Products

Protecting Catholic Families Since 1882

Areas of Practice

 

Permanent Life Insurance

What is it?

Permanent life insurance is our signature product. It provides money to your family when you die, and builds cash value while you live. It’s guaranteed. It’s secure. It’s dynamic.

Who needs it?

Permanent life insurance is a great way to provide security for your family. It may be an ideal solution for people who are interested in:

  • Providing money for final expenses so your family doesn’t have to.
  • Replacing income so that your family’s financial life doesn’t have to change in case you pass away suddenly.
  • Providing college funds for your children in case of an untimely death.
  • Protecting your spouse from the burden of a mortgage in the event of the unexpected.
  • Giving a donation to a charity or special interest.
  • Supplementing an estate or mitigating estate taxes.

How does it work?

Permanent life insurance – like all life insurance – is designed primarily to provide money (also known as a death benefit) to your designated beneficiary when you pass away – guaranteed.

All Knights of Columbus permanent life insurance policies (with the exception of Graded Premium – see below) have premiums that are guaranteed not to increase, so you won’t have to worry about any surprises. 

Our permanent life insurance policies also accrue cash value over time. Should the policy be eligible for any dividends (which are not guaranteed), you can also elect to put those proceeds back into your policy by purchasing additional paid-up insurance. Additional paid-up insurance increases your policy’s death benefit and cash value. Your policy’s cash value can be used as cash, either through a partial loan or a full surrender of the policy*, or as collateral.

What options do I have?

Knights of Columbus permanent life insurance products are flexible to fit your needs.

Product Options

Single Premium Whole Life – Secure protection and start your legacy with one, single payment.

10-Pay Life – Pay your premiums in just ten years, and your death benefit is guaranteed for life.

20-Pay Life – Pay your premiums in just twenty years, and your death benefit is guaranteed for life.

Life Paid-Up at 65 – Pay your premiums until 65, so that you don’t have to worry about additional expenses in retirement.

Life Paid-Up at 100 – Pay level, guaranteed premiums until your 100th birthday.

Graded Premium Whole Life – Enjoy lower premiums for your first few years to help you get started. Premiums will then gradually increase before leveling off.

The Knights of Columbus also offers several specialty products including: Discoverer – a unique blend of the best features of both permanent and term insurance; Graded Death Benefit – a guaranteed issue final expenses product; and Survivorship Universal Life – a second-to-die policy for couples, families, or business partners.

Beneficiary Options

You decide who you want your death benefit to go to: a spouse, children, family, a trust, or even charity. You can have more than one beneficiary, and can divide up the proceeds proportionally.

Additional Features and Benefits

There are a number of special features and benefits – often called riders – that are available on Knights of Columbus products, such as the spousal waiver of premium, which pays for your spouse’s Knights of Columbus premiums when you pass away.

Contact your Knights of Columbus field agent today to learn more about our permanent life insurance products, and about the safety and security that we can help provide.

*Loan and surrender charges apply


Long Term Care

What is it?

Long-term care insurance helps you pay for your extended medical needs in a nursing home facility or in the comfort of your own home.

Who needs it?

Long-term care insurance should be an important part of every family’s planning. While we’d like to think that we will never need long-term care, or that we could easily afford it the statistics suggest otherwise:

  • 70 percent of people over age 65 will need some type of long-term care services during their lifetime.[1]
  • 3 years is the average duration of long-term care needed per individual.[2]
  • $91,250 is the average annual cost of private nursing home care.[3]
  • $80,300 is the average annual cost of at-home nursing care.[4]

Traditional medical insurance programs and government medical insurance programs don’t usually provide enough help. According to the Department of Health and Human Services, Medicare only pays for long-term care services for a maximum of 100 days, with a copay after the 20th day, and only if you meet certain criteria. Medicaid does pay for long-term care, but only if your income is below a certain level, and you meet state requirements.[5]

How does it work?

Knights of Columbus Long-Term Care insurance policies establish a pool of money (also known as a maximum lifetime benefit), which is determined by a number of options that you choose from (see below). That pool of money is then available for you to use to cover qualified long-term care expenses. When the pool of money is exhausted, your long-term care policy ends.

The Knights of Columbus also offers a spousal discount program, through which spouses who apply for long-term care insurance coverage together are eligible for up to a 30 percent discount.

What options do I have?

Coverage Type

Comprehensive Coverage – Comprehensive long-term care insurance allows you to use the policy to help cover expenses at home or in a skilled nursing facility.

Facility-Only Coverage – Facility-only long-term care insurance helps cover expenses in a skilled nursing or assisted living facility.

Benefit Period

3-Year – Establish a maximum lifetime benefit designed to help cover three years of long-term care expenses.

5-Year – Establish a maximum lifetime benefit designed to help cover five years of long-term care expenses.

10-Year – Establish a maximum lifetime benefit designed to help cover 10 years of long-term care expenses.

Daily Benefit

Working with your Knights of Columbus field agent, you establish the daily benefit amount that the policy provides, based on your budget and your projected need. Your daily benefit amount, combined with your benefit period, will determine your maximum lifetime benefit, all of which will affect your premium.

Elimination Period

Long-term care insurance policies come with an elimination period, which serves as your deductible or out-of-pocket amount. You can select a 30, 90, or 180-day one-time, lifetime elimination period, after which time your benefits will begin to be paid.

Additional Features and Benefits

A number of special features and benefits – often called riders –  are available on Knights of Columbus long-term care insurance products. An example is the compound inflation rider, which will increase your maximum lifetime benefit annually.

Contact your Knights of Columbus field agent today to learn more about our long-term care insurance products and the safety and security that we can help provide.




Term Life insurance

What is it?

Term life insurance provides affordable protection to your loved ones for temporary needs. It’s simple and straightforward.

Who needs it?

Knights of Columbus term life insurance may be an ideal solution for people with time-bound financial obligations who are interested in:

  • Protecting your young family on a tight budget.
  • Shielding your family against the remaining payments on your mortgage, so that they aren’t drowning in debt or forced to move if you die unexpectedly.
  • Supplementing or replacing your income in case you die, so that your family can continue to live with the same level of financial comfort that they did when you were alive.
  • Providing funds for your children’s college education in case of the unexpected.
  • Enabling your loved ones to pay off your personal debt – like credit card or auto loan debt – should you pass away suddenly.

How does it work?

Knights of Columbus term insurance is designed to provide you with a maximum amount of coverage at affordable and competitive rates.

Unlike permanent insurance, term insurance is temporary, and is designed to expire as your financial obligations expire. Our term insurance rates are guaranteed for the life of your policy, as is the amount of money that would be paid to your family should you pass away.

Term insurance is also convertible. Depending on how you and your Knights of Columbus field agent customize your term insurance policy, you can convert some or all of your insurance to permanent coverage at a later date, without providing further proof of insurability. So, if your health changes and you have an active term policy, you can secure permanent coverage that you may have otherwise have been denied.

What options do I have?

10 Year Term – Cover your family for 10 years, with our Accelerator Term Insurance series, which includes a unique opportunity to increase your coverage amount by 25%, to keep up with inflation and salary increases, for an extremely low cost.

15 Year Term – Cover your family for 15 years, with our Accelerator Term Insurance series, which includes a unique opportunity to increase your coverage amount by 25%, to keep up with inflation and salary increases, for an extremely low cost.

20 Year Term – Cover your family for 20 years, with our Accelerator Term Insurance series, which includes a unique opportunity to increase your coverage amount by 25%, to keep up with inflation and salary increases, for an extremely low cost.

Annual Renewable Term – Review and renew your coverage annually, with adjusted premiums and a level death benefit.

Young Adult Insurance – A special product for Knights and their spouses ages 18-29 to help them start their insurance protection.

Beneficiary Options

You decide who you want your death benefit to go to: a spouse, children, family, a trust, or even charity. You can have more than one beneficiary, and can divide up the proceeds proportionally.

Additional Features and Benefits

There are a number of special features and benefits – often called riders – that are available on Knights of Columbus products, such as the full conversion rider, which gives you the option to convert your Accelerator Term Insurance to permanent coverage.

Contact your Knights of Columbus field agent today to learn more about our term life insurance products, and about the safety and security that we can help provide.


Disability Insurance

What is it?

Disability income insurance helps replace lost income when you are unable to work due to a disability resulting from an illness or accident.

Who needs it?

Disability income insurance helps protect your most important financial asset – your paycheck – so it should be an important part of every family’s planning. Long-term disability is much more common than other unfortunate circumstances that are commonly covered by insurance. Consider the fact that you face a 1 in 100 risk of losing your home to a fire [1], but a 1 in 4 risk of suffering a long-term disability [2].

Despite the odds and the prevalence of long-term disability – nearly 11 million Americans are receiving federal disability benefits[3] – more than 100 million Americans are without private disability income insurance.[4] In addition, any disability income insurance you may have through your employer may very well be insufficient or contingent on certain circumstances (like worker’s compensation).

How does it work?

Knights of Columbus disability income insurance policies provide a monthly benefit amount over the course of a maximum benefit period (see below) designed to help replace the income that you would have otherwise received if you were able to work. You are free to use your disability income benefits in whatever way you see fit – just like you would with your own paycheck.

Knights of Columbus Disability Income policies also come with special features, such as the total, partial, or presumptive disability income benefits, which help protect against special circumstances. As an added bonus, our disability income insurance policies come with a waiver of premium provision, which waives your policy’s premiums while you’re suffering from a disability.

What options do I have?

Benefit Period

The maximum benefit period is the longest period for which monthly disability benefits are payable for any one period of a disability. The benefit resets once the disability concludes. You may choose from:

2-Year – Protect your paycheck with two years of disability income payments.  

5-Year – Protect your paycheck with five years of disability income payments.  

To Age 67 – Protect all your working years with disability income payments until you reach retirement age.

Monthly Benefit

Working with your Knights of Columbus field agent, you establish the monthly benefit amount that the policy provides, based on your income and subject to certain limits.

Elimination Period

Disability income insurance policies come with an elimination period, which serves as your deductible or out-of-pocket amount. You can select a 30, 90, or 180-day elimination period, after which time your benefits will begin to be paid.

Additional Features and Benefits

A number of special features and benefits – often called riders – are available on Knights of Columbus disability income insurance products. For instance, the catastrophic disability rider provides an additional monthly benefit in the event of a catastrophic disability, and the cost of living adjustment rider helps your monthly benefit keep pace with inflation during a long-term disability.

Contact your Knights of Columbus field agent today to learn more about our disability income insurance products, and about the safety and security that we can help provide.




Retirement annuities

What is it?

An annuity is a retirement savings product. You make contributions, and, after a specified amount of time, the annuity pays you a regular income stream.

Who needs it?

There are few financial matters we give more thought and attention to than our retirement. Everyone thinks about it. Everyone needs it.

Retirement annuities help you ensure that you have enough money to live on in retirement.

But retirement income can be a difficult thing to calculate, especially with a changing landscape of federal and employee-provided benefits. With a properly structured retirement annuity from the Knights of Columbus, you can have retirement income that you cannot outlive, guaranteed.

Retirement annuities provide security and peace of mind that people of all ages and financial circumstances can benefit from.

How does it work?

Knights of Columbus retirement annuities come with many different payment and plan types (see below) which determine the nature of the annuity.

Once established, the money within a Knights of Columbus annuity continues to earn value, before eventually disbursing according to the options that you elect.

Knights of Columbus annuities also come with two important guarantees.

First, with a Knights of Columbus annuity, your principal is guaranteed. Regardless of market condition or company results, your Knights of Columbus annuity will not lose value.

Second, each Knights of Columbus annuity comes with a guaranteed minimum interest rate. No matter the market fluctuations, your annuity is guaranteed to never earn less than the contractually stated amount on an annual basis.

What options do I have?

Payment Type

There are three payment types for Knights of Columbus annuities:

Single Premium Annuity – You make a single, lump-sum payment that accrues interest until you elect to begin withdrawals.

Flexible Premium Annuity – Premium payments can be made on a regular or irregular basis. We encourage Electronic Transfer of Funds (EFT) with the frequency of payments determined by you. In addition, you have the option to choose your payment schedule.

Single Premium Immediate Annuity – Purchased with a single payment, it begins to pay out immediately. 

Plan Types

In the United States, the Knights of Columbus annuities have three available plans:

Non-Qualified Annuity

Traditional Individual Retirement Annuity

Roth Individual Retirement Annuity

The Knights of Columbus also offers Tax Sheltered Annuities (TSA) and Simplified Employee Pension (SEP) options.

Knights and their families in Canada have two retirement annuity options:

Registered Retirement Savings Plan

Tax-Free Savings Account

A special hybrid life insurance and retirement annuity product – a Registered Retirement Savings Plan Single Premium Whole Life insurance policy – is also available in Canada.

Contact your Knights of Columbus field agent today to learn more about our retirement annuities, and about the safety and security that we can help provide.