Viking Magazine - February 2021 - 11

PART
ONE
premium, " says Mills.
With face amounts ranging from
$10,000 to $25,000, " it's a nice feature
for grandparents to take out on their
grandchildren, or for parents to cover a
child that was just born " for a premium
that's around $500 or less, says
Gostanczik.
Plus, coverage doesn't need to end
when children hit age 18. The Viking
Voyageur plan can be converted to
another, longer-term product at three
times the face value anytime up to age
26, with no evidence of insurability.
Convertibility Without Insurability
The ability to convert coverage without
evidence of insurability is not solely
reserved for the Viking Voyager plan.
Any of Sons of Norway's term products
can be fully or partially rolled over
to a permanent plan without medical
questionnaires or exams. While that
may not seem like an important feature
when you're young and healthy, it could
be beneficial later on if you develop
health problems.
" Throughout the years, I have
received calls from clients that need
a large amount of life insurance, but
unfortunately now have serious health
problems and are uninsurable and
unable to purchase the amount they
need, " says Mills.
Securing term life insurance when
you're the youngest and, likely,
healthiest you'll ever be nets you the
best possible insurance class and lowest
premiums, ensuring you'll never end up
a situation where you can't afford what
you need.
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.
sonsofnorway.com VIKING FEBRUARY 2021 11
How much coverage do I need?
Calculating how much term life insurance coverage
you need can seem like a daunting task. You may
have heard the " rule of thumb " that involves
multiplying your income by 10, 15, or however many
years you want coverage for, but Sons of Norway
regional sales director Jared Gostanczik cautions
that's not specific enough.
" The human life value can get very detailed.
It's a complex formula, " he says, pointing to
considerations like income, of course, but also
liabilities and final expenses. The total amount is
usually more than you would expect. For example,
a 25-year-old with a spouse and two kids may need
upwards of $1.5 million between covering student
and auto loans, a mortgage, credit card debt and a
college fund for their children.
There are plenty of online calculators to give you
a rough estimate of how much life insurance you'll
need, but your best bet is to speak with a Sons of
Norway Insurance Professional who can customize
policies to help fit your coverage needs.
Term Life
Insurance
This article is the first in a three-part series about
recommended financial products for every stage
of life. In the upcoming March and April Finance
columns, we'll cover permanent life insurance, and
annuities and final expense insurance.
pg 10-11.indd 2
12/16/20 11:13 AM
http://www.sonsofnorway.com
Viking Magazine - February 2021

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