Article III, Section 3 of the Society’s Bylaws provides the following specific qualifications for Directors of the Society: Directors must be beneficial members of the Society, shall have demonstrated devotion to the purposes of the Society
and shall satisfy the qualifications for Board members established by the Society from time to time. These qualifications shall reflect the complexity and magnitude of the business and affairs of the Society and shall therefore include expertise in
corporate governance, financial accounting and insurance, among others. In no event, however, shall an outside Director (i) a current employee, sales agent or broker of the Society, (ii) be a current corporate officer, employee, sales agent, broker,
or director of any other fraternal benefit society or organization issuing any line of insurance products offered by the Society, or (iii) be the spouse (including a partner to a legally recognized civil union) of any person in any of the prohibited
categories enumerated above.
Section 3 allows for the Board of Directors to establish additional qualifications for Directors that reflect the complexity and magnitude of the business and affairs of the Society. The Board of Directors established the following additional qualifications for Directors:
An additional important objective is to have the Board membership represent a broad spectrum of thoughtful members with a wide range of experience and diverse problem-solving talents. Royal Neighbors is also dedicated to adding to the diversity of its Board and welcomes the nomination of candidates of any age, ethnicity, race, sexual orientation, educational background, geographical location, and industry experiences. Candidates for Director positions will be evaluated in relation to Board vacancies and needs.
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.
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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