Royal Neighbors of America has launched an innovative life insurance product the Rock Island-based fraternal benefit society said will address the needs of the uninsured and those facing coverage challenges.
Ensured Legacy Final Expense is a suite of life insurance products designed to offer coverage customization options. It also includes a unique rider designed to make a lasting impact on the lives of members and their families across the country. That charitable gift component also is in line with Royal Neighbor’s mission, the society said in a news release announcing the new coverage.
“This is a big deal for Royal Neighbors and members,” Marie Young, manager, marketing & communications for Royal Neighbors, told the QCBJ. “We’ve collided life insurance protection with philanthropy, and it demonstrates our commitment to our mission. It has been years in the making.”
Juliet Christenson, senior director of product strategy for Royal Neighbors, added that this unique new life insurance product isn’t just the result of brainstorming in the boardroom.
“It’s a response to the needs of our valued members. Our journey to Ensured Legacy Final Expense included extensive research and the pursuit of a deep understanding of our members and our agents,” she said.
Coverage is flexible
“One of the unique aspects of Ensured Legacy Final Expense is its flexibility in coverage options that align with individuals’ health statuses, ensuring loved ones are left with a legacy rather than financial burdens. Serving the uninsured member is at the heart of our product strategy,” Ms. Christenson added.
Royal Neighbors offers members exclusive access to programs and resources like prescription savings, affordable preventative health screenings, and support for community volunteer projects, the benefit society said. And to illustrate its dedication to serving communities, it is introducing the distinctive Charitable Giving Rider.
“I am extra proud that a Charitable Gift Rider is part of this new product!” Royal Neighbors Director of Philanthropy Amy Jones wrote in an email to the QCBJ. “It pulls together Royal Neighbors’ continued dedication to jointly making philanthropy and insuring lives our business model.”
Rider empowers giver
The gift rider will be included in coverage at no extra cost to the member. It empowers them to designate a charitable organization from a pre-approved list provided by Royal Neighbors, according to the release.
When the member dies, Royal Neighbors will donate 1% of that member’s certificate face amount to the selected charity. The release called it “a meaningful way to leave a lasting legacy while making a difference in the member’s community.”
Ms. Christenson added: “Ensured Legacy Final Expense isn’t just an insurance product; it’s a holistic offering that reflects our commitment to insuring lives, supporting women, and serving communities.”
To create the suite of products, Royal Neighbors took feedback from members, agents and market research and baked it into their product design.
“Our target market for this product includes individuals aged 50 and older who may have delayed obtaining life insurance or faced previous rejections but still have concerns about their final expenses and ensuring their loved ones are not burdened after their passing,” Ms. Christenson added.
Target market age 50+
“In their fifties, people often find themselves taking care of elderly parents who may not have life insurance,” she said. “This experience can make them acutely aware of the burden placed on them. We heard many stories in our focus groups where individuals felt overwhelmed by the financial responsibilities of caring for loved ones as they approached their end of life. This insurance product serves as a solution to bridge this gap and provide peace of mind.”
Royal Neighbors CEO and President Zarifa Reynolds added, “We are dedicated to delivering life insurance products with distinctive features tailored to our members’ needs, setting us apart from other carriers.”
She said: “Our simplified life insurance products are designed to be easy to understand and cost effective so that we can address the needs of the growing senior market and provide our customers with comfort and peace of mind as well as the ability to leave a lasting legacy for their loved ones.”
Royal Neighbors also is launching a new, more user-friendly application process. “We wanted to ensure our members walk away from the application process feeling confident in their coverage and future legacy,” Ms. Christenson said.
Royal Neighbors was founded in 1895 as a membership organization by nine pioneering women who recognized the need to insure the lives of women and children. Now, with more than 250,000 members nationwide, Royal Neighbors of America offers life insurance and annuity products to its members and is driven by its mission of supporting women and serving communities. The organization’s employees, members, and chapters drive the mission through localized volunteerism and philanthropy programs.
For more information, go to royalneighbors.org.
