Viking Magazine - March 2021 - 8

Finance
the gap to the next financial phase of
your life: protecting your legacy and
assets.
Life Insurance to Last a Lifetime
Permanent life insurance policies from Sons of Norway help
bridge the gap between protecting against loss of income and safeguarding
your legacy. BY TAYLOR HUGO
L
et's set the scene: You are in your 40s or 50s-established in your career, but
not yet ready to retire-your kids have grown up, and perhaps you own your
own home. If you're in that " in-between " phase of life, you may be wondering
which life insurance product is best for you and your family.
" Everyone's lifestyle is going to vary, but at this point in time, your mortgage
may be paid down or eliminated, you've already paid for your children's
education, hopefully you are making more money, " says Jared Gostanczik, Sons of
Norway's regional sales director. " You're not going to need as much coverage, but
you still need that income replacement. "
Enter: permanent life insurance-products that are designed to cover
the policyholder for the remainder of their life, with guaranteed
death benefits, tax-deferred cash value accumulation and the ability
to earn dividends to boot.
Unlike term life insurance-which is most often used by
young families who need as much coverage for as small a cost as
possible, solely to help protect against loss of income-permanent
coverage not only protects against loss of income, but also bridges
8 VIKING MARCH 2021
sonsofnorway.com
" The difference between a
permanent policy and term is kind of
like the difference between renting or
owning your home, " explains Don
Waage, a Sons of Norway insurance
professional. " When you're renting,
you pay your rent, and if you leave,
you don't take anything with you
except your own furniture. But if you
own your home, you've got some
equity that you're building up, so your
payments are going into your own
pocket, essentially. That's kind of the
way that a permanent policy works,
too. You have a little bit of your own
equity that you can walk away with if
you chose to in the future. "
Sons of Norway offers two options
when it comes to permanent coverage:
whole life or universal life, both
of which have their own unique
advantages. " When I'm sitting down
with somebody and we're talking
about the options, I like to cover the
pros and cons, " says Waage. " Each
individual has to balance their own
situation and their own expectations
for their future. "
For a
complimentary
consultation with
your Sons of
Norway Insurance
Professional, visit
sonsofnorway.com.
Whole life can be the more expensive
option between the two, but the
tradeoff of higher premiums for more
stability might be worth it, depending
on your financial situation. Many
people favor the peace of mind a whole
life product can provide with either a
single one-time premium paid
up front or predictable
premium payments
throughout their
lifetime. Universal life,
on the other hand, is
subject to fluctuations
in the stock market,
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Viking Magazine - March 2021

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