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.
The main purpose of life insurance is to protect your family’s financial future after you’re gone. Whole Life insures you for your lifetime and provides a death benefit your loved ones can use for things such as making rent or mortgage payments, funding college, paying off debts, and much more.
Whole Life insurance offers lifetime coverage with fixed premiums and the ability to accumulate cash value. This cash value builds at a guaranteed rate and can be used as a loan for future needs.*
Whole Life insurance from Royal Neighbors may be a good coverage option for you if:
Essential Whole Life Form Series 1314
Certificates and riders are not available in all states. Contractual provisions and limitations may vary by state. Subject to reinsurance and underwriting requirements.
*Like any loan, interest will be charged. An outstanding loan will reduce the death benefit if not repaid in full or the cash value if the certificate is surrendered for cash. Additionally, an outstanding loan could potentially terminate the certificate if the principal plus accrued interest equals or exceeds the cash value of the certificate. Tax penalties may apply.
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.
Provide your family additional financial protection if you were to die due to an accident. The Accidental Death rider provides an additional death benefit of at least $25,000 in the event the death of the insured is caused by an accident prior to her or his 65th birthday.
Nobody wants to think about a child dying, but do you have money to cover burial expenses or maybe help pay other expenses? The Child rider provides a $5,000 death benefit for each child of the insured. If the insured dies while this Child rider is in force, the insurance on each child will continue as long as the child meets the definition of an insured child.
Flexible Premium Deferred Annuity Rider Is retirement on your mind? If the Flexible Premium Deferred Annuity rider is added when applying for life insurance, an annuity is issued. This annuity offers a convenient way to save for retirement on a tax-deferred basis.
Protect your life insurance coverage in the event you become disabled in the future. If the Disability Waiver rider is added when applying for life insurance coverage, Royal Neighbors will waive the premium payments in the event the insured is totally disabled (as defined by the rider) prior to her or his 60th birthday.
Do you have a family history of certain cancers? Our Cancer Waiver rider waives two years of premiums or monthly deductions if the insured is diagnosed with Stage II or greater cervical, ovarian, or breast cancer prior to turning 60 years old. This rider helps to minimize the concern of making life insurance payments during this period so the insured can focus energy on what’s really important – getting well and spending time with loved ones.
Nobody knows what the future looks like, but you can guarantee the option to add to your insurance coverage when you get there. Purchasing the Guaranteed Insurability rider guarantees the insured has the right to purchase $25,000 of additional life insurance at specified future ages or life events without a new physical exam.
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