. That
" lazy money " could turn into a larger
death benefit that can be passed on tax
fee to their heirs. Or put the money
from a slow-growing certificate of
deposit into an annuity that can grow at
a higher rate and provide you with an
income stream, suggests Schiermeister.
Final expenses. Expenses vary
by region, but recent estimates put
the total cost of a funeral at about
$8,500, according to the National
Funeral Directors Association. The
death benefit from a life insurance
policy can help pay for those expenses
so a surviving family member is not
saddled with the bill.
Educational fund. Should a parent
die before his or her child completes
college and the family's goal is to
support postsecondary education,
plan so that a life insurance policy can
pay for tuition, room and board and
other related expenses. With college
costs increasing faster than the pace of
inflation, it's important to project future
college costs based on the age of your
children, adds Schiermeister.
Think Long Term
As Americans live longer, sooner or later there may be health concerns. Sons
of Norway's Chronic Illness Accelerated Benefit Rider helps members pay
for long-term care. It allows the policyholder to access up to $6,000 a month
for up to four years to cover expenses related to a chronic illness, such as
nursing home fees or home health care bills. The rider can be included with any
universal life or whole life product.
Sons of Norway, 1455 West Lake Street, Minneapolis, MN, offers financial products, but not all products are
available in all states. Products issued by Sons of Norway are available to applicants who meet membership,
insurability and residency requirements.
Crunch the
Numbers
How much life insurance do
you need? The Life Happens
website offers calculators
to help you decide.
lifehappens.org
sonsofnorway.com VIKING MARCH 2018 11
http://www.lifehappens.org
http://www.sonsofnorway.com
Viking Magazine - March 2018
Table of Contents for the Digital Edition of Viking Magazine - March 2018
Contents
Viking Magazine - March 2018 - Cover1
Viking Magazine - March 2018 - Cover2
Viking Magazine - March 2018 - Contents
Viking Magazine - March 2018 - 4
Viking Magazine - March 2018 - 5
Viking Magazine - March 2018 - 6
Viking Magazine - March 2018 - 7
Viking Magazine - March 2018 - 8
Viking Magazine - March 2018 - 9
Viking Magazine - March 2018 - 10
Viking Magazine - March 2018 - 11
Viking Magazine - March 2018 - 12
Viking Magazine - March 2018 - 13
Viking Magazine - March 2018 - 14
Viking Magazine - March 2018 - 15
Viking Magazine - March 2018 - 16
Viking Magazine - March 2018 - 17
Viking Magazine - March 2018 - 18
Viking Magazine - March 2018 - 19
Viking Magazine - March 2018 - 20
Viking Magazine - March 2018 - 21
Viking Magazine - March 2018 - 22
Viking Magazine - March 2018 - 23
Viking Magazine - March 2018 - 24
Viking Magazine - March 2018 - 25
Viking Magazine - March 2018 - 26
Viking Magazine - March 2018 - 27
Viking Magazine - March 2018 - 28
Viking Magazine - March 2018 - 29
Viking Magazine - March 2018 - 30
Viking Magazine - March 2018 - 31
Viking Magazine - March 2018 - 32
Viking Magazine - March 2018 - 33
Viking Magazine - March 2018 - 34
Viking Magazine - March 2018 - 35
Viking Magazine - March 2018 - 36
Viking Magazine - March 2018 - 37
Viking Magazine - March 2018 - 38
Viking Magazine - March 2018 - Cover3
Viking Magazine - March 2018 - Cover4
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