Viking Magazine - September 2021 - 11

3. True or False: I'm in poor
health. I will never be able to
get life insurance.
Correct answer:
False. Yes, it's true
that many policies will
require at least some
medical component,
whether it be a health
questionnaire or a full-blown exam by
a physician, and you could be denied
coverage because of a previous or current
illness or diagnosis. Luckily, Sons of
Norway offers a guaranteed issue product
that anyone can qualify for, regardless of
health, giving policyholders up to $25,000
to cover fi nal expenses or leave a legacy.
4. Who can I cover with life insurance?
(Select all that apply.)
A. My spouse
B. My contractor
C. My business partner
Correct answers: A and C. As much as
you'd like to ensure you get your money
back on a home renovation should
something happen to your contractor
mid-project, that's not how life
insurance works. In order to take
out a policy on someone, and
be the benefi ciary of that policy,
you have to prove an insurable
interest. In other words, you have
to demonstrate why you would face
fi nancial hardship if the insured person
were to pass away, like replacing one
spouse's income to provide coverage
for the family in case of loss, or business
partners wanting to protect a company
they started together. " There has to be a
reason why the insurance is in place, " says
Gostanczik. " You can't benefi t fi nancially
from an unrelated or random
person's death. "
5. True or False:
I already have life
insurance as a
benefi t through
my job. I don't
need additional
coverage.
Correct answer:
False. While life insurance
is a great benefi t offered by many
employers, it's likely a term product that
doesn't offer the amount of coverage you
need. It also may not be portable, meaning
you can't take the policy with you if you
switch jobs or retire. Sons of Norway's
insurance products are a nice complement
to an employer's offerings that allow you
to purchase more coverage customized
to your unique needs. Since the insurance
is tied to you, rather than your job, you'll
never lose it as long as you renew the
policy and keep up with the premiums.
6. How many Americans are uninsured
or underinsured?
A. 20 million
B. 4 million
C. 60 million
Correct answer: C. There are
60 million Americans who are
uninsured and underinsured,
with an average coverage gap of
$200,000, according to the Life
Insurance and Market Research
Association. Even if you can't afford
a large policy, " life insurance is the
cheapest today, and something is
better than nothing, " says Gostanczik.
Sons of Norway, 1455 West Lake Street, Minneapolis, MN, offers fi nancial 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.
Extra Credit
How can I prepare for a meeting
with my insurance professional?
Your Sons of Norway insurance
professional can help guide you to the
best products to fi t your needs and
budget, but there are a couple of things
you can prepare before your meeting
to help: a list of your debts and income
sources, as well as an idea of how
much you'd like to put aside for your
children's future and charitable giving.
For a
complimentary
consultation with
your Sons of
Norway insurance
professional, visit
sofn.com/
fi nancial_products
sonsofnorway.com VIKING SEPTEMBER 2021 11

http://www.sofn.com/financial_products http://www.sonsofnorway.com

Viking Magazine - September 2021

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