Royal Neighbors Gives You Tips to Protect Your Family in the Midst of 2014's Changes

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Many fiscal changes have come about this year; review your financial plan to make sure you are covered.

The year 2014 brings several changes in the financial and insurance sectors. These changes make it more important than ever for women to secure the right amount of life insurance. This will allow them to handle the changing economy without stressing over whether their families and their income are protected.

New Changes for 2014:

1.     Affordable Care Act: The Affordable Care Act is one of the biggest financial changes in the news right now. You may be eligible for a new policy, or may be dealing with changes to your existing health insurance policy. It is important to do your research and find the best coverage for you and your family. Cheaper doesn’t always mean better, so compare premiums, deductibles, and types of coverage before making your choice. There are specially trained counselors, called Navigators, who can help you.

2.     Tax Time: April is just around the corner, and it’s time to start thinking about taxes. You may be getting a refund, and this is great. If you will owe money this year, it’s time to think about how you will pay what you owe. In addition, if you are getting a large refund or will owe a large amount to the IRS in April, you should consider changing your withholdings so there is less discrepancy when it’s time to file 2014 taxes next year.

3.     New Year, New Budget: Many people make resolutions for the new year, and many of these center around budgeting and ensuring the family has enough money in savings to sustain them in the event of an emergency or job loss. Review your budget and plan for the future. Pay off debt, put money in savings, budget for insurance coverage and make sure you plan for all of your bills.

4.     Insurance Coverage: Many people are living without the proper amount of life insurance coverage. Not only will you have funeral and burial expenses to pay, but your life insurance coverage should include enough to take care of your family after you are gone. Go over your policies and take stock of your current coverage, and then make adjustments as needed.

One question many women have about life insurance for themselves is how much to purchase. Funeral expenses are about $7,045*. Industry experts recommend an amount equal to approximately 10 years of household income. Women may wish to purchase an even larger insurance policy to take care of secondary education for their children, or pay off the mortgage on the family home. If they have a spouse, it is wise to sit down and go over this amount to ensure both are on the same page. Click here to for a financial needs analysis calculator.

Royal Neighbors of America, one of the nation’s largest women-led life insurance organizations, exists for the benefit of its members. It offers insurance products to fulfill financial needs of growth, savings, and protection. Members receive valuable benefits and can participate in volunteer activities through the organization’s local chapters to help make a difference in their communities. The organization’s philanthropic efforts are dedicated to changing women's lives through its national programs, including the Nation of NeighborsSM Program, and through the Royal Neighbors Foundation, a 501(c)(3) public charity.

Headquartered in Rock Island, IL, with a branch office in Mesa, AZ, Royal Neighbors serves more than 200,000 members and is licensed to do business in 42 states and the District of Columbia.

For more information about Royal Neighbors of America, call (800) 627-4762, or visit

  • NFDA, 2012

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Rita Toalson
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Royal Neighbors of America
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