Viking Magazine - October 2022 - 11

Americans who say their household
would face fina cial hardship
within a month of a wage-earner
dying unexpectedly, it's time to
take action. Depending on your
fina cial obligations-a mortgage,
loans, college tuition for your
kids-your Sons of Norway
insurance professional may suggest
a term policy that covers you for a
duration of 10, 15, 20 or 30 years,
a permanent policy that lasts a
lifetime or a mix of both.
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@sonsofnorway
YOUR SPOUSE IS
DIAGNOSED WITH A LIFETHREATENING
ILLNESS.
This situation proves that
just because you and your family
are healthy now doesn't mean that
will always be the case. Should you
or your spouse be diagnosed with
cancer, heart disease, diabetes or
another life-threatening illness, that
would be considered a pre-existing
condition, and you may have a hard
time fi ding life insurance coverage
if you don't already have a policy in
place. One of the biggest benefits to
obtaining a permanent policy ahead
of any curveballs life may throw at
you: the cash value accumulation,
which you can borrow against to
use for medical bills, loss of income
due to hospitalizations or any other
expenses.
YOU DON'T HAVE ENOUGH
MONEY TO COVER YOUR
FINAL EXPENSES.
While it's best to obtain life
insurance when you're younger-
and therefore likely healthier,
making coverage cheaper-don't
make the mistake of thinking you
can't get coverage just because you
didn't purchase a policy in your
30s. Sons of Norway offers two
whole life products, simplified and
guaranteed issue life insurance,
SNAPSHOT
THE TOP 3 REASONS
Sons of Norway
offers two whole life
products, simplified and
guaranteed issue life
insurance, available to
anyone up to age 85.
55%
available to anyone up to age 85.
Members can qualify for $10,000
to $50,000 with the simplified issue
plan by answering a few health
questions, but the guaranteed issue
policy-with face amounts ranging
from $5,000 to $25,000-doesn't
inquire into your health at all. The
death benefit, which pays out after
two years of holding the policy, can
be used to pay for funeral expenses
or final edical bills so that burden
doesn't fall on your loved ones.
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YOU AREN'T ABLE TO
LEAVE AN INHERITANCE
TO YOUR LOVED ONES.
As you get older, you
likely have less of a need for life
insurance: Your children may be
adults with families of their own,
you likely don't have many debts
to pay and, if you're already in
retirement, you probably don't have
to worry about supporting a spouse
with your income. Still, many
people hope to pass on wealth to
their loved ones. If you don't have
a ton of money sitting in the bank,
one way to leave an inheritance is
through a permanent life insurance
policy. Sons of Norway offers whole
life and universal life, both of which
come with a guaranteed death
benefit that will pay out to your
beneficiaries when you pass. ▼
say they have other
financial priorities
that come before life
insurance expenses.
PEOPLE DON'T PURCHASE
LIFE INSURANCE
Source: LIMRA, 2021
60%
believe it is too
expensive, yet more
than half of Americans
overestimate the cost of
life insurance three-fold.
53%
say they haven't
purchased life insurance
because they are unsure
how much they need or
what type to buy.
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.
October 2022
11

Viking Magazine - October 2022

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