Viking Magazine - August 2020 - 11

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.
healthier you are, many people hold
off on purchasing this type of life
insurance until their debt is
lower and they're making
more money, such as after
the mortgage is paid
down and kids are in
college.
" Where are you
career-wise? Did you
have children right
away, or did you
wait? " says Kern.
" It all depends on
your situation, but
to start transitioning
into some sort of permanent product
does make sense, because the longest
term product is 30 years, so if you took
it out when you were 20, you'll want
to have life insurance past the age
of 50. "
Universal life or whole life are
two options to consider while
you're bridging the gap between
protecting against loss of income and
safeguarding your legacy and assets.
While both are more expensive than
term insurance, they come with other
advantages, like lifetime protection,
the ability to earn dividends, and
access to cash value through loans and
withdrawals.
" You can leave a legacy, leave it to
your benefi ciaries, but you can also
have access to that cash value in times
of emergency, " says Gostanczik. " They
can use it to pay off their bills, take out
a withdrawal to pay for college, help
supplement their retirement funding.
It's always great to have that safety
net. "
Similar to term products, permanent
life insurance can also be customized
with riders to meet your specifi c
needs. For example, Sons of Norway's
guaranteed purchase option rider
allows you to increase your coverage
by $25,000 every three
years-from age 25
to 40-regardless of
changes in health.
" The whole idea
behind this rider is,
as their lifestyle and
needs are changing,
they can get additional
coverage with no evidence
of insurability with a
permanent product, "
explains Gostanczik.
Safeguarding Your Legacy and
Assets
As you get older, and want to protect
your legacy and assets, you should
consider moving more of your money
into stable, guaranteed investments,
such as annuities.
Netting you a reliable, positive rate
of return every year, annuities can never
lose money, and they are particularly
effective for those who are nearing
retirement and thinking about ways to
supplement their income.
" One of the biggest concerns in
retirement planning is having a secure,
steady income to rely on, " says
Gostanczik. " Annuities offer peace of
mind by providing a low-risk option
to secure a portion of your retirement
dollars. "
Beyond retirement, you may also be
starting to think about fi nal expenses.
Even if you fi nd yourself in the 43% of
people who have not had life insurance
up until this point, there are still options
available to enroll in a policy that will
help your loved ones cover funeral costs
and medical bills: simplifi ed issue and
guaranteed issue life insurance. Neither
whole life product requires you to be in
perfect health, and when you die, both
bypass probate to go directly to your
benefi ciaries.
" People want to live as long as they
can with as much fi nancial independence
as they can, " says Gostanczik. " When
something happens, they don't want
to leave any expenses behind to family
members. Final expense insurance takes
care of that need. "
Term Insurance
* Provides protection for a
specifi c amount of time,
such as 10, 15, 20 or 30
years
* Does not build cash
value
* Has lower premiums-
appealing to singles
and young families on a
budget
Permanent Insurance
* Provides protection for a
lifetime
* Builds cash value
* Has higher premiums
sonsofnorway.com VIKING AUGUST 2020 11
Which Is
Right for
You?

http://www.sonsofnorway.com

Viking Magazine - August 2020

Table of Contents for the Digital Edition of Viking Magazine - August 2020