Great Western vs. Royal Neighbors: Top Life Insurance in 2024

Great Western and Royal Neighbors offer permanent life insurance quotes to customers. Additionally, Royal Neighbors offers term life options.

Comparing Great Western vs. Royal Neighbors shows that the latter has lower monthly rates. Learning more about Great Western and Royal Neighbors will help you decide between the two.

Before starting this Great Western vs. Royal Neighbors comparison, enter your ZIP code to find the best life insurance quotes in your area.

Great Western vs. Royal Neighbors: What are their monthly rates?

Comparing the monthly rates of life insurance providers is a good way to start when you’re trying to choose. The following chart shows Great Western vs. Royal Neighbors life insurance rates for a $10,000 whole life policy for men of different ages.

The next chart shows the same information for women.

As you can see, Royal Neighbors has lower monthly rates than Great Western, and rates for women are generally lower than the rates for men.

Great Western vs. Royal Neighbors: What products are available?

Examining the policies of life insurance providers allows you to determine if they meet your insurance needs. Great Western focuses on final expenses while Royal Neighbors offers policies for all ages.

Great Western doesn’t offer any term life policies but offers two whole life plans. Both whole life policies focus on subsidizing funeral and burial costs.

The Assurance Plus plan is designed for those in good health. By answering questions about your medical history and providing funding for medical expenses, you can receive a 25 percent increase in the death benefit.

The Guaranteed Assurance plan is for those that might not qualify for the Assurance Plus plan due to their health history. There is no underwriting process, so all applicants can receive coverage. However, the increased risk results in higher premiums.

Royal Neighbors offers term life insurance quotes in 15-, 20-, and 30-year terms. This policy is available for those between 18 and 65 years of age with a value ranging from $50,000 to $5 million. The policy can be continually renewed until the policyholder turns 90.

Whole life policies offered by Royal Neighbors are based on the age of the insured. The Youth Essential Life policy is available for children up to 17 and can be purchased by a parent, grandparent, or another legal guardian. The minimum coverage for this type of policy is $10,000.

The Essential Life policy is Royal Neighbors’ adult plan, available for those between the ages of 16 and 65. The minimum coverage of this policy is $25,000 and a youth plan can be converted into an adult plan when the child becomes of age.

The Royal Legacy Life plan is a single-premium whole life policy designed to be used as an estate planning tool. Available for customers between the ages of 45 and 80, coverage ranges from $10,000 to $200,000.

Royal Neighbors offers two universal life policies, both with a minimum coverage amount of $50,000. The cash value policy is available for those up to 85 and the death benefit focused policy is available for customers up to 75 years of age.

The company offers final expense insurance for those between the ages of 50 and 85. The value ranges from $5,000 to $25,000. While no medical exam is required, customers will need to fill out a medical history questionnaire. Burial insurance requires a two-year waiting period.

Great Western vs. Royal Neighbors: What riders are offered?

When a basic policy doesn’t offer enough coverage, optional riders can be added to provide additional protection. These riders are available for an additional premium. Great Western and Royal Neighbors offer multiple optional riders.

Optional riders offered by Great Western include:

• Accelerated death benefit
• Dependent child or grandchild
• Special bonus

Optional riders offered by Royal Neighbors include:

• Accelerated death benefit
• Child rider
• Waiver of a premium
• Accidental death
• Guaranteed insurability
• Flexible premium deferred annuity

While Great Western and Royal Neighbors both offer multiple riders, they offer fewer riders than some competitors.

Great Western vs. Royal Neighbors: What are their financial ratings?

The financial ratings provided by credit rating agencies allow customers to gain a sense of an insurance provider’s financial strength.

These ratings determine the likelihood that a company will be able to provide a payout when a claim is filed. So, how do Great Western and Royal Neighbors look from a financial perspective?

Both Great Western and Royal Neighbors have been rated an “A” by A.M. Best. This rating is described as “excellent” and suggests that the companies should have no problem paying for claims in the future, regardless of economic conditions.

Great Western vs. Royal Neighbors: Company Background

The Great Western Insurance Company was founded in 1983 by Lindquist Mortuaries & Cemeteries in Ogden, UT. The purpose was to provide final expense insurance for the customers of the funeral home.

In 2018, the family-owned business was purchased by the American Enterprise Group.

Royal Neighbors of America is a fraternal benefits society and one of the largest women-led insurers in the country. It was founded in 1895 to provide life insurance for women and children, demographics that weren’t traditionally eligible for life insurance at the time.

Great Western vs. Royal Neighbors: The Bottom Line

The biggest difference between these two providers is the policies offered. Great Western focuses on final expenses and Royal Neighbors offers lifelong insurance coverage.

Comparing affordable Great Western vs. Royal Neighbors life insurance quotes is a good place to start when making your choice.

Now that you’ve compared Great Western vs. Royal Neighbors, enter your ZIP code to discover the top life insurance rates in your area.

Great Western vs. Royal Neighbors: Frequently Asked Questions

Not yet ready to buy Great Western vs. Royal Neighbors life insurance? Here are some frequently asked questions about Great Western and Royal Neighbors.

#1 – Does Great Western Bank offer Great Western life insurance?

The Great Western Insurance Company and Great Western Bank are not affiliated with each other.

#2 – How can I buy life insurance after choosing between Great Western and Royal Neighbors?

Customers looking to buy Great Western or Royal Neighbors life insurance must contact an insurance agent.

#3 – How can I make changes to my Great Western or Royal Neighbors policy?

Customers of Great Western and Royal Neighbors can make changes to their policy by using the company website. The websites feature a Great Western and Royal Neighbors agent login and customer login portal.