Below, we will review Royal Neighbors of America Life Insurance Company. If you are considering Royal Neighbors for a life insurance policy, please read on to see if it is a good fit for you.
Throughout our review, we will cover aspects such as the life insurance coverage available, company ratings for Royal Neighbors, and pros & cons for if you ultimately decide to apply for coverage with them.
- About Royal Neighbors Life Insurance Company
- Royal Neighbors Ratings: Financial, BBB, & More
- Life Insurance Products Offered
- Who Should Consider Royal Neighbors?
- What Makes Royal Neighbors Unique?
- Pros of Choosing Royal Neighbors
- Cons of Choosing Royal Neighbors
- Compare Royal Neighbors Life Insurance to Other Carriers
About Royal Neighbors Life Insurance Company
Royal Neighbors is one of the longest-standing life insurance companies in operation dating back more than 100 years. Royal Neighbors of America is considered one of the largest women-led life insurance companies in the nation.
Currently, Royal Neighbors offers great life insurance products in addition to memberships benefits to consumers can enjoy if they elect to purchase life insurance.
These benefits can include several great perks, such as the following:
- The nation of NeighborSM Program
- Various Health and Retail Discounts
- Dental Discounts
- Vision Discounts
- Hearing Services
Royal Neighbors History & Background
Royal Neighbors of America was initially founded in 1895. Royal Neighbors of America is considered a fraternal company for non-profit and currently has roughly 300 chapters across the United States.
Royal Neighbors continues to empower the lives of women and helps to provide financial stability and protection to women and families across the country. Royal Neighbors is also unique in the fact that it currently offers products not only eligible for women but also for children.
Royal currently has more than 1 billion dollars under management, with 209 million dollars in surplus. As of 2019, Royal Neighbors of America surpassed the 3 billion mark for life insurance currently in force and operated with a 90-million-dollar net income per year.
Royal Neighbors Ratings: Financial, BBB, & More
Financial strength helps consumers to understand how financially stable and liquid an insurance provider can be. Currently, Royal Neighbors ranks among the best.
Here are the ratings for Royal Neighbors Life Insurance:
- A.M. Best: “A-” (excellent) rating
- Affordability Index: 9.3
- Ease of Applying: 9.9
- Customer Service: 9.8
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Royal Neighbors compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
BBB Rating and Complaints
BBB ratings help consumers understand what the common issues may be before working with a potential life insurance provider. Currently, Royal Neighbors does a stand-up job in this category as well.
As of 2019, Royal Neighbors is considered an A+ rated company from the BBB, which is the highest rating you can be provided. Additionally, Royal Neighbors only has 8 complaints closed in the past three years, which is a much smaller number of complaints compared to other life insurance providers relative in size.
Life Insurance Products Offered
Royal Neighbors is known for having robust coverage options at affordable prices.
Currently, here are the options you can choose between if you elect to purchase coverage with Royal Neighbors:
- Term Life Insurance
- Universal Life Insurance
- Whole Life Insurance
This lineup of products makes Royal Neighbors suitable for nearly any consumer. Especially individuals who are looking for life insurance to help cover their final expenses. Here’s a breakdown of the coverages for you.
Term Life Insurance
With Royal Neighbors, you have the option to purchase a simple and basic term life insurance policy.
In addition to the protection the policy provides, you can also look to add other excellent features and riders such as the following:
- Disability Waiver
- Accidental Death Rider
- Guaranteed Insurability Rider
- Accelerated Death Benefit Rider
- Children’s Life Insurance Rider
- Cancer Waiver
All these additions to the policy can go a long way towards adding more layers of protection around your income and assets.
Universal life insurance with Royal Neighbors is known as the SecureLife.
It gives consumers the chance to purchase a flexible form of coverage that is still set to last a lifetime.
The whole life insurance options with Royal Neighbors is perhaps the most beneficial and popular product you can choose with Royal Neighbors.
For the most part, the whole life products with Royal Neighbors are purchased in the form of final expense life insurance that can be offered with no-exam required and can be a simplified issue.
For the final expense market, Royal Neighbors is considered one of the most competitive and robust options you can choose if this is the form of life insurance you plan to choose.
Who Should Consider Royal Neighbors?
Royal Neighbors is a company that’s hands down worth running a quote with if you are in the market or searching for the forms of life insurance that they currently offer.
More specifically, the senior market looking for final expense or burial coverage is perhaps the best individuals that should be considering Royal Neighbors before ultimately making any decisions.
What Makes Royal Neighbors Unique?
Royal Neighbors is one of the few fraternal life insurance companies currently in operation.
Additionally, Royal Neighbors’ mission and cause to help improve the life and financial stability of women across American certainly makes them unique.
Lastly, Royal Neighbors offering a full array of products that include not the only term, but also final expense life insurance put them into a class of their own.
Application and Underwriting Process
Depending on the product you choose with any life insurance company usually determines what the application process and underwriting process will look like for you. Since final expense life insurance is perhaps the most popular product they currently offer, let’s focus on that because it’s one of the best and most simple processes a consumer can ask for.
For final expense coverage, the applicant will complete a straightforward questionnaire with an agent typically over the phone.
Following this process, you need to speak to an employee of Royal Neighbors for some follow up questions about your medical history. From this point, approval or denial can be issued. The same day, same hour approvals with Royal Neighbors are available.
For individuals who are attempting to get coverage quickly for peace of mind, Royal Neighbors can be one of the best in the business to do this with.
Next Steps If Your Declined Coverage
If, however, you have been declined life insurance coverage with Royal neighbors, it’s essential to consider other alternatives to ensure you get some form of protection in place.
Typically, in these situations, you will want to lean on other coverage options such as Guaranteed issue life insurance or accidental death life insurance. Some coverage is always better than no coverage. Work with an independent life insurance agent who has plenty of options to offer you.
Pros of Choosing Royal Neighbors
All life insurance companies offer unique strengths and weaknesses.
After our careful review of Royal Neighbors, here is what we believe to be the most significant strength.
- Simple, Fast and Easy Coverage
- Competitive Pricing
- Additional Membership Perks
Cons of Choosing Royal Neighbors
On the other hand, we prefer to be 100% transparent and ensure you understand the good and the bad.
Here are the most significant flaws you may encounter working with Royal Neighbors:
- More robust term and universal life options are available
- Cheaper rates on certain products are available
- Lower brand recognition compared to other large life insurance providers
Compare Royal Neighbors Life Insurance to Other Carriers
Royal Neighbors of America is one of the best companies you can choose to work with, especially for final expense life insurance.
However, comparing rates with several life insurance carriers before deciding will give you a better chance to find the lowest rate and best policy. Review Royal Neighbors Life Insurance rates, then compare them to the best life insurance companies. You can start comparing rates now by using our quote tool.
Here are some other companies to consider: