Royal Neighbors of America, one of the nation’s largest women-led life insurers, announced March 4 it has launched its new, groundbreaking Promise Plus coverage. It is a whole life insurance product offering a Cancer Waiver of Premium Rider to benefit women in the event of a diagnosis of cervical, ovarian, or breast cancer.
“Many insurance companies are marketing their products to women, but none has ever developed life insurance coverage like Promise Plus specifically addressing issues around these cancers,” said Cynthia Tidwell, President/CEO of Royal Neighbors. “For women with a strong history of female cancers, the life insurance gives them peace of mind for themselves and their families.”
The Cancer Waiver of Premium Rider is designed to protect women under 60 if they are diagnosed with cervical, ovarian, or breast cancer at Stage II or higher. When added to a Royal Neighbors whole life insurance policy, this rider waives the premiums for the next two years following the diagnosis. The coverage, Royal Neighbors says, is the first of its kind in the nation, and has a patent pending.
“For over a century, our mission has been to empower women, whether it was earning the right to vote in the past or supporting the fight against female cancers in the present,” said Tidwell. “We anticipate Promise Plus will be a huge success, and will allow those receiving a cancer diagnosis to focus on getting well and spending time with loved ones rather than worrying about their insurance premiums.”
The rates for this rider vary depending upon the insured’s situation. However, Royal Neighbors says this added protection is “very affordable.” For example, a 35-year-old female with standard non-tobacco underwriting would pay $95.44 monthly to age 121 for $100,000 in whole life coverage – adding the rider coverage only increases this payment by $.76 to $96.20.
Promise Plus is now available through Royal Neighbors of America agents. For more information about Promise Plus and Royal Neighbors’ complete line of financial products, visit http://www.royalneighbors.org.
About Royal Neighbors of America: Royal Neighbors of America, one of the nation’s largest women-led life insurance organizations, empowers women to meet the needs of their families with annuities and life insurance products such as whole life, term, final expense, and universal life. Royal Neighbors is headquartered in Rock Island, Ill., with a branch office in Mesa, Ariz. For more information, visit royalneighbors.org or call (800) 627-4762.
Promise Plus is Essential Whole Life insurance (Form Series 1314) + Cancer Waiver of Premium Rider (Form Series 2084). Certificate and riders are not available in all states. Contractual provisions and limitations may vary by state. Subject to reinsurance and underwriting requirements. Patent Pending.
- Insurtech Updates: Launches, expansions, partnerships and more
- NAIFA launches LACP designation as new ‘gold standard’ for life and annuity professionals
- Partial Fiduciary Rule implementation starts Friday – with no enforcement
- How estate tax repeal could impact life insurance sales, retention
- More than 8 in 10 advisors now use social media for marketing, researching prospects and building relationships
- Resources being rolled out to help with partial Fiduciary Rule compliance
- Best-ever start to a year for indexed life sales, new report says
- Diversity, innovation top agenda at Women in Insurance Global Conference