PRODUCT: Rider for universal life insurance
COMPANY: Royal Neighbors of America
BEST RATING: A- (Excellent)
AVAILABILITY: Coverage is available through independent agents appointed by Royal Neighbors.
FOCUS: A cancer diagnosis can devastate a family, both emotionally and financially. To help ease that burden, Royal Neighbors now offers a cancer waiver rider on its universal life insurance that waives monthly deductions for two years following an insured’s cancer diagnosis prior to age 60. For women with a family history of female cancers, the rider can provide a measure of security in the event of a diagnosis of cervical, ovarian or breast cancer at Stage II or higher.
“This rider gives an agent the advantage of offering their clients something meaningful and unique,” says Michael Torrenti, manager of sales for Royal Neighbors of America. “It shows they are represented by an agent and life insurer who are committed to supporting women and the challenges they may face.”
Royal Neighbors is a women-led life insurer that offers annuities and life insurance products. The company first introduced the cancer waiver rider in 2015 on whole life insurance. Now, the rider is available on two universal life insurance products.
UNDERWRITING: The Secure Life Universal Life Cash Value certificate (Form Series 1315) enables a certificate holder to build savings when the certificate is properly funded. A portion of the premiums, along with accrued interest, accumulates cash that insureds can save or withdraw. The life insurance certificate remains in force as long as the account value can cover the monthly deduction. As long as the certificate is active, the certificate holder’s beneficiaries will receive a death benefit. The cost of the insurance changes each year based on the policyholder’s age and other factors.
The Secure Life Universal Life Death Benefit certificate (Form Series 1211) gives the certificate holder a no-lapse guarantee for 20 years, provided the certificate holder pays the minimum premium required. Paying the cumulative minimum premium will ensure your clients have life insurance coverage for the first 20 years. After 20 years, insureds must pay premiums with some frequency and in an amount that will maintain an account value less any loans sufficient to cover the monthly deduction. Both universal life insurance products are subject to reinsurance and underwriting requirements.
Contractual provisions and limitations may vary by state. Subject to reinsurance and underwriting requirements. Rider form series 2084.
MINIMUM PREMIUM: Varies based on age and other factors.
TARGET: Women ages 18-55 who have a family history of ovarian, cervical or breast cancer and who are seeking permanent life insurance coverage.
COVERAGE TERRITORY: AZ, AR, CA, CO, DC, DE, FL, ID, IL, IN, IA, KY, ME, MI, MS, MO, NE, NM, NV, OH, OK, OR, RI, SD, TX, WV, WI and WY. For Secure Life Universal Life Cash Value (Form Series 1315) and Secure Life Universal Life Death Benefit (Form Series 1211), certificate and riders are not available in all states.
CONTACT: Michael Torrenti, manager of sales; Royal Neighbors of America, 4824 E. Baseline Rd., Suite 115, Mesa, AZ 85206; 800-770-4561, ext. 2509.
Ronimarie Acord is an IA contributor.
