PRODUCT: Promise Plus, a cancer waiver rider on term life product JETerm
COMPANY: Royal Neighbors of America
BEST RATING: A- (Excellent)
AVAILABILITY: Coverage is available through Royal Neighbors-appointed independent agents.
FOCUS: Royal Neighbors, one of the first insurers to focus on women empowerment and financial stability, currently offers the Promise Plus cancer waiver rider on its universal and whole life insurance products. But the most recent addition comes to its new term life offering, JETerm.
JETerm targets individuals or families with home mortgages, those looking for family-focused life insurance without cash accumulation, and those interested in the Promise Plus rider who have a family history of breast, cervical or ovarian cancer.
Royal Neighbors has not carried a term product for 18 months, but more than 100 applications streamed through the online quoting platform in the first 48 hours after its release. Chris Seistrup, executive vice president of Royal Neighbors, says the application and approval process gives independent agents and clients an “immediate decision that will tell you if you’re going to be covered and what your premium is going to be.”
Promise Plus does not include the cost of cancer treatment and is not health insurance, but covers those age 59 and younger to use once for each type of covered cancer.
“If you buy the rider and are diagnosed with breast, cervical or ovarian cancer [at Stage II or higher], the premium will be waived for two years,” Seistrup explains. “There’s no need to worry about premium costs when you have other bills and payments to worry about.”
UNDERWRITING: Protection for term life is available those ages 18-50 for 15-, 20- or 30-year term limits with up to $500,000 in coverage. Individuals ages 51-60 can apply for JETerm with no medical examination for a face value of $250,000 or less. Premium levels do not change for either 15-, 20- or 30-year time periods, but after the level premium term period, premiums increase annually until age 95.
MINIMUM PREMIUM: Varies by age and other factors.
TARGET: Although Royal Neighbors’ overall target niche is women, Promise Plus is designed for all individuals ages 18-50 in the middle-market segment. Those older than 51 can purchase the product with lower coverage limits.
COVERAGE TERRITORY: JETerm (Form Series 1611) availability varies state by state. Contractual provisions and limitations may apply. Promise Plus rider is available in AR, AZ, CA, CO, DC, DE, FL, ID, IL, IN, IA, KY, ME, MI, MO, MS, NE, NV, NM, OH, OK, OR, RI, SD, TX, WV, WI and WY.
CONTACT: Chris Seistrup, executive vice president; Royal Neighbors of America, 230 16th Street, Rock Island, IL 61201; 800-627-4762.
Ronimarie Acord is an IA contributor.
