Viking Magazine - March 2021 - 9

PART
TWO
Permanent
Life
creating the flexibility for policyholders
to contribute varying premium amounts
over the length of their coverage. A
major perk of both is the ability to
accumulate cash value over time-a
financial pool you can withdraw from or
borrow against down the road if needed.
" Universal life is typically going to
be more affordable coverage, but the
flip side of that is they don't have all
the guarantees of whole life. Their
premiums could go up or down, but the
beauty of that is they could pay more
into [the policy] and build more cash
value, and if interest rates go up, their
premiums go down, " says Gostanczik,
who sums up the differences between
universal and whole life like this:
" Both policies are going to accomplish
the same thing in terms of permanent
coverage and cash value, you just get
more flexibility with universal life and
more guarantees with whole life. "
No matter which type you choose,
Sons of Norway wants members to
know that some coverage is better than
none, and your best course of action
moving forward is to discuss your
finances and future goals with your
lodge's insurance professional. They can
help you pick the best policy for you and
your family.
" Don't get too locked into predicting
what's going to happen in the future, "
Waage advises. " No one knows what
their needs are going to be 10 years
from now. The best you can do is to
prepare for both the expected and the
unexpected in life, and that often leads
us to a permanent policy solution. "
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 MARCH 2021 9
Insurance
Which Insurance Is
Right for You?
Term Insurance
* Provides protection for a
specific 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
This article is the second in a three-part series
about the recommended financial products for
every stage of life. Check out the February issue for
information on term life insurance, and stay tuned
for the upcoming April Finance column, where we'll
cover annuities and final expense insurance.

http://www.sonsofnorway.com

Viking Magazine - March 2021

Table of Contents for the Digital Edition of Viking Magazine - March 2021

Contents
Viking Magazine - March 2021 - Cover1
Viking Magazine - March 2021 - Cover2
Viking Magazine - March 2021 - Contents
Viking Magazine - March 2021 - 4
Viking Magazine - March 2021 - 5
Viking Magazine - March 2021 - 6
Viking Magazine - March 2021 - 7
Viking Magazine - March 2021 - 8
Viking Magazine - March 2021 - 9
Viking Magazine - March 2021 - 10
Viking Magazine - March 2021 - 11
Viking Magazine - March 2021 - 12
Viking Magazine - March 2021 - 13
Viking Magazine - March 2021 - 14
Viking Magazine - March 2021 - 15
Viking Magazine - March 2021 - 16
Viking Magazine - March 2021 - 17
Viking Magazine - March 2021 - 18
Viking Magazine - March 2021 - 19
Viking Magazine - March 2021 - 20
Viking Magazine - March 2021 - 21
Viking Magazine - March 2021 - 22
Viking Magazine - March 2021 - 23
Viking Magazine - March 2021 - 24
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Viking Magazine - March 2021 - 26
Viking Magazine - March 2021 - 27
Viking Magazine - March 2021 - 28
Viking Magazine - March 2021 - 29
Viking Magazine - March 2021 - 30
Viking Magazine - March 2021 - 31
Viking Magazine - March 2021 - 32
Viking Magazine - March 2021 - 33
Viking Magazine - March 2021 - 34
Viking Magazine - March 2021 - 35
Viking Magazine - March 2021 - 36
Viking Magazine - March 2021 - 37
Viking Magazine - March 2021 - 38
Viking Magazine - March 2021 - Cover3
Viking Magazine - March 2021 - Cover4
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