Sons of Norway Universal Life Insurance give you so much more than life insurance protection.
Unlike traditional life insurance products, the death benefit and the premium payment amounts are not fixed at the time of issue. As long as you hold the policy, you can change the premium payment amount or the death benefit. You also get the advantage of tax-deferred compound interest growth, income tax-free death benefit proceeds, and you may be able to avoid estate taxes and probate. As owner, you retain full control to make future changes in your certificate.
Who is it for?
No matter what stage of life you're in, a universal life policy provides unique advantages:
- Youth - Provides future insurance protection and tax-deferred accumulation of funds.
- Young adult - Assures financial security for your spouse and children in the event of your untimely death, and tax-deferred accumulation of funds for your children's education.
- Middle age - Accumulates wealth on a tax-deferred basis for retirement purposes.
- Nearing retirement - Enables you to maximize your retirement pension and conserve your estate.
- Retirement years - Provides income tax free death benefits and a tax-deferred accumulation alternative to a CD (certificate of deposit) or annuity.
With Nordic Elite II, you can choose a death benefit option that's right for you:
- A level death benefit (stays the same over time) allows for maximum growth in the cash value of the policy.
- An increasing death benefit (grows over time) provides your beneficiary with both the cash value and face value of the policy at the time of death.
Nordic Elite III also provides the following benefits:
- Flexibility in the amount and frequency of premium payment.
- Competitive interest rate on your cash value.
- Ability to increase or decrease death benefits.
- Tax-deferred compound interest growth.
- Possible avoidance of estate taxes and probate.
- Income tax free death benefits.
- Optional 5 year no lapse guarantee.
- Optional lifetime no lapse guarantee.*
* not available in New Jersey
You can also add further flexibility and protection by adding one or more of these available riders**:
- Waiver of Monthly Deduction - Guarantees your family's financial security by paying the monthly cost of insurance and all other deductions 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.
- Terminal Illness Rider - payout of up to 50% of death benefit, with a maximum of $50,000 if future life expectancy is 12 months or less (24 months in Washington).
- Chronic Illness Accelerated Benefit Rider
** May not be available in all states.