Life changes quickly. Universal Life insurance can adjust with your changing needs. In addition to providing a valuable death benefit to your loved ones and having a guaranteed crediting interest rate to help grow the cash value in your certificate, Universal Life insurance offers the flexibility to change the frequency and amount of your premium payments and more.
One way to prepare for the unexpected is to increase your options. Our Universal Life insurance products offer that versatility. Universal Life insurance helps provide a financial cushion for those you love if you were to die prematurely. But there’s more. You have the flexibility to increase your premium payments to build more cash value in your life insurance which you can borrow against for future planned or unexpected expenses.*
SecureLife Universal Life Form Series 1315 & 1211.
Certificates and riders are not available in all states. Contractual provisions and limitations may vary by state. Subject to reinsurance and underwriting requirements.
*Cash accumulation is dependent upon premiums paid, interest credited, cost of insurance, and outstanding liens or loans. Certificate may terminate should account value not be sufficient to cover the cost of insurance. Overfunding a life insurance contract can result in a reclassification to a modified endowment contract and cause tax consequences. For details and an illustration regarding your personal situation, please contact your Royal Neighbors insurance agent. 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.
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.
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.
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.
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.
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.
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