Many families face unexpected expenses after the death of a loved one. Funeral costs, medical expenses, and even outstanding credit card debt can add up. Simplified Issue Whole Life insurance can help cover these expenses.
Many families face unexpected expenses after the death of a loved one. By planning ahead you can prepare for these expenses and reduce some of your family’s stress in a time when they are grieving.
Royal Neighbors has permanent life insurance coverage designed to help cover these costs. With our Simplified Issue Whole Life insurance, your premiums will remain constant and your beneficiaries will be paid the death benefit, which can help cover the costs of a funeral and other final expenses. In most cases, no physical exam is needed when you are applying for coverage.*
This type of coverage may be a good option for you if:
Whether it’s sharing your time, money, or both, many grandparents are actively involved in the lives of their children and grandchildren. One way to help contribute to their future is to give them the gift of life insurance. Even a small amount of coverage can make a big difference later when they need it most.
Simplified Issue Whole Life Form Series 1311
Certificates and riders are not available in all states. Contractual provisions and limitations may vary by state. Subject to reinsurance and underwriting requirements.
*Subject to underwriting. Issuance is dependent on answers to health questions in the application. We reserve the right to order a Physician’s Statement.
What is a Rider?
A rider is purchased separately from the base policy and provides additional benefits at additional cost.
Are you interested in having the option to access funds from your life insurance coverage if you were to become seriously ill?
If you are diagnosed with a qualifying illness as defined by the rider, our Accelerated Benefit riders allow access to a portion of the death benefit while still living. Though it is not a savings account, this rider can help provide a back-up plan for major expenses.
Accelerated Death Benefit Riders (Forms 1591-CR, 1591-CH, and 1591-T) available in all licensed states except CA. Accelerated Living Benefit Rider (Form 1766) available in CA only.
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