Viking Magazine - February 2020 - 10

Finance
Lincoln recommends purchasing a
policy for 10 times the annual amount
of income you want to replace. This
will guarantee that your spouse or
partner can continue paying the bills
after your death. If you are single with
no dependents, life insurance may not
seem like a necessity at the moment,
but if your parents aren't well-off,
you could consider a small policy that
would help them afford your funeral
expenses if you were to pass away
before them.
For Your Spouse
Love Insurance
February is all about love, and what better way to show your family you
care than by ensuring they are protected for the future? BY TAYLOR HUGO
ife insurance might as well be called " love " insurance, since its primary
purpose is to safeguard your closest family members from fi nancial
hardships in the event of your death or the death of another loved one.
" Life insurance isn't a tangible item, but it's one of the most important pieces
of paper you will ever own, " says Adrienne Lincoln, a Sons of Norway
Insurance Professional in District 6.
Lincoln draws on her own experience to highlight the importance of
life insurance. When she fi rst started in the business in 1985, she wrote
policies for her parents and siblings, which were used to help pay for funeral
expenses when her mother and sister passed away in 2016 and 2017,
respectively. " A lot of people I know personally have lost loved ones, and the
ones who didn't have life insurance are struggling, " Lincoln says. " The ones
who do have it are living comfortably and are able to meet their obligations. "
For Yourself
Purchasing life insurance for yourself may seem obvious, but
according to a recent study by LIMRA, the Life Insurance
Marketing and Research Association, only 57% of people
in the United States have life insurance-and of those, about
half are underinsured. To make sure you're properly insured,
10 VIKING FEBRUARY 2020
sonsofnorway.com
For a complimentary
consultation with
your Sons of Norway
Insurance Professional,
visit sonsofnorway.com.
L
You also want to make sure you're
covered if you lose your spouse.
Depending on the age of your partner,
term life insurance-which comes
in policies of 10, 15, 20 or 30 years
through Sons of Norway-might make
the most fi nancial sense. These policies
can ensure you're covered during a
certain time period in your life, such
as while paying off a mortgage or
sending your children to college. Plus,
you can always switch the policy
to a permanent one when the term
expires. Again, Lincoln refers back
to her " 10 times the income " rule of
thumb-especially if your spouse is the
main provider. " This gives you enough
money to be properly insured, and it
also gives you that extra cushion in
case you need it, " she says. " When I'm
doing an income analysis through Sons
of Norway, which is free, we take into
account all of their assets and what
they owe. All of this factors into being
able to insure them properly. "
For Your Kids
You are never too young to
enroll in life insurance,
as Lincoln demonstrates
by encouraging parents
to take out a permanent
policy on their children as
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Viking Magazine - February 2020

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