Life insurance protection means you have coverage as long as your premiums are paid. But a single type of coverage does not fit everyone’s needs, especially if your family has a history of cancer. What if you are diagnosed with cancer later in your life, and the costs associated with your recovery force you to choose between paying medical bills and keeping your life insurance coverage?
We offer a unique rider called Promise Plus which provides a benefit that can help. We want to ease the financial concern of making life insurance payments so you can focus your energy and resources on what’s really important - getting well and spending time with those you care about.
By adding this rider for an additional cost when you apply for your life insurance coverage, Promise Plus allows your premium payments or monthly deductions to be waived if you’re diagnosed with Stage II or greater cervical, ovarian, or breast cancer prior to turning 60 years old. You can focus on your health and your family knowing your valuable life insurance is covered.
If you are diagnosed with a second type, you are able to access this benefit again. In fact, you can use this benefit once for each of the three types of cancer covered by Promise Plus.
If you have a family history of breast, cervical, or ovarian cancers, you should consider adding Promise Plus to your life insurance protection.
Certificate and riders are not available in all states. Contractual provisions and limitations may vary by state. Subject to underwriting requirements. Promise Plus is not health insurance.
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