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Royal Neighbors of America Life Insurance Company Rating and Review
If you are looking for Royal Neighbors of America Life Insurance Company reviews then you have come to the right place. In the following article we will address the positives, negatives and alternative to Royal Neighbors. We do this to help you find the best rates on life insurance available. Is this the right company for you? Find out below.
We have written this review to help you decide if purchasing a life insurance policy from Royal Neighbors of America Life Insurance Company is right for you. We at TermLife2Go represent dozens of the top life insurance companies in the United States, one of which is Royal Neighbors of America Life Insurance Company. However, we have no motivation to push any particular insurance company over another; we value policyholders and want to help them choose the company and plan that is right for their needs based on each client’s unique health and lifestyle.
About Royal Neighbors of America Life Insurance Company
Royal Neighbors of America was founded in 1895; for more than 100 years the company has been providing families and individuals with insurance and protection. As of December 2014, rating agency A.M. Best has awarded Royal Neighbors with a rating of A- (excellent).
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Benefits of Royal Neighbors of America Life Insurance Company
Royal Neighbors is a women-led insurance organization that works specifically to protect and empower women through life insurance policies and financial protection solutions. The company also offers scholarships and financial education. Founded by eight women, this company has been at the forefront of the women’s empowerment movement for over a hundred years. And men-don’t hate---there are plenty of men-led insurance organizations for you to choose from!
Royal Neighbors is a financially strong institution which believes in conservative financial management that ultimately benefits members. Unlike other insurance providers, Royal Neighbours is a not-for-profit insurance company, which is why benefiting the policyholders is always the primary concern. Further, the company has a solvency ratio of 1.30 which is above the industry average.
When you purchase a policy with Royal Neighbors, you become a member; and as a member you are entitled to certain advantages. Some of these benefits include: health and wellness discounts, legal services, and possible eligibility for scholarships and disaster aid.
Royal Neighbors is not just an insurance company; they are a group that truly believes in empowering women. That’s why they have set up Royal Neighbors Foundation, which focuses on offering free financial education including managing finances, paying off debt, and planning for retirement. The foundation truly believes that financial education is an integral part of women’s empowerment.
Royal Neighbors Life Insurance Products
The company offers term and whole life. It is important to understand the differences between term vs whole life insurance before making the typical decision to buy term and invest the rest.
Term life insurance lasts for a period of time, typically 10 years - 30 years. Once the policy term expires, the coverage is renewed annually. However, your cost of insurance increases dramatically because the older you are the closer to that inevitable day you are.
Since your cost of insurance increases, so does your premiums. The premiums go up every year, eventually pricing you out of the policy.
Royal Neighbors understands that with time, the dynamics of your life may change; you may have a child, get married, get divorced, or go back to school. Royal Neighbors offers flexible plans that adapt with your life as it continues to evolve.
With whole life insurance, you get specific guarantees on your coverage. Guarantees such as a guaranteed death benefit, guaranteed fixed premium and guaranteed cash value growth.
You can access you cash value in your policy with tax free life insurance loans. What you do with the money is up to you, but it is a great way to take advantage of passive income opportunities.
And you whole life policy can be tailored to fit your lifestyle. You can choose limited pay life insurance that allows you to have paid up life insurance in 10 years, 20 years, age 65 or age 100.
For additional protection and peace of mind, you can add a disability waiver of premium rider that will protect your if you are disabled prior to age 60 and cannot make your payments due to a loss of income.
Youth Whole Life
Consider adding a guaranteed insurability rider if you are a parent looking to get life insurance for your kids. The rider allows you to add more coverage at different ages or special occasions, such as marriage or the birth of a child.
Simplified Issue Whole Life
Royal Neighbors also offers final expense whole life insurance that can help cover your end of life costs, such as a funeral, paying off any existing debts, and getting your estate in order.
Single Premium Whole Life
If you want to secure lifelong coverage but don't want to worry about lifelong payments, single premium whole life is a good option to consider. You pay one lump sum to get a paid up life insurance policy with a guaranteed death benefit.
Universal Life is another plan that will change as your family’s needs change. You can adjust your plan for marriage, children, change in employment status and other major life changes. If you want a flexible plan that allows you to build cash value, change your premium payments, and adjust your death benefit, then universal life may be a good option for you.
And an additional benefits of this policy is the accelerated death benefit that pays you from the death benefit if you are diagnosed with a qualifying terminal illness.
Annuities are a good choice If you are looking for a way to create an additional income stream in retirement. Royal Neighbors offers a single premium deferred annuity, a single premium immediate annuity and a flexible premium deferred annuity.
Negatives of Royal Neighbors of America Life Insurance Company
While Royal Neighbors offers policies for women and their families, it may not be a suitable insurance company for a man seeking a policy. The company is designed to meet the needs of a woman. Men, don’t worry. There are plenty of options available, including the top 10 best no medical exam companies.
If you are looking for an insurance company that also offers aggressive financial plans by taking more financial risk in order to possibly reap higher benefits, then Royal Neighbors may not be the best option for you. Royal Neighbors is a conservative financial institution that protects the interests of its members.
There are many life insurance companies offering various plans. Royal Neighbors may or may not be the policy provider that is right for you.