Viking Magazine - July 2015 - 11

FINANCIAL SECURITY
Setting your child on the road to fi nancial security starts at an
early age. Juvenile life insurance policies can grow and accrue
cash value for that child into adulthood. It will also guarantee
the child the right to buy more life insurance later in his or
her life. The cash that builds up can turn itself into a nice
little nest egg, in which they can fund education costs or put a
down payment on a house in the future. Here's a look at the
life insurance products Sons of Norway offers for families.
LIFE
INSURANCE
TIPS
VIKING VOYAGER - This is a term product that is designed for kids age 0-17.
With a one-time premium, coverage lasts until age 26. You can buy a policy with a
face value of $10,000, $15,000 or $25,000. It's quite reasonable, with a $25,000 policy
purchased at age 0 for a single premium of $504.
BONUS! A child insured with Viking Voyager automatically becomes a Sons of Norway
Heritage member. Heritage members receive a membership card and free access to
the Sons of Norway Sports Medal Program, Youth Cultural Skills Program, Idea Banks
and Information Banks. At age 16, they qualify to become a full member of Sons of
Norway, with reduced dues until age 23 or dues waived with a qualifying adult.
NORDIC PROTECTOR - This Simplifi ed Issue Single Premium Whole Life provides
permanent coverage that will stay with the child through adulthood. A $25,000 policy
can be purchased for a newborn for a single premium of $2,000. This policy also
accumulates cash value.
WHOLE LIFE - Cash value accumulates in the policy over time. The owner can tap
into the money by borrowing against the policy at a low rate to help fi nance college,
a new home or retirement. " It's a conservative method of accumulating money,
but can be one that is an additional source of money, " says Carlson. A Guaranteed
Purchase Option can be added to a Whole Life policy, enabling the policy owner
to add up to $25,000 of additional coverage at ages 22, 25, 28, 31, 34, 37 and 40
without being required to prove insurability, adds Carlson. " This means that you are
guaranteeing $175,000 worth of life insurance protection for that child, " he says.
UNIVERSAL LIFE - This is also a permanent life insurance policy that accumulates
cash value. Unlike the Whole Life policy where the premium is locked in, premiums
here are fl exible which allows more money to be deposited into the policy when
possible. There is also a current interest rate attached to the policy; currently it is 4.85*
percent. The Guaranteed Purchase Option is also available on this policy.
*Current rate subject to change. Minimum guaranteed rate is 3 percent.
Only about 15 percent of people under the
age of 18 have a life insurance policy.
The American Council of Life Insurers
« Having life insurance for
children is very important
because it gives them
coverage in the event they
become uninsurable. It's also
a chance to teach children
about fi nances.
« When a child has a life
insurance policy, it gives
adults in their lives a chance
to explain how the product
works and the importance of
savings. A permanent policy
can have a living benefi t that
can be used later in life for
a college education or for a
payment on a home.
« The sooner you start
talking about fi nances and
savings the better. After all,
children need to know the
importance of saving and
preparing for the future. A
permanent life insurance
policy is one way to do this.
-Adrienne Lincoln, FBC
Nevada City, Calif.
For a complimentary
consultation with your
Sons of Norway Financial
Benefi ts Counselor, visit
sonsofnorway.com.
sonsofnorway.com VIKING JULY 2015 11

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Viking Magazine - July 2015

Table of Contents for the Digital Edition of Viking Magazine - July 2015