Together we can make a difference. And because strong women build strong communities, you’ll find Royal Neighbors members throughout America’s cities and hometowns changing the world. This is not a new concept for us. Volunteering and the importance of neighbor-helping-neighbor have been Royal Neighbors’ vision since 1895. It’s part of our DNA.
Whether you’re just starting a family or heading toward retirement, life is full of ups and downs and the unexpected. Life insurance is a love letter you write while alive but your family receives when you die. The letter tells your family, “I knew someday I would not be here and I don’t want you to worry about money, so I bought life insurance to protect you.”
For example, if you were to die suddenly, would your loved ones have enough money to pay for funeral costs, the mortgage, and maybe even child care? Adequate life insurance can help protect your family and cover these expenses so they can maintain the quality of life you want for them.
We have many resources to help you identify your goals and figure out how much you’ll need to protect those who depend on you.
If you’d like to know what options are available, you can learn a little more about each type of life insurance here:
Royal Neighbors of America Products
A Day in the Life
|Product||What It's Used For||Death Benefit||How Does Cash Value Build?||Premium Payments|
|Tax Advantaged||Fixed Amount||Specific Time Period||Guaranteed Values over Time||Fluctuates Based on Premium Payments and Interest Rates||Set Premium Payment Schedule||Pay Once at Time of Purchase||Flexible Premium Options|
|Whole Life||Life-long (permanent) protection|
|Youth Whole Life||Life-long (permanent) protection, coverage |
Most affordable at young ages
|Single Premium Whole Life||Life-long (permanent) protection|
|Simplified Issue Whole Life||Life-long (permanent) protection|
lower death benefit
primarily for final expenses
|Universal Life||Life-long (permanent) protection with flexible options||Customer may adjust1|
|Term Life||Protection for a specific time period||15, 20, or 30 years2||No Cash Value||No Cash Value|
If you prefer to narrow down your choices and then learn more, you can start with our interactive guide below to help you choose which solutions best fit your needs. It’s easy. We promise. Getting started is as simple as answering a few questions!
Certificates and riders are not available in all states. Contractual provisions and limitations may vary by state. Subject to reinsurance and underwriting requirements.
Whole Life and Youth Whole Life: Form Series 1314
Single Premium Whole Life: Form Series 1313
Simplified Issue Whole Life: Form Series 1311
Universal Life: Form Series 1315 and 1212
Term Life: Form Series 1611
1 Adjusting the death benefit amount will impact both the monthly deductions and the cash accumulate in the certificate.
2 At the end of the level premium period, premiums will increase annually until the certificate anniversary of the insured’s attained age of 95 at which time the certificate expires without value.
a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).
The calculations contained within this calculator are specific to Royal Neighbors of America. It is intended to estimate an amount of life insurance coverage if death occurred in the near future. It is not a recommendation for specific coverage amounts. Your financial needs may differ from the estimates. Royal Neighbors does not guarantee that the amount illustrated here will meet your financial needs. You are responsible for selecting the appropriate amount of coverage. To evaluate your specific needs, please contact Royal Neighbors directly at (866) 845-6665.
|Year||Partner Age||Partner Income||S.S. Income||Available Income||Desired Income||Surplus/Shortfall||Available Resources||Insurance Needed|
Calculations include your answers to the previous questions, in addition to the following: 3% investment return; 2.6% anticipated inflation rate; $8,500 for funeral expenses which is based on the national median cost for an adult funeral in 2014 according to the National Funeral Directors Association1; 75% of your annual combined income for desired annual income needs; and 15 years for the number of years’ income needed or the calculation of the number of years it will take your youngest child to complete higher education, whichever is greater. Social Security benefits were factored based on the age of your youngest children (up to 4). Immediate needs include your mortgage, other debts, and $8,500 for funeral expenses.
College cost estimates are based on the following parameters (based on data provided by [College Board] . The inflation rate for college costs (5.48% annually) is based on the Bureau of Labor and Statistics Consumer Pricing Index average from January 1996-June 2016. This rate will factor into college cost assumptions for future years, adjusted annually.
1 “The national median cost of a funeral with viewing and burial for calendar year 2014 was $7,181. If a vault is included, something that is typically required by a cemetery, the median cost is $8,508. The cost does not take into account cemetery, monument or marker costs or miscellaneous cash-advance charges, such as for flowers or an obituary.” http://www.nfda.org/news/statistics