After managing a memory care facility,
it seemed natural to transition into Senior Benefits Consulting. I am honored to have the opportunity to help seniors understand benefits that provide affordable peace of mind.
Royal Neighbors of America Company Review
Today we’re going to check out among the top life insurance service providers that specialize in a particular demographic, women. One of the few well-established insurance companies led by women, Royal Neighbors of America has actually made themselves a household name in the financial lives and well-being of women across the country. Moreover, they’re even more than simply a life insurance provider.
Our drill-down into Royal Neighbors of America highlights the company’s distinctions, with a focus on its life insurance products, particularly final expense life insurance.
This review is based on our time representing them, and we suggest to every person to make an informed decision on all relevant companies before deciding on who to purchase your policy from.
For more than decades, Royal Neighbors of America has endeavored to enrich the lives of women throughout the country by focusing on economic stability, as well as aiding them to empower their lives via service, giving back, and community involvement.
Royal Neighbors, established in 1895 as a fraternal company by 8 ladies, is continuing to be led by women today. This is significant because not only are they keeping this focus at eye level, but it has always been the emphasis because they are among the pioneers to offer insurance to women and their children.
Royal Neighbors is currently on course to achieve nearly $1 billion of assets under management while stockpiling $209 million in reserves. The insurer has additionally surpassed the $3 billion threshold for death benefits in force and a net income of almost $90.
This has actually allowed Royal to accomplish an “A-” financial rating from A.M. Best, a leading rating firm for the insurance industry.
Royal Neighbors provides a portfolio of life insurance products to meet the needs of hard-working families in America
Whether a customer is young with a growing family or searching for final expense and burial insurance, Royal Neighbors has the appropriate products to meet the need of clients and prospective clients.
A basic term insurance policy is now offered through Royal Neighbors. If all you need is a term plan, you can likely discover even more budget-friendly choices elsewhere, but if you’re looking for an add-on for an existing policy from Royal Neighbors, you can get the coverage you need and can afford.
It’s a traditional term life policy, with a level benefit for the duration of the policy term. The available optional riders include:
Of these, the Guaranteed Insurability rider is rather distinct because it allows you to acquire increments of $25,000 more in life insurance coverage later in life, without having to prove insurability. Having this rider available for Term Life Insurance is unique since most companies will not offer it.
The Royal Neighbors SecureLife universal life product is one of the most cost-effective methods to acquire long-term insurance coverage through this insurer.
Policyholders have the capability to keep the premium level which will keep the policy active and build cash value but can also modify the premium to accommodate life events.
One downside of Royal Neighbors’ universal life product is that the insurer only offers a 20-year lapse guarantee while many other companies offer a longer one.
Moreover, the insurer’s 2% minimum crediting is actually less than a number of other companies that offer universal life.
For Royal Neighbors’ whole life insurance, there are a couple of selections; there is a traditional whole life option, a simplified whole life option, and a single premium option.
Customers can appreciate the advantages of whole life, like lifetime coverage, guaranteed level premium, and a cash value account that can be accessed through policy loans or withdrawals.
Applicants are also offered a number of alternatives to pay:
The best news for seniors is that you can get approved for life insurance without a medical examination for both the simplified level product and a graded plan to pay for expenses and burial costs, all without the inconvenience of the typical exam needs.
The maximum death benefit available for the final expense products is $25,000, and also payout may not be immediate depending on whether you qualify for a level benefit plan or graded benefit plan.
Finally, Royal Neighbors also has a single pay whole life product in case an applicant selects to pay the entire premium in advance, with the intent to right away take advantage of the current money they have for a higher worth in the future. This also creates a solution for the policyholder to pass their estate on to heirs in a more tax-advantaged method.
While we feel that all the company’s we represent offer incredible life insurance products at affordable prices, Royal Neighbors is generally our go-to life insurer when we want to deliver the best and most affordable final expense solution to women clients and prospective clients.
Royal Neighbors of America cares about their policyholders and continues to demonstrate they will have your back when the worst thing happens.
LET'S GET STARTEDFor more information about Royal Neighbors of America’s final expense insurance plans, or to discuss your individual situation with an insurance professional at Senior Benefits Consulting, call us during normal business hours at (920) 399-8134, or you can contact us through our website at your convenience.
