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Friday, February 23, 2024

Royal Neighbors launches closing expense product

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Rock Island, Unwell., Feb. 01, 2024 (GLOBE NEWSWIRE) — Royal Neighbors of America right this moment introduced a life insurance coverage product geared toward addressing the wants of the uninsured and people going through protection challenges. Ensured Legacy Closing Expense, a set of life insurance coverage merchandise, is about to supply protection customization choices together with a novel rider designed to make an enduring affect on the lives of members and their households throughout the nation.

Catering to various wants

Juliet Christenson, Royal Neighbors Senior Director Product Technique says this new life insurance coverage product isn’t only a results of brainstorming within the boardroom. β€œIt’s a response to the wants of our valued members. Our journey to Ensured Legacy Closing Expense included intensive analysis and the pursuit of a deep understanding of our members and our brokers,” she mentioned.

One of many distinctive features of Ensured Legacy Closing Expense is its flexibility in protection choices that align with people’ well being statuses, guaranteeing family members are left with a legacy reasonably than monetary burdens. β€œServing the uninsured member is on the coronary heart of our product technique,” mentioned Christenson.

Holistic providing with charitable giving rider

Royal Neighbors provides members unique entry to packages and sources like prescription financial savings, reasonably priced preventative well being screenings, and assist for neighborhood volunteer tasks.

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For example their dedication to serving communities, Royal Neighbors is introducing a particular Charitable Giving Rider. This rider, included at no additional price to the member, empowers members to designate a charitable group from a pre-approved checklist offered by Royal Neighbors. When the member passes away, Royal Neighbors donates 1% of the member’s certificates face quantity to the chosen charity. It’s a significant approach to go away an enduring legacy whereas making a distinction within the member’s neighborhood.

β€œEnsured Legacy Closing Expense isn’t simply an insurance coverage product; it’s a holistic providing that displays our dedication to insuring lives, supporting ladies, and serving communities,” added Christenson.

A brand new differentiator out there

Royal Neighbors took suggestions from members, brokers, and market analysis and baked it into their product design.

β€œOur goal marketplace for this product consists of people aged 50 and older who could have delayed acquiring life insurance coverage or confronted earlier rejections however nonetheless have considerations about their closing bills and guaranteeing their family members usually are not burdened after their passing,” mentioned Christenson. β€œOf their fifties, individuals typically discover themselves taking good care of aged mother and father who could not have life insurance coverage. This expertise could make them conscious about the burden positioned on them. We heard many tales in our focus teams the place people felt overwhelmed by the monetary obligations of caring for family members as they approached their finish of life. This insurance coverage product serves as an answer to bridge this hole and supply peace of thoughts.”

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“We’re devoted to delivering life insurance coverage merchandise with distinctive options tailor-made to our members’ wants, setting us other than different carriers,” affirmed Zarifa Reynolds, CEO and President of Royal Neighbors. “Our simplified life insurance coverage merchandise are designed to be straightforward to grasp and cost-effective in order that we will deal with the wants of the rising senior market and supply our prospects with consolation and peace of thoughts in addition to the power to depart an enduring legacy for his or her family members.”

Royal Neighbors can also be launching a brand new, extra user-friendly software course of. β€œWe wished to make sure our members stroll away from the appliance course of feeling assured of their protection and future legacy,” added Christenson.

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