Final Expense insurance is essential to the financial planning of any senior citizen. The coverage can help survivors pay for the costs of everything related to the final services and legal fees that come with the passing of a loved one. Find the right burial insurance policy is one of the best decisions anyone in their golden years can make. Royal Neighbors Final Expense Insurance a great choice.
Insurance companies come in all shapes and sizes, and most of them are for-profit institutions. That is not true with Royal Neighbors Insurance of America. Commonly known as “Royal Neighbors,” this is a nonprofit insurance entity that has one of the better burial insurance policies on the market.
The Story of Royal Neighbors
The history of Royal Neighbors goes back more than 120 years ago. It happened a time when women in the United States had few rights, including the ability to own life insurance. Royal Neighbors Insurance of America was founded in 1895 to provide life insurance to women and their children. It is the first insurance company in the United States to provide for these people who ordinarily were under-insured.
Organizationally speaking, Royal Neighbors of America comes under the definition of a fraternal benefit society. Not only can Royal Neighbors provide final expense insurance products but also pursue various philanthropic goals. There are no shareholders. Royal Neighbors empowers both women and their dependents and is a rock-solid financial enterprise.
The organization has an A rating with A. M. Best. There are more than 200,000 policies (known as certificates) in force, and Royal Neighbors has close to $1 billion in assets. There is no question it can cover any claims filed. Royal Neighbors status as a fraternal benefit society requires it to conduct affairs in a way that prevents insolvency.
The Advantages of a Fraternal Benefit Society
We admit that fraternal benefit society is a horse of a different color in the insurance world. Policyholders are members of the society, which will ordinarily charge less than the traditional life insurance company for coverage. And, there is a lot of other benefits to fraternal benefit society that you usually do not find with an insurance company.
There are member benefits for anyone who is part of the Royal Neighbors of America society. These unique benefits that are above and beyond insurance coverage, include:
- Lab Services Discounts
- Vision Discounts
- Family Legal Protection Plan
- Dental Discounts
- Imaging Discounts (these are medical diagnostic imaging. This is not available in Hawaii, Vermont, or Wyoming)
- Prescription Drug Discounts
- Discounts at over 4000 Retail Establishments
- Hearing Aids Discounts, Including Diagnostic Services
The member benefits are very attractive, and when you investigate the insurance products, Royal Neighbors stands out as a real diamond.
Royal Neighbors Final Expense Insurance
The society offers whole life insurance options for burial insurance coverage. Whole life insurance is a better investment than term insurance in our opinion. Royal Neighbors Insurance has features that are common with the whole life insurance product:
- The Premiums Are Fixed for Life
- Coverage Will Never Expire if the Premiums Are Paid
- The Benefits Are Never Going to Go down in Face Value
- Royal Neighbors Offers Two Options, and It Is Possible to Get Immediate Coverage
The Royal Neighbors burial insurance is not available in Alaska, Alabama, Hawaii, Louisiana, Massachusetts, New Hampshire, and New York. You must be between 50 and 85 years of age to apply.
The Health Questionnaire
There is a health questionnaire attached to the application for the Royal Neighbors insurance certificate. The first part is a series of health questions that could disqualify an applicant if an answer of yes is provided.
It might sound harsh, but there are legitimate reasons for health playing a role in the application process. Life insurance companies are cautious about having to pay a claim early; they would rather have a covered person paying a premium for an extended time.
Someone who is in excellent health is considered a small risk and is a perfect candidate for coverage. A person with cirrhosis, chronic kidney disease, or AIDS has a higher chance of dying sooner, and, consequently, that person is a higher risk. The health issue is the primary reason why many insurance policies have a 24-month waiting period in which a full claim is not paid.
Royal Neighbors Simplified Issue Whole Life
This is the best product that Royal Neighbors has, but there is one more step to the health questions. Your MIB file and prescription history must show you have not been treated for any of the health conditions mentioned in the questionnaire. The amount of coverage that a person may apply for ranges from $5000-$25,000.
Diabetes and Diabetic Conditions
Many senior citizens suffer from some form of diabetes Royal Neighbors has a lenient attitude towards diabetics. Neuropathy, a diabetic condition with symptoms of tingling in the legs, and liver or kidney issues are severe problems for a person with diabetes.
Royal Neighbors not only offers those suffering from these diabetic conditions immediate, first-day protection, but they will do so without increasing the premium. Medication that is used to treat diabetes will label a person a higher risk with many insurance providers. These are common drugs that people with diabetes will take.
Royal Neighbors will not disqualify an applicant taking any of these.
There are other health conditions common to the elderly that Royal Neighbors does not have any problem with. These include:
It is hard for us to say anything negative about this product. That Royal Neighbors is willing to accept people with diabetes shows an empathy level that is uncommon in the industry. The value for an insured person is substantial.
Royal Insurance Graded Death Benefit
This is the other burial insurance option offered by Royal Neighbors of America. The primary difference between this and the Simplified Issue Whole Life is that in the first two years, only limited benefits will be paid if an insured passes away from a non-accidental event. The amount of coverage a person may purchase is between $5,000 and $10,000.
We want to take a moment to explain what the limited benefits of this Royal insurance product mean.
If a certificate holder perishes in the first year of coverage, Royal Neighbors pays 30% of the benefit amount. This increases in the second year, and a claim benefit of 70% of the amount is paid. Once an individual has coverage for more than two years, the full amount is paid.
If the covered individual dies of accidental death, then it is a different story. Royal Neighbors will payout 100% of the death benefit in those first two years. The only exception happens in the state of Arkansas.
There is a health questionnaire for the Graded Death Benefit. Applicants are asked the status of their health in the 24 preceding months. Conditions such as heart valve replacement, emphysema, tuberculosis, Lou Gehrig’s disease are part of the questionnaire. However, answering yes to any of the questions does not mean you are automatically disqualified. You are awarded a certificate based on your answers, and the risk you present is factored in.
The Royal Neighbors Graded Death Benefit means that a person can get some form of coverage despite health conditions. Many companies will automatically disqualify anyone who answers in the affirmative to one of the questions. A buyer has a chance that is not available elsewhere.
Other insurance companies have a hard and fast rule about 24 month waiting period. No benefit is paid if an individual should pass away in those two years. Royal Neighbors offers more than just premiums paid and an additional percentage. An individual can get reasonable coverage and a fair payment. It increases the value of the premium paid.
We are impressed with the Royal Neighbors Final Expense Insurance product, but that shouldn’t stop anyone from shopping around.
There are insurance companies whose underwriting guidelines favor people with diabetes. Royal Neighbors Final Expense Insurance coverage caps at $25,000. There are other insurers whose caps are higher. The goal of anyone buying burial insurance is simple: get the best coverage at the most affordable price. A healthy person has opportunities to purchase good coverage without straining the family budget.
A challenge is isolating the right insurance sellers for comparison shopping. It is not at all easy to do this. The consumer will need to go through a small mountain of paperwork on various coverages, insurance ratings, underwriting guidelines, and premium rates. It is all very time-consuming.
Senior citizens are known for having time on their hands, but the investigation work to find several insurance policies can be exhaustive. An independent insurance entity like Insurance for Final Expense has the resources required to make the search shorter. There are databases that insurance professionals will use that enables them to identify precisely what the buyer is looking to get.
Besides, insurance agents are trained professionals who stay current with all the developments. Anyone using an independent insurance agent is also getting a wealth of knowledge at his or her disposal. When using a cost-benefit analysis that involves the question of time, it makes sense to use the services of an independent agent.
The policy analysis and comparison selections the policy and comparison selections are more efficient if an insurance professional does both. We suggest you shop for an insurance agent just as you would go looking for a policy.
What Are the Criteria?
- Professional Designations
- There are all kinds of insurance agents, and some specialize in certain areas of coverage. The acronyms after the agent’s name attest to hours of additional study and successful exam completion. The CLU designation means that a person is a Chartered Life Underwriter. This person has extensive knowledge of life insurance products.
- Listening Skills
- Education is essential and people skills are critical. Agents must develop a relationship built on trust and confidence. Excellent listening skills nurture a good working relationship.
- A consumer should note how the agent acts in a face-to-face meeting. Is that agent easily distracted? Does he or she answer telephone calls in the middle of the meeting? Is that agent taking notes about the expressed needs? These are some of the questions that a person ought to consider in selecting the agent.
- Courtesy is essential listening skills. An agent should never interrupt a person when that individual is speaking. A good listener waits until a question is fully answered before providing an answer.
- Sales Expertise
- The right agent ought to provide several policy options for a buyer. Those choices should be centered on the needs of the individual, and not the possible sales commission or an agent. Moreover, those options should show the best possible coverage at affordable prices.
Respectfully, we ask that you consider our services when you go looking for a burial insurance policy. We are independent insurance agents and our reputation for professionalism is well known.
We Represent Several Insurance Companies, & We can Offer a Selection
All of these companies have strong financials and a reputation for paying legitimate claims promptly. We can provide possibilities that will meet your budget and, at the same time, give you the coverage you want.
At Insurance for Final Expense, we wish to stress that it is what you want, which influences our work. We believe that listening to what a person would like to have is the most important part of selling an insurance policy. No one benefits if the wishes of the customer are ignored. We will not pressure anyone to buy a specific policy. Our main goal is that the customer to have the insurance coverage he or she feels comfortable with having.
We also take the time to educate an individual about insurance and what the given policy provides. It means that we can answer questions thoroughly and suggest various options to an individual. People discover that we have extensive knowledge of the insurance industry, and that we are easy to work with.
We would welcome the opportunity to explain our services in greater detail. Please give us a call at your convenience and set up a face-to-face meeting with us. We will take the time to listen to what you want, and we promise to deliver on your requests.
Burial insurance takes a significant load off the shoulders of survivors. Those nagging expenses that seem to crop up before and after the funeral can be met successfully without having to take large chunks out of the estate. We can assist you in finding exactly what you want and need in the burial insurance coverage. Although we ask right now is that you allow us to explain to you those services, we have that make the search process more manageable.