Sons of Norway Life Insurance: A Rising Star In 2024

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Who is Sons of Norway?

Sons of Norway is a Minnesota-based life insurance company that has been issuing policies for over 125 years (since 1895). The Company operates in 37 states, offering various insurance and retirement products at highly competitive rates. As of mid-2022, Sons of Norway had $791 million in life insurance.

What is a fraternal insurance company?

Sons of Norway is organized as a fraternal benefit society.

A fraternal benefit society is a membership organization legally required to offer members life, health, and related insurance products.

Fraternal benefit societies must comprise members with a common bond and be organized into lodges or chapters (local membership groups).

What makes these organizations particularly unique is that they must carry out charitable and other programs for the benefit of their members and the public, and they must be not-for-profit.

What are the benefits of becoming a Sons of Norway member?

When you buy a Sons of Norway life insurance policy, you get a free membership into the society, which comes with some fun benefits.  First, you get the Viking magazine along with the monthly E-Post newsletter to get the most out of the Norwegian culture. Second, you will have access to cultural resources and language lessons. Finally, you will have access to discounts on travel, clothing, food, entertainment, rental cars, and more!

Sons of Norway Life Insurance Offerings

Sons of Norway sells two permanent life insurance products: Guaranteed Issue Whole Life (GIWL) and Simplified Issue Whole Life (SIWL) insurance.

These are both no-exam policies, with rates that never increase and guaranteed cash value growth.

Sons of Norway Simplified Issue Whole Life (SIWL)

Sons of Norway’s most popular product is their SIWL insurance product.

Currently, these policies are available to ages 0-74 (0-85 as soon as Sons of Norway removes their COVID restrictions).

Life insurance coverage amounts vary by issue age. Individuals ages 0-59 can buy coverage between $25,000 to $50,000. However, individuals 60-74 have access to a wider coverage range, with policy face amounts starting at $10,000 and going to $50,000. Older individuals are more likely to purchase life insurance for final expenses, and with the average funeral costing ~$10,000, lower coverage amounts are particularly popular among seniors.

Cash Value Accumulation

Sons of Norway’s SIWL product has two ways to build “savings” – through cash value and dividends.

Cash values are guaranteed at issue and are shown to applicants before they apply (unlike most life insurance providers, which offer these only in the policy contract).

This allows you to borrow money against the policy for urgent expenses. As you continue to pay into the policy over time, your cash value builds just like it would in a savings account.

The below chart demonstrates how cash builds over time. For example, a 60-year-old applicant could borrow up to $4,969 by the time he’s 80 years old.

Sons of Norway Cash Value Example

The second and more unique way Sons of Norway allows you to accumulate cash is through dividends. You can receive your dividends in cash, they can be used to offset your premiums (meaning, your premiums would decrease over time!), or they can be used to purchase additional insurance (called “paid-up additions”).

Sons of Norway Simplified Issue whole life policies offer two riders (benefits) which we will cover in the next section.

Sons of Norway Policy Riders

Sons of Norway offers two riders. As a reminder, a rider is an additional benefit you can add to your policy. The two riders are

Adding riders to your policy is a great way to get additional protection for you and your loved ones. Often they are little to no cost.

Children’s Life Insurance Rider

Sons of Norway allows you to buy additional protection for your children. If you are 18 to 55, you can purchase a policy for your child with coverage amounts ranging from $1,000 to $10,000. Children’s life insurance is good until the age of 22 and can convert to a whole life policy, allowing you to add more coverage amount up to five times the original coverage amount.

Guaranteed Purchase Option Rider

Also known as GPO, this benefit allows you to add more coverage without going through any underwriting. As long as you are under 36, you can add this rider for a premium. The premium charge will end at the age of 40.

You can add insurance at ages 25, 28, 31, 34, 37, and 40. However, you can also add more insurance with marriage and the birth or adoption of a child. Each increase allows you to add coverage from $10,000 to $25,000.

Would you ever sneak out to avoid paying a dinner bill?

So why would you leave your family with a $10,000 final expense bill?

Buying A Sons of Norway Life Insurance Policy

Here’s what you can expect when applying for a Sons of Norway life insurance policy:

Applying For A Policy

Buying insurance from Sons of Norway policy is easy. You can do this over the phone with a licensed life insurance agent or apply online.

The application broadly includes personal information, beneficiary information, health questions (if applying for Simplified Issue), and payment information. In the next section, we will cover the health questions asked on the application.

When applying for Simplified Issue Life Insurance, Sons of Norway will use third-party data to determine your approval. This includes Motor Vehicle Report, the Medical Information Bureau, and Prescription History.

You can expect the entire process to take about 25 minutes to complete.

For Simplified Issue, remember that Sons of Norway does decline applicants who have been declined or offered a high substandard by another insurance carrier. It’s best to apply for Guaranteed Issue.

Underwriting: Medical Questions

Below are the 10 medical questions on Sons of Norway’s Simplified Issue Whole Life insurance application.

(As mentioned above, no underwriting is done for GIWL, so there are no medical questions.)

  1. Are you taking any prescribed medications (please include a description of “why prescribed” in section 7)?In the last 5 years, have you been treated, examined, or advised by a member of the medical profession for any of the following:
  2. high blood pressure, diabetes, or high blood sugar?
  3. atrial fibrillation, cardiac pacemaker, heart attack, heart valve disorder/replacement, cardiac bypass surgery, congestive heart failure, coronary artery disease (CAD)
  4. cirrhosis, hepatitis (chronic or type B or C), cancer, tumor, or disorder of the lymph nodes?
  5. Alcohol abuse and/or addiction, drug abuse and/or addiction, chronic pain, or patient in pain clinic?
  6. Cognitive or mental disorders such as Alzheimer’s, dementia, Down’s syndrome, psychotic disorders, anxiety, or depression?
  7. Disorder of the nervous system such as Amyotrophic Lateral Sclerosis (ALS) or Parkinson’s?
  8. chronic obstructive pulmonary disease (COPD
  9. Crohn’s disease or ulcerative colitis?

What to Expect After Submission

After applying, you can expect an approval decision within 24 hours. Once approved, your first payment will be drafted on the same day.

Sons of Norway only accepts EFT (Electronic Funds Transfer) payments. You must submit your checking information at the time of application.

You will have 30 days from submission to decide if you would like to keep your policy or cancel with a money-back guarantee.

Sons of Norway Pros and Cons

Advantages of Sons of Norway Life Insurance

Disadvantages of Sons of Norway Life Insurance

Sons of Norway Life Insurance FAQs

How much does it cost to join Sons of Norway?

It costs $60 to join Sons of Norway if you do NOT purchase a Sons of Norway life insurance policy. However, if you are a policyholder, you can get a membership for free!

What do the Sons of Norway do?

Sons of Norway is a fraternal life insurance company with ~60,000 members across 37 states. It sells life insurance, annuities, and other financial protection products. It has $743 million in life insurance in force and is the fastest-growing fraternal insurance company in the U.S.

Where are the Sons of Norway located?

Sons of Norway is headquartered in Minneapolis, Minnesota. The address is 1455 W. Lake Street, Minneapolis, MN 55408-2666. You can call toll-free at 800-945-8851.

Do you have to be Norwegian to join Sons of Norway?

What is great about the Sons of Norway is that anyone can become a member. Norwegian ancestry is not required. And the benefits are great as well. Sons of Norway provides a variety of benefits that provide plenty of value. First, you get the Viking magazine along with the monthly E-Post newsletter. Second, you will have access to cultural resources and language lessons. Finally, you will have access to discounts on travel, clothing, food, entertainment, rental cars, and more!

When was Sons of Norway founded?

Sons of Norway is a fraternal benefit society formed in 1895. This society aimed to protect its members and their families from financial difficulties. And this goal continues to hold today. Sons of Norway offers their members various insurance and retirement products at highly competitive rates.

Article Sources
  1. Sons of Norway GIWL and SIWL Products. Sons of Norway
  2. Sons of Norway. Company History

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