Not all insurance companies operate in the same way. Royal Neighbors of America is a perfect example of that. Instead of simply concentrating on the needs of their customers, Royal Neighbors also takes into account the needs of the policyholder’s family and community as well. Here is our Royal Neighbors life insurance review.
Many years ago when women and children were unable to buy life insurance coverage, Royal Neighbors of America was one particular pioneer that strived to change that. Presently, with their dedication to women and children being in the forefront, Royal Neighbors is one of the few insurers in America that is operated largely by women.
Royal Neighbors of America functions as a fraternal society and is in business to service the needs of its members instead of Wall Street. As a non-profit organization, the Royal Neighbors of America doesn’t offer life insurance products to generate profits to stockholders; they offer life insurance products to their members to assist with financial security and to play a part in the betterment of the member’s communities.
The Financial Stability of Royal Neighbors of America
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While preserving a practical operations mindset, Royal Neighbors of America was awarded an “A- Excellent” rating from A.M. Best rating services. This evaluation demonstrates that Royal Neighbors of America will maintain the means to meet claim expectations and satisfy the operating responsibilities of the organization.
Royal Neighbors of America functions on a secure financial platform and presently has a premium surplus of $190 million and more than $1 billion in total assets under management. Their premium to surplus ratio of 21% is over twice the ratio of for-profit insurance companies that are publicly held.
Life Insurance products from Royal Neighbors of America
In order to accommodate the varying needs of its members and prospective members, Royal Neighbors of American offers insurance products that will deliver solutions for those needs.
And, although Royal Neighbors endeavors to vigorously compete in the life insurance marketplace, they are committed to delivering outstanding service to its members and their communities.
Royal Neighbors Term Life Insurance
Term life insurance is the least expensive way to provide a replacement income for your surviving loved ones. Although term life insurance is temporary (10, 15, 20, or 30 years) it is commonly converted during the policy period to a permanent policy like whole life or universal life insurance.
The affordable cost of term insurance makes it the most suitable to cover the debts you will very likely leave to your family members and will make it possible for them to manage the household for many years after you’re gone.
Royal Neighbors’ term insurance policy requires no medical exams and in most cases is issued more rapidly than whole life or universal life policy. The Royal Neighbors term policy is available with a number of optional riders to choose from, allowing you to create a life insurance policy that will accommodate your family’s circumstances and budget.
Royal Neighbors Universal Life Insurance
Universal Life Insurance (UL), which is considered permanent life insurance coverage, is similar to term life insurance, however, the policy has a cash value component that earns guaranteed interest based on the insurer’s investment performance. What makes this policy so popular, however, is its flexibility. The policyholder can adjust the periodic premium amount and the death benefit to accommodate life events that all of us deal with periodically.
We know that life events can impact our life insurance needs, so flexibility is especially significant. With a universal life policy, the premium payment and death benefit in the insurance policy can be adjusted in accordance to your needs. And, if the insurer’s investments do better than forecasted, the insurer will pay more than the guaranteed interest rate for that period.
Royal Neighbors Simplified Issue Whole Life (Final Expense Insurance)
Simplified Issue Whole Life (SIWL) is typically used to insure for an individual’s final expenses like funeral expenses, unpaid nursing home bills, and medical expenses not covered by health insurance or Medicare.
This policy is extremely popular with senior citizens because it can be purchased up to 85-years old with death a death benefit between $5,000 to $25,000. There is no medical exam or blood tests required so the policy is typically issued within a day or two.
Since it’s a whole life insurance coverage, the coverage is guaranteed for the life of the insured and cannot be canceled by the insurance company so long as the premium payments are paid. The policy accumulates cash value over time which earns a guaranteed interest rate, and the cash value can be easily accessed using policy loans or withdrawals.
Here is are actual rates for $15,000 policy for a male or female non-smoker in good health:Here is are actual rates for $15,000 policy for a male or female non-smoker in good health:
|Age of Applicant||Male Non-Smoker||Female Non-Smoker|
To get an accurate quote for your actual age, please submit our instant quote form on the right side of the page.
Applicants who do not medically qualify for a Royal Neighbors level benefit final expense plan can typically qualify for their graded benefit plan which is a little more expensive and has a two-year waiting period before the company will pay the full death benefit for deaths resulting from natural causes.
Additionally, the Royal Neighbors’ final expense insurance policy has the Accelerated Death Benefit included at no additional cost. This benefit provides for the insurance company to advance the insured a large portion of the death benefit if the insured is diagnosed with a terminal illness that will result in death within one or two years.
Other Life Insurance Products from Royal Neighbors of America
- Youth Whole Life Insurance – This insurance product makes it possible for parents and grandparents to insure their children and grandchildren against the possibility of unexpected death and provides a savings vehicle that can be transferred to the child when they reach majority age.
- Single-Premium Whole Life – Single Premium Whole Life insurance was developed for prospective clients who want to make a lump-sum premium investment to pay off their whole life insurance policy. Since the policy is being paid in full when issued, the insurance costs are reduced significantly and the policy will earn additional cash value so the amount of the death benefit will be significantly more than the applicant’s investment.
Royal Neighbors of America is much more than a life insurance provider. Because of the outreach, they are committed to, the neighborhoods and communities of the policyholders (members) are greatly enriched by Royal America’s generosity.
It’s interesting that almost every insurance company that is established as a fraternal benefit company typically exceeds the expectations of the original business plan. We hope you got a lot out of our Royal Neighbors life insurance review.
Frequently asked Questions
What is a fraternal benefit society?
A fraternal organization is a brotherhood or a type of social organization whose members freely associate for a mutually beneficial purpose such as for social, professional or honorary principles.
Does Royal Neighbors sell low-cost term insurance?
In its efforts to provide financial protection for the various financial needs of its members, Royal Neighbors offers low-cost term insurance, whole life insurance, universal life insurance.
Is Royal Neighbors of America highly-rated?
Yes. A.M. Best, one of the most well-known rating service has rated Royal Neighbors of America A- (Excellent) which demonstrates that the company is on a sound financial foundation.