Royal Neighbors of America Life Insurance Review
I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Apr 3, 2022
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Here’s the Scoop
Royal Neighbors was one of the first life insurance companies in America to issue life insurance to women and children, started in 1895
Today, Royal Neighbors is one of the largest women-led life insurance companies in the country
Royal Neighbors of America membership fee costs an annual $20 and includes a wide variety of discounts
Royal Neighbors has been in the business of providing protection and peace of mind for more than 120 years, leading the industry as the first company in the U.S. to offer insurance to both women and children.
Over the years, Royal Neighbors has grown and expanded exponentially and today is considered to have a solid financial foundation, offering all types of life insurance that range from term, whole, and universal life.
Keep reading for more information about what Royal Neighbors insurance offers as well as what is covered under their policies. Ready to start comparing quotes in your area? Simply enter your ZIP code into our free tool.
What does Royal Neighbors’ life insurance cover?
Royal Neighbors of America provides a few different types of life insurance that include term life, whole life, and universal life. They also provide annuities that are able to be purchased in tandem with their term policies.
Policies that Royal Neighbors offers:
Whole Life and Youth Whole Life
Single-Premium Whole Life
Simplified-Issue Whole Life
Term Life
A few of these products are bundled together under term life, whole life, and universal life. Let’s take a close look at each of them.
Whole Life Insurance
Starting at $25,000 in coverage, Royal Neighbors’ whole life insurance offers permanent coverage as well as access to cash-value with death benefits.
The Essential Whole Life policy benefits include:
Accelerated Death Benefits
Accidental Death
Guaranteed Insurability
Waivers for Cancer and Disability
Riders are also able to be added to receive coverage if needed. Though, doing this will increase your policy’s rates.
Youth Whole Life is a policy that is offered to riders under the age of 18. This includes guaranteed insurability for riders as well as accelerated death benefits. Royal Neighbors also offers Royal Legacy Single Premium which includes applicants ages 45-80.
This policy requires a lump-sum payment of at least $10,000, with the death benefit guaranteeing a higher premium for payment.
Simplified Issue Whole Life is available to those who are between the ages of 50 and 85, and offers instant issue life insurance coverage that ranges from $5,000 to $25,000. No medical exam is required and all expenses due to any outstanding medical bills or financial obligations will be covered.
Term Life Insurance
Through their JETerm coverage, Royal Neighbors provides a customizable option that comes with a level premium and death benefit, as well as the ability to add several riders with the option to later convert it into permanent coverage.
You also have the option of a guaranteed insurability rider which allows you to incrementally increase your policy amount without your premium rising dramatically.
Universal Life Insurance
This is under their SecureLife policy and offers policyholders flexibility with their premiums and a modified payment schedule, depending on financial needs. There is also a 20-year no-lapse guarantee with this policy.
The same rider benefits offered on the standard whole life insurance policy are also available with this policy as well.
Annuities
In addition to life insurance coverage, Royal Neighbors also offers retirement annuities:
Flexible Premium Deferred Annuity. This allows you to make regular contributions to the account over time, with funds growing tax-deferred
Single Premium Deferred Annuity. You can deposit a lump sum of money into this annuity and grow or compound it on a tax-deferred basis. You can then withdraw the funds as an income stream at any time in the future.
Single Premium Immediate Annuity. You can deposit just one lump sum, either from personal savings, or from a retirement account (such as an IRA or 401(k) plan), and start to receive income immediately.
These products provide a way to grow or compound your money in a tax – advantage manner. Ensuring that you have an income in the future that will last past your retirement, regardless of how long that may be.
Membership Benefits
Membership with Royal Neighbors comes with other added benefits:
Dental Discounts in the amount of 5-50%
Vision Discounts in the amount of 20-40% off the retail price of glasses
Lab services 10-80% off
Free and discounted legal advice and services through a pre-qualified network
Imaging discounts 10-60%
Hearing aids at 30% off
Retail/eCommerce offering 1-40% off at 4,000 leading merchants
You can also become a member of the Royal Neighbors without purchasing any insurance policies. The fee for membership is $20/year.
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What’s the average cost of coverage with Royal Neighbors?
Costs for coverage with Royal Neighbors will vary depending on your policy, but here is a brief look at the average cost of their policies.
Age Rate for a 20-year policy
30$16.91
40$23.36
50$56.07
As stated above, these rates are subject to vary depending on how much coverage you need, as well as which type of insurance you decide to go with.
Unfortunately, Royal Neighbors doesn’t offer much more information regarding the cost of their policies.
Royal Neighbors Life Insurance Reviews
The Royal Neighbors of America has an A+ rating with the Better Business Bureau (BBB), with only four complaints on file in the past three years and an A.M. Best rating of A.
Royal Neighbors of America Life Insurance Review: The Bottom Line
Products and pricing may vary with Royal Neighbors, depending on what kind of coverage you need and the length in which you need your policy to last. However, their strong financial backing with both the BBB and A.M. Best gives them an advantage over the rest of the competition.
Their straightforward policies make the decision of buying life insurance that much more simple, so that you can focus on other things, besides your life insurance policy.
Now that you’ve learned about Royal Neighbors of America life insurance, take the time to enter your ZIP code into our free tool and start saving on life insurance today.
