Why Royal Neighbors of America Final Expense (Simplified Issue Whole Life)?
Many families face unexpected expenses after the death of a loved one due to funeral costs, medical expenses, or possibly credit card bills.
Final expense insurance is permanent life insurance coverage designed to help cover these costs when the insured dies, easing the financial burden on loved ones. Preparing financially can help your clients alleviate some of their family’s stress in a time when they are grieving.
You may quote Simplified Issue Whole Life using Agent Access and Quick Quote.
Simplified Issue Whole Life Product Information
Face Amounts
Simplified Issue Whole Life: $5,000 - $25,000
Graded Death Benefit: $5,000 - $10,000 allowed at any time, subject to underwriting requirements
Issue Ages
50–85 (age last birthday)
Loans
Certificate owners may borrow against the cash value of the certificate
8% interest rate in arrears; 6% in Montana
Automatic premium loan option is available
Risk Classes
Male/Female (premiums quoted for Montana application must use male rates for both male and female applicants)
Tobacco/Non-Tobacco
No Substandard
No Preferred
Riders
Accelerated Living Benefit - Terminal Condition and Permanent Confinement (Form Series 1766)
Rider available age 50-85
Must be issued at the time of application
No additional premium for the rider (in states where rider is approved)
Qualifying Events:
When the insured has been continuously confined to a nursing home for 90 days and the physician-certified confinement is expected to be permanent.
When the insured is diagnosed by a physician as having a terminal condition and has a life expectancy of 12 months or less.
Available on face amounts of $7,000 or more
Up to 75% of eligible death benefit can be accelerated (minimum $5,000 maximum in aggregate of all certificates of $250,000) as a single payment
An accelerated benefit payment is subject to an administrative fee and interest; review the rider for complete information and provisions
Rider not available in all states; contractual provisions may vary by state.
