A wide variety of life insurance products are available in today’s marketplace. However, they basically fall into two categories, either temporary coverage or permanent coverage. Let’s take a look at how they differ.

 

Term

We understand that everyone’s situation is different; maybe you need insurance coverage while you are paying off a 30-year mortgage or for just a few years to ensure the college years are a reality if something should happen to you. Sons of Norway offers a guaranteed term insurance policy in durations of 10, 15, 20 or 30 years. You can decide what works best for your situation and add riders to customize your coverage.

 

Should your situation change and you need to keep the coverage after the term expires, you can convert your policy to a permanent type of coverage or extend the time annually by simply continuing the premium payments that will be recalculated for you.

 

Permanent

The two basic types of permanent insurance policies offered by Sons of Norway are whole life and universal life. While universal life may be a more flexible option, whole life has many versions and ways to customize your coverage that will most often meet your particular needs.

 

Whole life can be purchased with a single one-time premium payment or with annual payments during your lifetime. Either way you will have guaranteed coverage with guaranteed cash value, and with most types you will also have the ability to earn dividends.             

We even offer a type of whole life that is perfect for those who really would rather not take a medical exam and just want to know they are guaranteed to have the insurance coverage they need for final expenses or leaving a legacy.  

Benefits to consider

Term Insurance

Permanent Insurance

Guaranteed death benefit

Yes

Yes

Tax-deferred cash value accumulation

No

Yes

Lifetime death benefit

No

Yes

Riders to customize coverage

Yes

Yes

Simple product

Yes

No

Ability to earn dividends

No

Yes 

Tax-free death benefit

Yes

Yes