Life has a way of having many ups and downs, which is why life insurance is very important for your family. There are many different types of life insurance policies. Royal Neighbors offers a wide range of life insurance products: Term Life, Universal Life, Simplified Issue Whole Life, Single Premium Whole Life, and Whole Life and Youth Whole Life.
Term life from Royal Neighbors
Term Life Insurance is a protection for a specific time period and once the term has been reached, the policy owner has a decision whether to renew (if that option is available) or to let the coverage terminate. The premium payments will stay the same during the duration of the selected “term” period. A term life policy does not build cash value like permanent or whole life policies. The product is often more affordable at a younger age.
Royal Neighbors Whole Life and Children’s Whole Life
Whole Life insurance, coverage that is designed to be in force your entire life, is also known as permanent protection. Whole Life polices also have the ability to accumulate cash value and the insured can borrow against it. The death benefits will remain the same as long as you make your payments. The premium payments will also remain the same throughout the life of the policy. The cash values are set when you purchase the policy.
Royal Neighbors: Single Premium Whole Life
Similar to Whole Life in its protection, Single Premium Whole Life is funded with a lump sum of money in the beginning in return for a death benefit that is guaranteed until you die. Because the policy is fully funded, cash invested within the policy builds very quickly.
Royal Neighbors Funeral Insurance: Simplified Issue Whole Life
Simplified Issue Whole Life is permanent life insurance that does not require an extensive evaluation of your medical history on the life insurance application. It is designed for individuals who are reasonably healthy. The amount of insurance on a simplified issue policy is typically lower (generally up to $25,000, sometimes more) and is often used for final expenses like the cost of a funeral and paying off final bills.
Royal Neighbors Universal Life
Universal Life is a more flexible product which can be adjusted over time based on your needs. This type of policy offers low-cost insurance protection like term life, but also has a savings/investment component. The cost of universal life insurance is typically in between term life and whole life. With certain guidelines, your death benefit may be increased or decreased to suite your needs. The premium payments may vary depending on changes to the death benefit amount or the fluctuations in credited interest rates. You also have the ability to use the interest from your accumulated savings to help pay premiums over time.
Annuities: Retirement Solutions from Royal Neighbors
Annuities are a financial tool designed to provide steady income during retirement. You invest a certain amount into the annuity, and based on the contract, you will receive income for life or a set number of years once you are retired. The income you accumulate is tax-deferred. There are three different types of annuities that Royal Neighbors offers:
- Flexible Premium Deferred Annuity. Allows you to make regular contributions as you plan for retirement.
- Single Premium Deferred Annuity. Allows for a lump-sum premium payment to plan for retirement.
- Single Premium Immediate Annuity. With a single lump-sum payment you can start receiving fixed distributions immediately.