Knights of Columbus Insurance
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Since our founding in 1882, the primary mission of the Knights of Columbus has been to protect families from the financial ruin caused by the death of the breadwinner.
In the beginning, Venerable Father Michael J. McGivney and his fellow Knights “passed the hat” to benefit widows and orphans.
From that humble start, the Order has grown to include top-rated life insurance, long-term care insurance and retirement products. With more than $92 billion of insurance in force and a full-time field force of more than 1,400 serving our members and their families, we are proudly fulfilling Fr. McGivney’s vision.
The best way to learn about our products is by arranging a visit with a local field agent. Your agent can custom design an insurance program to meet your current needs, help you plan for the future or simply explain the many fraternal benefits that come with membership. To contact the agent in your area, use our convenient Find An Agent feature.
Why Choose Us?
We are strong
The Knights of Columbus is a fraternal benefit society that is strong, secure and stable. Members can be confident that we’ll be here when you need us. We’ve been successfully protecting families since 1882, and our outlook remains bright.
Don’t just take our word for it. There is no more highly rated insurer in North America than the Knights of Columbus. A.M. Best has bestowed on us their highest rating (A++, Superior) for 37 consecutive years.
Remember, in 2012, the Knights of Columbus gave more than $155 million to Catholic and other charitable causes. In these uncertain times, find comfort in an organization that leads the way in doing good for others while doing good for our own.
We are secure
Since 1882, we have been committed to protecting the financial futures of our Knights and their families. We do this by paying claims and dividends to our insured members. In 2012, we paid well over $487 million in death claims and other benefits, and more than $349 million in dividends to our policyholders. Even more impressive is the fact that in the past decade, the Knights of Columbus paid more than $3.4 billion in dividends to insured members.
We are stable
Prudent leadership and management has led to the rapid growth of our assets, providing an adequate foundation for our member’s protection, and securing our obligations to our insured and their beneficiaries. Also, because we are a fraternal benefit society, we have no stockholders. Our owners are our members and we return our good fortune in the form of dividends to our policyholders.
Long Term Care:
For the Unexpected
Record numbers of people are living well into their 80s, 90s... and even past the age of 100. That translates into more time to do the things you want to do, to spend time with the people you love. It also poses new challenges.
In aging, you change in some familiar ways — and some ways that might be completely unexpected. In your 60s and 70s, tasks and activities that you once performed routinely or with ease might become increasingly difficult. And, over time, you may need more and more assistance with such activities. You might also experience a sudden, acute need for such help after a debilitating illness — such as a stroke.
Everyone is potentially at risk. Statistics from 2011* show that about 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. As you get older, the risk increases. Women are at a higher risk than men, typically because they tend to live longer. On average, someone age 65 today will need some long-term care services for three years. On average, private nursing home care can cost upwards of $79,935 per year. You may be able to manage with at-home nursing care, but this option can also be quite expensive: such services can cost more than $60,000 per year in the U.S. for eight hours of service, 365 days a year.
By 2020, an estimated 12 million Americans will need long-term care services. Forty percent of those receiving long-term care services are adults between the ages of 18 and 64.
- *U.S. Department of Health & Human Services Clearinghouse for LTC Information, 8/16/2011.
Order Launches Long-Term Care Plus
On August 18, 2014, the Knights of Columbus launched its new Long-Term Care Plus product in 40 states, Canada (excluding Quebec), and Puerto Rico.*
The new product is an enhancement and replacement of the Order’s existing Long-Term Care insurance, where approved.
Originally introduced in 2000, Knights of Columbus long-term care insurance is designed to help Knights and their eligible family members pay for skilled and custodial care – whether at home or in an extended care facility – without having to deplete their assets and their estate.
While life expectancies have been improving steadily, living longer may very well mean needing more care. Statistics show that nearly 70 percent of individuals over the age of 65 will require at least some type of long-term care services during their lifetime.* And those services are becoming more and more expensive.
On average, nursing home care can cost upwards of $83,000 per year, while at-home care can cost more than $60,000 per year.**
Yet most regular health insurance plans or government assistance programs do not provide sufficient coverage for long-term care needs. Long-term care insurance from the Knights of Columbus helps mitigate that risk by helping you cover your costs.
The new Long Term Care Plus product is available for issue ages 18-75, and is offered with two coverage plans: comprehensive coverage, which covers care at a facility or in a home, and facility-only, which helps pay for nursing home or assisted living care.
Long Term Care Plus contracts can be customized with the help of your Knights of Columbus field agent to best fit your projected needs and budget. Working with your agent, you can select the daily benefit amount, the benefit duration, and the elimination period that best suits your situation.
Knights and their eligible family members can also take advantage of other features, such as the optional inflation rider which can help enhance the value of the product, and a spousal discount which is available to eligible applicants. Also included in each Knights of Columbus Long Term Care Plus policy is the Return of Premium Rider, which refunds premiums if the insured dies prior to age 65.
For more information on Knights of Columbus Long Term Care Plus, contact your local Knights of Columbus field agent.
* Not yet available in AZ, CA, CT, DE, DC FL, HI, IN, MT, NJ, ND, and NY
** U.S. Department of Health & Human Services National Clearinghouse for LTC Information, 3/3/2014
***Long Term Care insurance contracts contain certain exclusions, limitations, and other terms. Your contract and licensed Knights of Columbus field agent can provide you with complete details. The Knights of Columbus reserves the right to ask questions about your health and review your medical records. Benefits are subject to underwriting. Premiums may increase. A Knights of Columbus field agent may contact you to discuss your long-term care insurance options.
What if your last paycheck was your last paycheck?
Statistics tell us that 10% of North Americans between ages 18 and 64 have a disability and that there is a 33% chance of a person entering the work force today being disabled before they retire. As people earn more, the financial risk posed by a disability becomes more significant. Unfortunately, very few people have insured this risk. Seventy percent of employees in the private sector are not covered by any type of long-term disability insurance.
Ask yourself: “What is my largest asset?” Most people will say it’s their home. But, the fact is that, it’s usually their ability to earn a paycheck. Without this, all other assets are in jeopardy. If you lose your ability to work, what would you do?
Income Armor® from the Knights of Columbus can pick up where your paycheck leaves off.
Our Income Armor product is offered to members and their wives ages 18-61 (subject to underwriting requirements). Coverage cannot be cancelled as long as you pay your premiums when they are due. Premiums are not guaranteed and increases are possible, but only on a class basis.
Your base policy premium provides a comprehensive list of benefits, including:
• For Total Disability
• For Partial Disability
• Waiver of Premium
• Organ Donor
• Rehabilitation & Retraining
Contact your agent today to learn more about Income Armor.
The beauty of our annuity products lies squarely in their simplicity and security.
Simple from the standpoint that they're fixed in nature. They provide long-term accumulation of wealth, specifically designed for retirement needs. There are no hidden management fees or annual charges. (Surrender charges may apply).
Secure because they are backed by the Knights of Columbus, an organization that earns the highest ratings from independent rating services while maintaining high ethical standards.
Our investment philosophy is consistent with the nature of the funds entrusted to us. We invest in vehicles that generate competitive rates for you, while assuring absolute safety of your retirement nest egg.
Whether you're looking to start a retirement savings program or moving substantial, more volatile funds into 'safer waters', the Knights of Columbus offers programs that can help you achieve your goals.
Click on the links below to learn more. Flexible Premium Annuity VANTAGE Single Premium Deferred Annuity (SPDA)
Why We Offer Insurance
Before you think about how you and your family would use life insurance, and what products and options you would need, there are a few more basic questions that need to be answered: What is life insurance? And why do the Knights of Columbus care about it?
It may seem counter-intuitive that a Catholic organization would be in the life-insurance business. It may seem odd that one of the world’s largest charitable organizations is also one of North America’s largest insurers. But it’s not odd at all. Providing financial protection for Catholic families has been at the core of our mission since the beginning.
Two Problems, One Solution
The drive to offer financial protection for Catholic families comes from our venerable founder Father Michael J. McGivney. On numerous occasions in his brief life, Father McGivney witnessed first-hand the devastation wrought by the untimely death of a breadwinner. Two instances are particularly instructive.
In the summer of 1873, when young Michael was a seminarian in Canada, he was forced to hit pause on his theological studies and return home to aid his family after the sudden death of his father Patrick. “He was reeling,” we learn in Parish Priest. “He packed his belongings, knowing that he would never return to Sainte-Marie, and went home…”
“Money for tuition was no longer available,” the authors go on to say. “Even if the McGivney family could survive without Michael’s financial support, it was not clear that he could survive without help from them – or someone.” Michael went on to continue his studies, after receiving a scholarship from the then-Diocese of Hartford.
Less than a decade later, McGivney, now an associate pastor at St. Mary’s Church in New Haven, Conn., was faced with an all-too-similar situation.
Parishioner Edward Downes, Jr., a good friend of Father McGivney’s, was forced to quit the seminary and return home to New Haven to support his widowed mother and his twelve siblings when his father died unexpectedly.
In those days, the court had the right to assign children to public institutions if it had reason to believe that their families couldn’t properly care for and support them. The Downses were able to account for most of their family members, but were facing the very real prospect of losing their three teenage boys unless each had a guardian to sponsor and stand for him in court, and provide $1,500 to back the claim to guardianship.
On February 6, 1882 – the very same day as the first organizational meeting for what would become the Knights of Columbus – Father McGivney appeared in court to stand as guardian for Edward’s brother Alfred. The court accepted, and McGivney was satisfied with the outcome, but not with the recurring nightmare of financial hardship.
“Even though he was only a young man,” Parish Priest says of McGivney, “he was filled with a lifetime of anger and frustration at the sense of doom that settled over nearly every family that lost its wage earner….On the afternoon of February 6, he was more determined than ever that what had happened to the Downes family need not happen to anyone else.”
The Mission Begins – And Continues And in that spirit, Father McGivney set off with “entrepreneurial zeal” to found the Knights of Columbus. In his own words, Father McGivney wanted the organization to “to unite the men of our Faith throughout the Diocese of Hartford, that we may thereby gain strength to aid each other in time of sickness; to provide for decent burial, and to render pecuniary assistance to the families of the deceased members. “
He knew what life was like without that assistance. The initial system of “life insurance” designed by Father McGivney was a simple one, a pass-the-hat system that each member participated in to help support his brother Knights.
But as the organization grew council-by-council, state-by-state, and country-by-country, so too did the insurance program, and the pass-the-hat system was transformed into one of the largest and most highly-rated life insurance programs in North America.
The Knights of Columbus has passed many milestones and received many accolades along the way: $95 billion of life insurance in force, 39 consecutive A++, Superior ratings for financial strength from A.M. Best, 13 consecutive years of sales growth, designation as a 2014 “World’s Most Ethical Company,” but all that is secondary.
What matters most is that we continue to fulfill Father McGivney’s mission of offering and providing financial protection for Catholic families.
2014 is not 1882. Times are different. Laws are different. Economies are different. But even for those families who may have slightly more than next-to-nothing, insurance protection can be the difference between getting by and getting evicted. In its role as the premier Catholic life insurer, the Knights of Columbus continues to provide a valuable and noble service.
That’s why we offer life insurance. It’s not for the $8 billion in annual sales volume, or the $95 billion in force, or the 1.8 million policies on the books. It’s not the amounts that count, but the impact of those dollars.
It’s the homes saved, the college tuitions provided, the Catholic funerals paid for, and the families shielded that create the legacy of protection that would make Father McGivney proud.
It’s those things that are the hallmark of the Knights of Columbus Insurance program.
Take the time to reach out to your dedicated Knights of Columbus field agent – who is himself a brother Knight – and see what we might be able to offer to you and your family. Click here to find your agent.
[local Field Agent Van Fritzenkotter-see below]
Securing their Future with Term Insurance from the Knights of Columbus
No matter where you are in life, you want to ensure that your family will always be provided for.
Knights of Columbus Term Life Insurance is intended to give you needed protection for a specific period of time. Coverage options include:
Knights of Columbus Insurance understands that everyone’s financial needs and goals are different. That’s why we offer several Term Life Insurance products, each designed to meet your temporary insurance needs so you can plan your families’ future.
A new mortgage. Your children’s college tuition. These relatively short-term needs can be protected with Knights of Columbus term coverage. We offer a full range of affordable and flexible term life plans that keep pace with the changes that come your way.
Young Adult Insurance: For those just starting out, who may tend to have small, short term needs, the Young Adult Insurance program offers an Annual Renewable Term policy with a streamlined application and an online request for quote feature. Two coverage options -- $25,000 and $50,000 – are available.
Annual Renewable Term: Offers coverage for one year with ability to renew. Minimum coverage amount is $25,000. Coverage may be converted to a permanent plan at any time prior to the contract date nearest age 65. Insured has the option to renew, to age 70, subject to the new premium at each renewal age.
Accelerator Term Series: Available with ten, fifteen, and twenty year initial term periods. The minimum coverage is $100,000. The face amount automatically increases a set dollar amount each year for the first five years, with the final face amount equal to 125 percent of the original contract amount.* Except for corresponding premium increases with the five percent guaranteed increase in face amount on the first five contract anniversaries, premiums are guaranteed for the initial term period. After that, premiums are guaranteed at yearly renewable term rates until the contract date nearest the insured's 85th birthday. Clients who elect to purchase policies with coverage amounts in excess of $250,000, and who meet our strictest underwriting criteria, may be eligible for reduced premium rates. Even further reductions may be available to clients who elect to purchase policies with coverage amounts in excess of $1,000,000. These policies, with an optional Full Term Conversion Rider, provide conversion benefits to the earlier of the contract date nearest age 65 or the end of the term period (as long as the contract is in force) and are renewable to age 85 (subject to new premium rates at each renewable age).
Your Knights of Columbus Insurance agent can help you design the life insurance plan that best fits your goals, your lifestyle and your budget. He can also help you learn more about Knights of Columbus Disability Income, Long-Term Care, Retirement Annuities, Permanent Life Insurance, Survivorship Universal Life, and Discoverer Insurance products that provide you with well-rounded financial protection.
Call your field agent today. If you need the name of the agent in your area, click here, or call 1-800-345-KOFC (5632).
* Face amount increases and corresponding premium increases can be declined by the policy owner by providing written notice to the Supreme Office within 60 days prior to or after each contract anniversary.
*** see your local Field Agent Erich Loechner below >
Erich Loechner, Insurance Field Agent
Phone: (Office) 619-993-1521
Knights of Columbus -
16776 Bernardo Center Drive Suite #203
San Diego, CA 92128