Viking Magazine - June 2020 - 11

For a complimentary
consultation with your
Sons of Norway Insurance
Professional, visit
sonsofnorway.com.
Giving By
the Numbers
Here's a look at some
Single premium life insurance might
make the most sense for your financial
situation if you have a large amount of
cash you want to invest at once, such
as an inheritance. " Essentially, you
pay a certain amount of money in a
premium to offset the risk of your life
ending, " Benz explains. The bigger the
premium you pay, the lower the risk to
the insurance company and the more life
insurance you'll be able to purchase.
Your donation will grow.
Single premium whole life insurance is
a permanent policy, meaning it will last
your entire lifetime-as opposed to a
term policy, which only covers you for
a set amount of time, such as 10, 15, 20
or 30 years. Additionally,
perks of a permanent
policy include a death
benefit-an amount the
beneficiary receives upon
the policyholder's death-
as well as the ability to
accumulate tax-deferred
cash value at a guaranteed
interest rate. Depending
on your life expectancy
and your age at the time
you initiate the policy, this
means that your intended
donation to charity can grow by
40, 60 or even 100% by the time
you pass away.
It's flexible.
You sign a contract when you enroll
in a new life insurance policy, but
that doesn't mean your money is tied
up forever. If an emergency situation
arises-such as a health crisis or loss of
employment-and you need cash, you
can pull it out of your death benefit. Just
be prepared to potentially pay taxes on
the amount withdrawn.
You also have the ability to change
beneficiaries at any time, " no ifs, ands
or buts, " says Benz. There's no limit to
the number of beneficiaries on a policy,
so you could designate 50% to family
and 50% to a charity or organization
of your choice.
The money goes straight to your
beneficiary. A life insurance policy is one
way you can ensure your money will
be used as you intended after you pass
away. " If you didn't have a will that
specifically outlined that you wanted
your funds to be distributed
in a certain way, your last
wishes may not be honored.
If you have a life insurance
policy, they will be, " says
Benz, noting that life
insurance payouts also avoid
probate and are tax-free for
your beneficiary.
If you're thinking about
the legacy you want to
leave behind, consider life
insurance as a means to make
a significant contribution to
the charities and organizations you care
about. Talk to your Sons of Norway
Insurance Professional to find out if a
single premium product is a good fit for
you. " With life insurance you can
maximize your gift, " Benz says.
" If you have $5,000 to give, you could
turn that into $10,000 without actually
doing anything. "
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.
SOURCE: GIVING USA 2019: THE ANNUAL REPORT
ON PHILANTHROPY FOR THE YEAR 2018.
recent charitable giving
statistics in America.
Americans gave
$427.71
Billion
to charity
in 2018.
Giving by
foundations had a
record-breaking
year in 2018.
It increased to
$75.86
Billion.
Charitable giving
accounted for
2.1%
of gross domestic
product in 2018.
sonsofnorway.com VIKING JUNE 2020 11

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Viking Magazine - June 2020

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