Viking Magazine - September 2022 - 11

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.
this, what the parents are doing is covering expenses
if their minor child were to pass away. But a juvenile
policy also allows parents to provide a piece of coverage
their children can carry with them throughout their
life, so that if something were to come up down the
line-if a child were to obtain a disease or have some
type of accident where they wouldn't qualify for life
insurance-they at least have their juvenile policy that
can be converted without evidence of insurability.
WHAT HAPPENS TO A JUVENILE POLICY WHEN THE CHILD
BECOMES A LEGAL ADULT?
It varies between insurance companies, but children
typically become the policy owner of juvenile life
insurance between the ages of 18 and 21. At that point,
they can choose to take over premium payments and
possibly convert the policy to get more coverage, or pull
the cash value out and use the funds however they see
fit, such as for college expenses.
WHAT ARE THE BENEFITS OF A YOUNG ADULT CARRYING
A LIFE INSURANCE POLICY?
The younger you are when purchasing life insurance,
the cheaper the policy will be. But beyond that, the
biggest benefit is that obtaining life insurance is the first
step into adulthood. If you have that one box checked
off, you don't have to worry about it anymore, and you
got it at a time where you spend the least amount of
money. You never know what life's going to throw at
you, and you want to make sure you're prepared for it.
WHAT IS THE BEST TYPE OF POLICY FOR A YOUNG ADULT?
I typically steer them toward a combination of term and
permanent. A term policy when you're young could be
less than $15 a month-no more than three Starbucks
drinks-so it's very low-cost and they can get a lot of
coverage. Then I'll also start them on a whole life policy
with a guaranteed purchase option so they can begin
building cash value and add more coverage throughout
the years.
WHEN SHOULD PARENTS START HAVING
CONVERSATIONS ABOUT LIFE INSURANCE WITH THEIR
CHILDREN?
I've found the ideal time is right when they enter high
school, when they start to understand more about bills
and responsibilities. You should start to involve them in
the day-to-day activities of being an adult so the child
can best set themselves up for the future.
WHAT TOPICS SHOULD PARENTS BE SURE TO COVER IN
THOSE CONVERSATIONS?
When you graduate high school, we are giving you a
label saying you are a legal adult. You're 18, you have the
choice to do what you want to do, but it's important to
remember you are not invincible. You are going to need
life insurance at some point in your life. This is just one
step of thousands in your lifetime that you're going to
have to experience, and you need to understand that
this one-purchasing a life insurance policy-will set
you up for the future. ▼
SNAPSHOT
HOW DOES GEN Z FEEL ABOUT LIFE INSURANCE?
Source: The Harris Poll on behalf of NerdWallet
86 76 14
are hesitant to
purchase life
insurance.
are worried
about picking the
wrong coverage
amount.
@sonsofnorway
24 21 52 35 60
are concerned
about qualifying
for coverage.
who have
purchased life
insurance did
so to leave an
inheritance.
say a low monthly
payment is
among the
most important
features of a life
insurance policy.
September 2022
11
79 48 65 40
86% 24% 21% 48% 35% 40%
say lifelong
coverage is
an important
feature.

Viking Magazine - September 2022

Table of Contents for the Digital Edition of Viking Magazine - September 2022