Whole life insurance from Sons of Norway might be the right choice for you—if you want the convenience of a guaranteed premium with the assurance of a guaranteed death benefit, no matter how long you live.
Getting started with whole life insurance
Sons of Norway lets you choose from two different whole life products: Whole Life 121, Single Premium Whole Life and Nordic Protector. Both provide life insurance coverage to age 121, along with:
- Income tax free death benefit.
- Guaranteed cash values that increase each year.
- Tax-deferred growth on cash value.
- Ability to borrow against the cash value of the certificate.
- Eligible to earn dividends which can be used to purchase additional coverage or provide funds now and in the future. Dividends are not guaranteed.
The main difference between these two products is how you choose to pay the premium:
- Regular premium payments tailored to your budget: annually, semi-annually, quarterly, or through monthly electronic transfer. Dividends can also be applied to premiums.
- This product offers the following riders:
- Waiver of Premium – Guarantees your family’s financial security by paying the premium during a period of total disability.
- Accidental Death Benefit – Provides additional coverage in the event of your accidental death.
- Guaranteed Purchase Option – Protects your future insurability by guaranteeing optional increases in coverage at certain ages regardless of changes in your health.
- Children’s Term – Provides insurance on your juvenile children under the age of 18.
- Just one single premium payment.
- This is a good choice when you need additional life insurance and have a lump sum of cash available. Typical sources of lump sum payments are savings accounts, retirement accounts, CDs, a gift, an inheritance or an insurance payout.
- When properly arranged, this is an excellent way to transfer assets to heirs, tax-free.
Nordic Protector (Simplified Issue Single Premium)
- Designed to provide the money needed to cover final expenses, like funeral costs, medical bills and other end-of-life expenses.
- Guaranteed death benefit.
- Guaranteed cash value.
Interested in a whole life product?
This page describes certificate series WL10 and SPWL13.
Not available in all states. See contracts for complete details.