Viking Magazine - February 2020 - 11

By the Numbers
soon as they're born. This type of policy
lasts their entire lives. Premiums will
always stay the same, and they have the
ability to build tax-deferred cash value
that can be withdrawn even while they
are still living. You can protect their
insurability by securing a policy while
they are young and healthy. Waiting,
on the other hand, can be costly in
the long run: " If at any time in their
lives something happens where they're
diagnosed with a disease or cancer,
it will cost them more money to get
insurance. "
For Your Parents
As your parents age, don't hesitate to
ask them about their life insurance
coverage. If they don't have their own
policies in place, you're allowed-with
their consent-to purchase your own
policy on them. The type of policy and
the coverage you receive will depend
on their age and medical condition, but
even a small life insurance policy could
help cover funeral costs, hospital bills
and any other fi nal expenses they leave
behind after their death.
For Your Business Partner
If you're part of a small company, your
co-workers may feel like family, and
this is one of those rare cases where you
might take out a life insurance policy
on someone who is not related to you.
Known as " key person insurance, "
this type of policy covers-as the name
suggests-key people in a business,
such as a founder, president or CEO.
These are individuals without whom a
business would suffer severe fi nancial
consequences or may not survive. It
allows a company to cover expenses,
pay off debt and investors or take
care of employees' severance packages
without immediately resorting to
bankruptcy after the death of a crucial
business partner.
New statistics from the 2019 " Insurance Barometer Study "
from LIMRA and Life Happens
1 in 5
Americans say they are " very " or " extremely "
likely to buy a combination life insurance product.
46%
of consumers say they are
knowledgeable about
life insurance.
Two-thirds
of Americans recognize they
need life insurance, yet many do
not have adequate coverage to
protect their families.
Insure Your Love
February is often thought of as the month of love. (Hello, Valentine's
Day!) That's why the nonprofi t Life Happens chooses this time of year for
its annual " Insure Your Love " campaign, encouraging people to consider
life insurance-not only to benefi t themselves but also their family
members. If you don't have a life insurance policy in place, or you want
to review your current policy, reach out to your Sons of Norway Insurance
Professional to see which Sons of Norway fi nancial products are a good fi t
for you. It's about " protecting your family during the most tragic time in
your life, when you lose a loved one, " explains IP Adrienne Lincoln. " You
don't want to worry about not being able to pay your mortgage or bills
during this time. "
Sons of Norway, 1455 West Lake Street, Minneapolis, MN, offers fi nancial 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.
sonsofnorway.com VIKING FEBRUARY 2020 11

http://www.sonsofnorway.com

Viking Magazine - February 2020

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