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Disadvantages of Sons of Norway Final Expense Life Insurance
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Conclusion – Is Sons of Norway Final Expense Whole Life Insurance Worth It?
Rating:
★★★★★3.5/5
Sons of Norway insurance company offers two affordable final expense life insurance options that can help protect from end-of-life expenses such as funeral costs, medical bills, and small debts.
The Simplified Issue Plan offers day-one protection, while the Guaranteed Issue Plan can help anyone with health issues get life insurance protection.
Sons of Norway Final Expense Highlights
- Two final expense life insurance options
- Permanent life insurance protection
- No medical exams required
- Guaranteed cash value growth
- Highly competitve rates
- Member benefits
- Coverage not available in every state
- Smaller life insurance company with no financial strength ratings
Sons of Norway offers not one but two different final expense life insurance plans that can help relieve you from worrying about whether your family is financially protected from end-of-life expenses in the event of your death.
Final expense life insurance plans are a type of permanent life insurance often designed for the 50 and older age group who no longer require a large amount of life insurance coverage but still want enough coverage to handle smaller financial expenses.
For example, a final expense policy can help pay for the entire cost of a burial or cremation, cover outstanding medical bills, and even provide loved ones with enough funds to take care of outstanding debts for which they may be held accountable to pay.
Choosing a final expense insurance plan will be important as several providers offer this type of coverage. You must compare rates and policy features, such as coverage amounts, issue ages, policy riders, and underwriting requirements.
If you are reading this, it might be safe to say that you have already started looking into your final expense options and are potentially interested in learning more about what Sons of Norway can offer.
In this review, we will help you with that. You will learn all about the two final expense life insurance options from Sons of Norway:
- Simplified Issue Whole Life
- Guaranteed Issue Whole Life
Both options provide financial protection for burial, funeral, and final expenses. However, there are significant differences between the two which we will lay out in detail throughout this review.
Here is a detailed look at Sons of Norway’s final expense life insurance plans.
Sons of Norway Insurance Company
Sons of Norway, named initially “Sonner af Norge,” is a not-for-profit fraternal insurance company founded in 1895 by a group of 18 Norwegian emigrants based in Minneapolis, Minnesota.
The founders initially created Sons of Norway to help other Norwegian emigrants and their families from a major economic depression known as the Panic of 1883.
In response to the growing financial stress caused by the depression within their small community, the 18 founders joined together to create a system of financial protection for each other and their families.
Inspired by similar organizations in Norway, the founders developed a membership system where members would receive access to medical care in exchange for a small weekly fee. The organization was further built by creating a social safety net that would provide financial security while celebrating their shared Norwegian heritage.
Sons of Norway and its objective of providing financial protection to its members still holds true today but on a much larger scale. The insurance company has grown to be one of the largest organizations outside of Norway and a strong contender within the U.S. life insurance industry.
When you purchase life insurance through Sons of Norway, you automatically become a member and are eligible to join one of their lodges. Norwegian ancestry is no longer required for membership.
Along with access to life insurance and retirement products, becoming a member include benefits such as a subscription to Viking magazine, a monthly E-Post digital newsletter, language lessons, and cultural resources, plus discounts on travel, clothing, food, entertainment, rental cars, and more available online.
Sons of Norway has over 57,000 members and operates close to 400 lodges in North America and Norway. The lodges are divided into eight districts. The company currently has over $743,000,000 in life insurance policies in force.
Sons of Norway Ratings & Reviews
When comparing different life insurance providers, part of the process should always include reviewing a company’s financial strength ratings. Financial strengths ratings from agencies such as AM Best, Fitch, Moody’s, and Standard and Poors can provide a helpful look at the company’s overall financial track record.
While financial strength ratings are the independent opinion of the rating agencies handing out the rating, they can provide peace of mind to both potential and current policyholders.
For example, an insurance company with high financial strength ratings strongly indicates that the insurance company has the financial stability to payout claims to its policyholders when that time arises.
When looking into the financial ratings of Sons of Norway, the insurance provider has not received a financial strength rating from any of the four major rating agencies. As a result, they are a non-rated insurance provider.
Having a non-rating is not a bad thing. It just means that the company has not had its financials reviewed which is not a requirement and is likely due to being a much smaller insurer and the cost associated with going through the rating process.
Since Sons of Norway does not have any financial strength ratings, you will want to look at customer reviews left by current and former customers.
The company is a respected insurer with positive reviews from existing customers. Sons of Norway currently has a 4.7-star rating from 33 reviews on WalletHub. In addition, the company has no negative reviews from the Better Business Bureau, with an A+ non-accredited rating.
Sons of Norway also appeared in AM Best’s list of the Top 200 US Insurers for 2021. Out of 200 U.S. life and health insurers, Sons of Norway ranked #199 based on admitted assets backing up why its likely major rating agencies have not rated the insurance provider at this time.
Sons of Norway Final Expense Life Insurance Plans
Sons of Norway offers two life insurance plans that are designed for final expense planning. Both plans are whole life insurance policies, meaning they provide coverage for life instead of a set term period. The two plans include:
- Sons of Norway Simplified Issue Final Expense Insurance
- Sons of Norway Guaranteed Issue Final Expense Insurance
The two final expense life insurance policies do not have a high maximum death benefit. Instead, these life insurance plans are typically purchased to cover burial expenses and other minor financial obligations.
Some of the main features include:
- Permanent life insurance protection
- Guaranteed cash value
- No medical exam required
- Simplified underwriting process
- Available for those with pre-existing conditions
- Provides access to unique membership benefits
Choosing either policy from the Sons of Norway will help cover your final expenses. However, they include a few key differences that may impact your decision.
Here is a closer look at the details of the main features for both final expense policies from Sons of Norway.
Sons of Norway Final Expense Overview
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Policy Type: | Whole Life Insurance | Whole Life Insurance |
| Death Benefit: | Day one coverage | 2-year graded death benefit |
| Issue Ages: | 0-74 | 0-85 |
| Coverage Amounts: | $10,000 up to $50,000 | $5,000 up to $25,000 |
| Contract Length: | Lifetime coverage | Lifetime coverage |
| Rates: | Rates locked to age 121 | Rates locked to age 121 |
| Cash Growth: | Guaranteed cash growth | Guaranteed cash growth |
| Dividends | Eligible | Not Eligible |
| Policy Riders: | Guaranteed Purchase Option Children’s Insurance Rider |
None |
| Medical Exam: | No medical exam required – few health questions | No medical exam required – no health questions |
| State Availability: | AK, AZ, CO, CT, DC, FL, IA, ID, IL, IN, KS, LA, MA, MD, MN, MO, MT, NC, ND, NE, NH, NJ, NV, OH, OK, OR, PA, RI, SC, SD, TX, UT, VA, WA, WI |
Policy Type
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Policy Type: | Participating Whole Life Insurance | Non-Participating Whole Life Insurance |
Sons of Norway Simplified Issue Final Expense is a participating whole life insurance plan. That means the insurance coverage is eligible to receive dividends in addition to guaranteed cash value growth.
Sons of Norway Guaranteed Issue Final Expense is a non-participating whole life insurance plan. That means the insurance coverage is not eligible to receive dividends but still has guaranteed cash value growth.
Death Benefit Payout
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Death Benefit: | Day one coverage | 2-year graded death benefit |
Sons of Norway Simplified Issue Final Expense is considered day one coverage. Therefore, your beneficiaries are entitled to the full death benefit starting on the first day of coverage becomes active. There is no waiting period before the full death benefit kicks in, regardless if the insured’s death is accidental or health-related.
Sons of Norway Guaranteed Issue Final Expense includes a two-year graded death benefit. With a graded death benefit, your beneficiaries receive a reduced payout if death occurs within the first two policy years. This is commonly referred to as life insurance with a rating period.
The death benefit amount for non-accidental death during the first 24 months equals all premiums paid plus 4.5% interest. The exception to the two-year graded death benefit period is if death were to be caused by accident. An accidental death would equal the full death benefit amount instead of a graded amount.
After policy year two has ended, beginning the third year and onward, the full death benefit is payable to your beneficiary regardless of accidental or health-related death.
Age Availability
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Issue Ages: | 0-74 | 0-85 |
Sons of Norway Simplified Issue Final Expense has an issue age of 0 to 74.
Sons of Norway Guaranteed Issue Final Expense has an issue age of 0 to 85.
Your age at the time of the application will determine your rates and the total maximum amount of coverage you can obtain.
Coverage Amounts
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Coverage Amounts: | $10,000 up to $50,000 | $5,000 up to $25,000 |
Sons of Norway Simplified Issue Final Expense offers minimum and maximum coverage amounts based on your age at the time of the application.
- Coverage amounts for ages 0-59: $25,000 – $50,000
- Coverage amounts for ages 60-74: $10,000 – $50,000
Sons of Norway Guaranteed Issue Final Expense offers lower coverage amounts as approval is guaranteed regardless of any serious health conditions you may have. However, the full death benefit is not available until two years after the start of the policy.
- Coverage amounts for ages 0-85: $5,000 – $25,000
Contract Length
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Contract Length: | Lifetime coverage | Lifetime coverage |
Both Sons of Norway’s final expense life insurance policies provide lifetime coverage. Unlike term life insurance, there are no multiple contract lengths to choose from. Instead, both plans have a maturity date of age 121.
A maturity date means that the life insurance contract and the cash value have reached the death benefit amount, at which that time the contract would end, and you are paid the cash value.
Rates
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Rates: | Rates locked to age 121 | Rates locked to age 121 |
The life insurance rates for Sons of Norway’s Simplified and Guaranteed Issue plans are guaranteed to remain at a fixed price that will last to age 121.
So regardless of any potential changes in your health that you could potentially experience later in life, your rates will never change. Premiums are payable monthly, quarterly, semi-annual, or annually.
Cash Value Growth
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Cash Growth: | Guaranteed cash growth | Guaranteed cash growth |
Both plans accumulate cash value, one of the benefits of choosing whole life insurance over term life. A predetermined amount is placed into your cash value account with each premium payment you submit.
The cash value should match the death benefit if you continue paying the premium until the age of 121. If you live to the age of 121, the policy is considered paid up, and you no longer need to make payments.
Dividends
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Dividends | Eligible | Not Eligible |
Sons of Norway Simplified Issue Final Expense is a policy eligible to receive dividends. This is referred to as participating whole life insurance plan and is unique as most final expense life insurance plans are non-participating and are not eligible to receive dividends. However, that’s not the case with Sons of Norway.
A dividend payment with Sons of Norway is referred to as a refund to its policyholders. Although dividends are not guaranteed, when they are paid, they will be paid out annually. Policyholders can choose from three different dividend payout options that include:
- Paid in cash – policyholder receives payment
- Paid-up additional insurance – buys additional protection without raising premiums
- Accumulate in interest – placed into the cash value where it will earn interest
Sons of Norway Guaranteed Issue Final Expense is not eligible to receive dividends. The life insurance coverage is considered a non-participating whole life insurance plan.
However, because the coverage is a whole life insurance plan, it still has a guaranteed cash value account that will grow throughout the contract’s life.
Policy Riders
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Policy Riders: | Guaranteed Purchase Option Children’s Insurance Rider |
None |
Sons of Norway Simplified Issue Final Expense includes two optional riders:
- Guaranteed Purchase Option
- Children’s Insurance Rider
The Guaranteed Purchase Option is an add-on for the simplified issue policy that allows you to purchase additional death benefit protection without going through the standard underwriting process.
The rider is only available to applicants ages 0 through 35. With this rider, you can add additional death benefit protection at the ages of 25, 28, 31, 34, 37, and 40 or during specific life events such as marriage or the birth of a child. The minimum increase is $10,000, and the maximum increase is $25,000.
Including this rider will add to your base premium. However, the additional premium for the rider goes away at the age of 40, as you can no longer use the rider.
The Children’s Insurance Rider allows you to add life insurance coverage for all dependent children of the insured. You can add $5,000 up to a maximum of $20,000 in coverage per child between the ages of 14 days and 17 years.
Coverage ends when the child turns 22, or the policyholder turns 65. When the child turns 22, they can convert the policy to a whole life policy with a face amount equal to up to five times the amount of the rider.
*Sons of Norway Guaranteed Issue Whole Life does not include or offer any additional policy riders.
Medical Exam Requirements
| Simplified Issue WL | Guaranteed Issue WL | |
|---|---|---|
| Medical Exam: | No medical exam required – few health questions | No medical exam required – no health questions |
Neither of the two final expense life insurance options offered through Sons of Norway requires a medical exam. However, the Simplified Issue plan will require you to answer a series of health-related questions determining your eligibility.
In addition to the health questions listed on the application, Sons of Norway utilizes third-party data from the Medical Information Bureau, Motor Vehicle Report, and Prescription Checks to help qualify applicants.
If applying for the Sons of Norway’s Guaranteed Issue plan, you will not be required to answer any medical questions. In addition, the company will not run any third-party checks, as approval is guaranteed regardless of your health history.
State Availability
| Simplified Issue WL | Guaranteed Issue WL |
|---|---|
| State Availability: | AK, AZ, CO, CT, DC, FL, IA, ID, IL, IN, KS, LA, MA, MD, MN, MO, MT, NC, ND, NE, NH, NJ, NV, OH, OK, OR, PA, RI, SC, SD, TX, UT, VA, WA, WI |
Sons of Norway insurance is not available in every state. The insurance provider offers final expense life insurance plans in only 35 U.S. states.
2022 Sons of Norway Final Expense Rate Chart
If you’re looking for an affordable final expense life insurance plan, you will likely find it with Sons of Norway. On almost any comparison quote for final expense life insurance coverage, Sons of Norway often has the cheapest rates or is very close to the top provider offering the lowest rates.
The only major drawback is that their life insurance options are unavailable in all 50 states.
When breaking down price comparisons between the two life insurance plans, the Simplified Issue plan will always result in cheaper rates than the Guaranteed Issue plan.
However, to qualify for a Simplified Issue plan, you must meet specific underwriting requirements. In contrast, approval for the Guaranteed Issue plan is guaranteed regardless of your current or past health history.
Sons of Norway Simplified Issue Rate Chart
| Issue Age | Gender | $10,000 | $15,000 | $25,000 | $50,000 |
|---|---|---|---|---|---|
| Age 40 | Male | NA | NA | $43.61 / monthly | $82.11 / monthly |
| Age 40 | Female | NA | NA | $40.50 / monthly | $75.91 / monthly |
| Age 45 | Male | NA | NA | $52.55 / monthly | $100.00 / monthly |
| Age 45 | Female | NA | NA | $48.94 / monthly | $92.78 / monthly |
| Age 50 | Male | NA | NA | $60.01 / monthly | $114.92 / monthly |
| Age 50 | Female | NA | NA | $55.38 / monthly | $105.66 / monthly |
| Age 55 | Male | NA | NA | $72.38 / monthly | $139.66 / monthly |
| Age 55 | Female | NA | NA | $65.37 / monthly | $125.63 / monthly |
| Age 60 | Male | $38.50 / monthly | $55.19 / monthly | $88.59 / monthly | $172.08 / monthly |
| Age 60 | Female | $34.61 / monthly | $49.37 / monthly | $78.88 / monthly | $152.66 / monthly |
| Age 65 | Male | $47.78 / monthly | $69.12 / monthly | $111.80 / monthly | $218.49 / monthly |
| Age 65 | Female | $42.70 / monthly | $61.49 / monthly | $99.09 / monthly | $193.08 / monthly |
| Age 70 | Male | $59.85 / monthly | $87.22 / monthly | $141.97 / monthly | $278.84 / monthly |
| Age 70 | Female | $52.18 / monthly | $75.72 / monthly | $122.80 / monthly | $240.51 / monthly |
Monthly male/female non-tobacco premium rates current as of 10/13/2022 representing the cost of a $10,000 / $15,000 / $25,000 and $50,000 Sons of Norway Simplified Issue Final Expense Whole Life Insurance policy. Rates are guaranteed to remain the same for life.
Sons of Norway Guaranteed Issue Rate Chart
| Issue Age | Gender | $5,000 | $10,000 | $15,000 | $25,000 |
|---|---|---|---|---|---|
| Age 40 | Male | $18.28 / monthly | $36.55 / monthly | $54.83 / monthly | $91.38 / monthly |
| Age 40 | Female | $14.77 / monthly | $29.55 / monthly | $44.32 / monthly | $73.87 / monthly |
| Age 45 | Male | $20.48 / monthly | $40.95 / monthly | $61.43 / monthly | $102.38 / monthly |
| Age 45 | Female | $16.12 / monthly | $32.24 / monthly | $48.36 / monthly | $80.60 / monthly |
| Age 50 | Male | $21.36 / monthly | $42.73 / monthly | $64.09 / monthly | $106.82 / monthly |
| Age 50 | Female | $16.58 / monthly | $33.17 / monthly | $49.75 / monthly | $82.92 / monthly |
| Age 55 | Male | $26.49 / monthly | $52.97 / monthly | $79.46 / monthly | $132.43 / monthly |
| Age 55 | Female | $19.78 / monthly | $39.55 / monthly | $59.33 / monthly | $98.88 / monthly |
| Age 60 | Male | $31.58 / monthly | $63.16 / monthly | $94.73 / monthly | $157.89 / monthly |
| Age 60 | Female | $23.01 / monthly | $46.01 / monthly | $69.02 / monthly | $115.03 / monthly |
| Age 65 | Male | $38.29 / monthly | $76.59 / monthly | $114.88 / monthly | $191.46 / monthly |
| Age 65 | Female | $27.41 / monthly | $54.83 / monthly | $82.24 / monthly | $137.06 / monthly |
| Age 70 | Male | $49.52 / monthly | $99.03 / monthly | $148.55 / monthly | $247.58 / monthly |
| Age 70 | Female | $35.43 / monthly | $70.86 / monthly | $106.28 / monthly | $177.14 / monthly |
| Age 75 | Male | $62.64 / monthly | $125.27 / monthly | $187.91 / monthly | $313.18 / monthly |
| Age 75 | Female | $45.84 / monthly | $91.67 / monthly | $137.51 / monthly | $229.18 / monthly |
| Age 80 | Male | $75.76 / monthly | $151.53 / monthly | $227.29 / monthly | $378.82 / monthly |
| Age 80 | Female | $58.01 / monthly | $116.02 / monthly | $174.02 / monthly | $290.04 / monthly |
| Age 85 | Male | $119.97 / monthly | $239.94 / monthly | $359.91 / monthly | $599.84 / monthly |
| Age 85 | Female | $86.86 / monthly | $173.72 / monthly | $260.58 / monthly | $434.31 / monthly |
Monthly male/female non-tobacco premium rates current as of 10/13/2022 representing the cost of a $10,000 / $15,000 / $25,000 and $50,000 Sons of Norway Guaranteed Issue Final Expense Whole Life Insurance policy. Rates are guaranteed to remain the same for life.
Sons of Norway Life Insurance Application Process
Sons of Norway offers its final expense life insurance coverage through an electronic application process. No paper applications are needed, resulting in a quick and easy application and approval.
Completion of the application will be done by a licensed agent who will assist by asking all the application questions, such as the type of insurance plan, coverage amount, beneficiary information, and payment method.
If applying for the Simplified Issue whole life plan, you will need to answer a few health questions as part of the application process. However, the guaranteed issue plan does not require health questions. The total time to complete the application is 15-30 minutes.
After the application is completed, it is submitted electronically to be reviewed by underwriting for possible approval. Thanks to the simplified underwriting process of Sons of Norway, you will receive a decision within 24 business hours.
Sons of Norway uses the following sources to underwrite your policy:
- Motor vehicle record (MVR) database
- Medical information bureau (MIB)
- Prescription history
In addition to the medical question listed in the Simplified Issue application, you will also be required to provide your height and weight, another determining factor for approval.
Sons of Norway Final Expense Frequently Asked Questions
Here are answers to some of the most frequently asked questions about Son of Norway’s final expense life insurance products:
What Determines Eligibility for Coverage?
Eligibility for coverage is based on the following details:
- Your age
- Your medical history
- Your height and weight
- Your driving history
- Your criminal record
If you are over the age of 74, you cannot obtain Simplified Issue coverage from Sons of Norway. However, there are other companies that provide final expense insurance for older individuals.
Your medical history is a major factor in your eligibility. Certain conditions may disqualify you from obtaining simplified issue whole life insurance. If you get turned down for a Simplified Issue whole life due to a health issue, you can always apply for their Guaranteed Issue whole life.
Sons of Norway will also examine your driving history and criminal record. Those with driving under the influence (DUI) arrests and felony convictions may not get approved for coverage. You may need to speak directly with a sales agent to learn more and examine your eligibility.
How Quick Is Approval for Coverage?
Sons of Norway uses a simplified underwriting process that helps dramatically shorten the timeframe for reviewing your application.
As a result, approval for coverage (both simplified and guaranteed issue plans) can typically be made within 24 business hours.
What Happens After You Are Approved for Coverage?
After you are approved for coverage, you will receive a copy of your policy. The policy starts when the company processes your first payment.
You can include your banking information on the application form to authorize an electronic funds transfer (EFT). Authorizing an ETF allows Sons of Norway to automatically collect your payments.
You can choose to make a one-time payment to cover the first premium payment or arrange ongoing payments. The ongoing payments can be deducted on any day of the month from the 1st to the 28th.
How Long Does Coverage Last?
The two final expense life insurance options from Sons of Norway are whole life insurance plans. Coverage is designed to last an entire lifetime but does have a maturity date of age 121.
Should you reach the contract’s maturity date, your cash value is guaranteed to equal your death benefit or be potentially more and would pay out to you in full, at which point the life insurance contract would be terminated.
Does Sons of Norway Accept People with Pre-Existing Health Conditions?
Sons of Norway accepts people with a variety of pre-existing health conditions. However, some health conditions may reduce your chances of receiving coverage with the Simplified Issue whole life policy.
The application requires you to disclose whether you receive treatment for any of the following conditions:
- High blood pressure
- High blood sugar
- Diabetes
- Atrial fibrillation
- Cardiac bypass surgery
- Congestive heart failure
- Coronary artery disease (CAD)
- Stroke
- Cirrhosis
- Hepatitis
- Cancer
- Alcohol abuse
- Drug abuse
- Cognitive and mental disorders
- Nervous system disorders
You can apply for guaranteed issue whole life insurance if you do not qualify for the simplified issue plan. Sons of Norway will not turn you down for a guaranteed issue whole life insurance, no matter your medical history.
What Is the Cancellation Policy With Sons of Norway?
Sons of Norway offers a 30-day free look period for both of its final expense plans. You can cancel within the first 30 days to receive a full refund of your payments.
How Do You Contact Sons of Norway Insurance Company Customer Service?
You can contact a representative by visiting your local Sons of Norway lodge. You can also find a list of Sons of Norway phone numbers and email addresses for addressing different aspects of your membership, such as billing or address changes.
You can also submit inquiries to the Sons of Norway headquarters at:
1455 W Lake Street
Minneapolis, MN 55408-2666
800-945-8851
The Sons of Norway Facebook page also provides options for contacting customer service online. You can send a message via Facebook and wait for a response.
How Can You Get a Sons of Norway Final Expense Whole Life Insurance Quote?
Our company offers Sons of Norway final expense life insurance rates. You can view the rates through our online quote system. We can also assist with the electronic application process.
Advantages of Sons of Norway Final Expense Life Insurance
Sons of Norway offers several benefits for seniors looking for final expense insurance:
- Simplified underwriting process
- Accepts individuals with pre-existing health issues
- Flexible payment options
- Loans from cash value account
- Includes access to member benefits
A growing number of insurance providers now offer simplified underwriting. You no longer need to wait up to two months for approval for a life insurance policy. You can often get a decision within a week or two.
The simplified underwriting process for the guaranteed issue policy includes just two underwriting classes – male and female. The underwriting classes for the simplified issue policy include standard non-tobacco, tobacco, and juvenile.
Along with a simplified underwriting process, the company is relatively lenient when it comes to pre-existing health issues. Health issues such as cancer and heart attacks do not automatically disqualify you. You may still receive coverage with a higher premium or be instructed to apply for the guaranteed issue policy.
Sons of Norway offers several payment options. You can also arrange electronic transfers when applying. The application form includes the option of arranging automatic withdrawals from a checking or savings account.
While monthly payments are the most common way to pay insurance premiums, Sons of Norway also allows you to pay quarterly, semi-annually, or annually. Paying quarterly, semi-annually, or annually results in larger individual payments but fewer payments throughout the year.
Sons of Norway offers a grace period of 30 days. You have 30 days to deal with past-due payments before the contract expires. The company can also use your accumulated cash value to cover premiums.
Both whole life options from Sons of Norway include cash value accumulation. The cash value takes years to grow to a significant value. However, you may eventually use the cash value to cover other expenses. You are allowed to take out loans in amounts up to the cash value with an interest rate of 8%. You may not get a lower interest rate from a bank.
Sons of Norway also includes access to unique member benefits. The organization continues to help spread awareness of Norwegian culture through its magazine, newsletter, and cultural resources.
Members also receive discounts on travel to Norway. If you plan a trip to Norway, you can save on food, clothing, entertainment, and more.
Disadvantages of Sons of Norway Final Expense Life Insurance
Sons of Norway final expense life insurance does not include any significant issues to be concerned about. However, it does offer a few potential drawbacks compared to other policies:
- Limited policy riders
- Limited maximum coverage
- Lower rates may be available elsewhere
- You need to pay a membership fee
The guaranteed issue policy does include access to any policy riders. The simplified issue policy allows you to add a guaranteed purchase option and a children’s insurance rider. No other riders are available.
The policies also include a limited maximum face amount. You can get up to $50,000 in coverage with the simplified issue whole life plan. Depending on your finances, you may need a larger policy.
You may find lower rates elsewhere, especially if you do not suffer from any major health issues. Younger individuals in relatively good health may find more affordable options from other insurers.
You also need to pay an annual fee for a Sons of Norway membership. If you do not plan on using any of the member benefits, the membership fee may seem unnecessary.
Yet, the coverage amounts available and the simplified insurance options may appeal to those that need basic final expense insurance. You can get simple coverage with no hassle.
Conclusion – Is Sons of Norway Final Expense Whole Life Insurance Worth It?
If you are near retirement or already retired and thinking about final expense insurance, Sons of Norway’s whole life insurance may be worth it. You can obtain up to $50,000 in coverage at a reasonable price, assuming you do not suffer from any major health complications.
Individuals with health issues may also benefit from applying for a Sons of Norway final expense policy. The guaranteed issue insurance option guarantees your acceptance, no matter your health.
Sons of Norway is not the most recognizable insurance company. However, the company has over 125 years of experience. Sons of Norway grew from a small fraternal organization into a major insurance provider with over 50,000 members.
In the end, Sons of Norway final expense insurance may not appeal to everyone. Yet, it provides a useful option for covering your final expenses. You can obtain enough coverage for funeral costs and other financial obligations, which may give you greater comfort in your later years.
Get a quote for Sons of Norway final expense whole life insurance to start comparing options.