Royal Neighbors of America Life Insurance Review [2023]

Royal Neighbors life insurance was one of the first companies to sell life insurance policies to women in the United States. This company has been working to provide support for women and serve local communities for over 100 years.

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Rachael Brennan

Licensed Insurance Agent

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 in...

Licensed Insurance Agent

Benjamin Carr

Former State Farm Insurance Agent

Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs. Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times...

Former State Farm Insurance Agent

UPDATED: Feb 9, 2023

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Quick Facts

  • Royal Neighbors of America was founded in 1895 by 9 women
  • Back when Royal Neighbors was founded, women and children typically did not have access to life insurance coverage
  • Royal Neighbors life insurance was one of the first companies in America to issue life insurance to women and children
  • Today, Royal Neighbors is one of the largest women-led life insurance companies in the country and life insurance industry as a whole

Royal Neighbors of America has been in the life insurance industry for over 120 years. This company was one of the first life insurance companies in the United States to offer women and children life insurance.

Royal Neighbors still prides itself on being a women-led life insurance and annuities company, and today will issue life insurance products to anyone who is interested. This company doesn’t have a huge selection of life insurance policies like some of the other big life insurance companies in the United States, but they do offer whole and term life insurance options.

Royal Neighbors also prides itself on its community involvement. The company’s mission is to “insure lives, support women, and serve communities.” Let’s take a closer look at the different Royal Neighbors life insurance products, their life insurance rates, and see how strong the company is financially.

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What are the life insurance rates from Royal Neighbors of America?

Royal Neighbors of America does not share their life insurance rate information online. The only way you can access a Royal Neighbors life insurance quote is to fill out their online form or call one of their independent insurance agents on the phone. Unfortunately, this isn’t a very streamlined process and it makes it hard to learn more about the life products this company offers.

The cost of your Royal Neighbors life insurance will depend on a number of different factors that are unique to you, including your age, lifestyle, medical history, and more. If you don’t like the life insurance quote you get from Royal Neighbors, you should shop around and compare Royal Neighbors’ life insurance rates with rates from other companies.

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What Royal Neighbors life insurance products are there?

Royal Neighbors will only issue four types of life insurance policy according to their company website. They have three different types of whole life insurance policy and one term life insurance policy that they sell.

Check out this informative table that shows a simplified breakdown of Royal Neighbors life insurance policies and some of their key features.

Accordia Life vs. Foresters Financial: Male 20-Year Term $250,000 Policy Monthly Rates by Age
AgeAccordia Life Average Monthly Rates for a 20-Year Term $250,000 Policy (Male)Foresters Financial Average Monthly Rates for a 20-Year Term $250,000 Policy (Male)
Age 30$16.91$13.56
Age 40$23.36$18.81
Age 50$56.07$42.66

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As you can see, there are a lot fewer policy options available from Royal Neighbors than most other life insurance companies. However, we will go through the Royal Neighbors life insurance options that are available in more detail so you can make an educated decision about this company and its life insurance products.

What are the specifics of Royal Neighbors’ whole life insurance policies?

Royal Neighbors sells three distinct types of whole life insurance policy. They are as follows:

  • whole life and youth whole life
  • single premium whole life
  • simplified issue whole life

Each one of these life insurance policies is a form of permanent life insurance, meaning that coverage lasts for an entire life, assuming that the policy’s premiums are paid.

The whole life and youth whole life policies are standard whole life insurance policies. The cost of these policies increases as issue ages increase; that is because the premiums for these policies remain level over the duration of the policy.

Whole life insurance policies build a cash value over time that can be borrowed against or used in the event of a terminal illness, such as cancer, or disability to help pay for care and treatment. This is one of the additional benefits of purchasing whole life as opposed to term life.

There are no details provided by Royal Neighbors in regards to the amount of whole life insurance coverage they typically sell. If you want to know how much whole life insurance coverage you can buy from Royal Neighbors, contact an agent to discuss this.

Single premium whole life insurance policies are basically the same as the other whole life insurance policies offered, but instead of having a lifetime of premiums they only have a single premium, hence the name. This is a great option for people who can afford to pay their premium at once. Then you get a lifetime of coverage without having to pay a lifetime of premiums.

The final insurance plan available from the company is simplified issue whole life insurance. This is more or less final expense insurance. The coverage amounts on these policies are likely pretty low. Generally, these policies are capped somewhere between 30,000 and 50,000 dollars when you look at other final expense insurance companies. If you are trying to leave a legacy behind for an heir, this policy option is not the one you should choose. Instead, final expense life insurance is designed to help cover the cost of your funeral and smaller final expenses that you may leave behind.

In most cases, the death benefit is paid directly to the funeral home. With that said, one of the excellent benefits of this type of policy is that you can be in charge of how your memorial service and burial will go, if that is something that is important to you. Typically, since the coverage amounts are low, you can expect an affordable premium with this type of coverage.

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What should I know about Royal Neighbors’ term life insurance policies?

Royal Neighbors does not offer a lot of information about their term life insurance policies. Most companies will tell you what term options they sell if you need to undergo a medical exam, and what the policy coverage maximums are.

Royal Neighbors offers no specifics about their term life insurance policies on their company website. If you want more information about these policies, contact a Royal Neighbors life insurance agent.

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Is Royal Neighbors life insurance financially strong?

The independent financial review company A.M. Best has given Royal Neighbors a financial strength rating of A. This is the third-highest financial rating possible from the company.

Financial ratings are important if you want to ensure that you will be able to get your benefits in a timely manner. Companies with weak ratings may not be able to pay out your death benefit on time or at all; if you’re paying for life insurance protection, then you want to be sure they will be able to pay to protect your family when they need it most.

Royal Neighbors Life Insurance: What’s the bottom line?

Royal Neighbors of America does a lot of great work for women and local communities, but if you are seeking comprehensive life insurance policies, you may want to shop with other insurance providers. This company offers very little information about their rates or their policies on their company website, leaving room for a lot of questions.

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