Royal Neighbors is a different kind of insurance organization. We're financially strong, stable, and have an A- Rating from AM Best. We protect our members financially with easy to understand life insurance and annuity products. But, there’s so much more to Royal Neighbors.
We were founded in 1895 by nine strong women, as a mission-driven, fraternal benefit society. Our founders realized that in families, both men and women needed insurance protection. So, Royal Neighbors was one of the first to offer life insurance to women. Today, we are a successful business dedicated to empowering women and local communities through volunteerism.
Being socially-conscious isn’t new for Royal Neighbors. Through our chapter system, Royal Neighbors members have been volunteering and doing good things in their local communities for nearly 125 years. Through our programs, we help stimulate volunteerism in the neighborhoods where our members live, work, and play. We continue to honor our tradition of empowering women and girls.
What does this mean for you?
By choosing Royal Neighbors, you’re getting strong and stable insurance protection. You’re getting coverage that’s right for you through easy to understand products. And, you can feel good knowing you’re supporting a mission driven organization that empowers women and local communities.
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