Life Insurance

Knights of Columbus Life Insurance Review

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

The cost of Knights of Columbus life insurance is determined by a variety of factors, including the following: measurements of the patient’s weight and height, as well as information regarding the patient’s health at the time of the examination, you and your family members must provide a medical history, developing a tobacco consumption policy Age and gender are critical factors to consider.

The Knights of Columbus generally do not make their membership dues known to the general public. On the other hand, premiums are expected to be comparable to those charged by other insurers.

Pros and Cons

Pros

Knights of Columbus Life Insurance Review - Knights of Columbus Insurance Company Logo
  • Teens and young adults: a policymaker’s guide
  • Adapted service to the customer’s requirements
  • The benefits of joining a fraternal organization are summarized here.
  • Submit a no-obligation request for an evaluation of your requirements.

Cons

  • It is offered solely to men.
  • According to your doctor, you are not currently experiencing any health difficulties.
  • We do not yet know the price of the premium option due to the premium option’s non-refundable nature.

What affects my rate with Knights of Columbus?

Individuals in good health qualify for the cheapest life insurance premiums. On the other side, following these recommendations may result in you receiving a lower interest rate in the future.

  • Possessing a spotless driving record during the preceding five years
  • I have abstained from smoking for the last five years.
  • One of the requirements is that you have been clean for at least five years and have never misused alcohol or drugs.
  • At least one year of successfully regulating weight and blood pressure.
  • Avoid high-risk habits.

To obtain the best possible price on a product, the first step is to contact a representative from the Knights of Columbus organization..

How to get a quote from Knights of Columbus life insurance

Obtaining online quotes is challenging due to the lack of a quotation tool or application. By completing an online application, you can join the Knights of Columbus and then meet with a representative from your local chapter to determine your eligibility for insurance. Prior to admission, the following criteria must be met:

  1. At least 18 years old
  2. Male
  3. Catholic

What types of life insurance coverage does Knights of Columbus offer?

The Knights of Columbus offer both permanent and term life insurance. Period life insurance is less expensive than permanent life insurance and ensures a death benefit if the insured dies during the policy’s period.

You are insured for the remainder of your life when you get a permanent life insurance policy. This insurance ensures that you will receive the same payments for the remainder of your life and accumulates cash value that you may access at any moment.

  • Term life. When it comes to term life insurance, the Knights of Columbus compete directly with other traditional life insurance companies. Premiums are fixed for ten, fifteen, twenty, twenty-five, or thirty years, depending on the insurance. You can switch from term to whole life insurance at any time without having to undergo another medical exam.
  • Term of one year with the potential of renewal. Annual premiums guarantee that coverage is maintained on an annual basis throughout the duration of the payments. As you age, your insurance premiums will increase annually in lockstep with your age. Annual renewable term premiums are frequently low initially but increase in price over time.
  • For the remaining years of my life. According to the Knights of Columbus, whole life insurance policies offered by the organization include a variety of payment choices and are competitively priced. These plans will remain in force as long as you complete your premium payments on time. Additionally, you may utilize the account’s cash worth to pay for college tuition or to augment your tax-deferred retirement income. Single-pay, paid at 65, paid up to 100, and a limited-pay option that lets you choose the period of your payment—up to five years—are all available payment choices for whole-life insurance policies.
  • Expenses that must be paid in full at the end of your life. The amount of this type of death benefit is graded. Comprehensive life insurance is the greatest option for addressing unexpected expenses. Apart from that, no yearly physical or medical examination is required, and the benefits are meant to cover just the insured’s final costs prior to death.
  • The belief in an after-death life is widespread. These plans are also referred to as joint whole life insurance policies or second-to-die policies. Due to its simplicity and low cost, it is a popular choice for estate planning due to the fact that it covers two persons and pays benefits only if both of them die. Due to its widespread use, it enables the application of premiums with a wide range of monetary values.

What riders can I add to my policy?

While certain riders on the Knights of Columbus’ life insurance policies are available to all policyholders, others are exclusively available on particular term and whole life policies issued by the organization.

  • Riders gain from accelerated death. If you have been diagnosed with a terminal illness and have been given less than a year to live, it is conceivable that the majority of your death benefit will be deducted prior to your death.
  • Accidental death insurance is a supplemental policy. In the event of an accident, such as a vehicle accident, a supplemental accidental death benefit is added to your death benefit.
  • Rider is still in his adolescent years. If you like, you may prolong your children’s term insurance coverage until they reach the age of 26. If a person acquires their own insurance coverage, medical underwriting is no longer required.
  • The benefit is included as a rider for family income tax purposes. Your heirs will get an additional monthly income as a consequence of this benefit in the case of your early death. The recipient is also entitled to a monthly stipend in addition to the death benefit.
  • In the event of an accident, you may be assured that the Rider will protect you. No medical checks are necessary in advance to qualify for higher benefit levels.
  • The rider waives the premium expense. If you become temporarily disabled and wish to retain coverage without paying premiums, you may wish to add this rider to your insurance policy. Participants under the age of 60 are ineligible.

Knights of Columbus life insurance reviews and complaints

Historically, the Knights of Columbus enjoyed a favorable reputation in the sector of life insurance, which has persisted to the current day. The company is currently undertaking an investigation into possible insurance fraud.

In late 2019, a lawsuit was filed against the Knights of Columbus alleging that the organization manipulated membership figures in order to retain positive life insurance product ratings. Current members reportedly made money to offset the dues of deceased or inactive members who remained on the rolls.

Additionally, the Knights of Columbus were ordered to pay a technology vendor $500,000 in September 2019 for failing to adhere to contract requirements. Despite minor disagreements, the Knights of Columbus and its life insurance products got high marks from the great majority of clients as of October 2019. Numerous others assert that they were compelled to purchase a policy against their better judgment. They obtained an A+ rating from AM Best for financial stability.

Curated posts

Someone from Baltimore, MD just viewed Best Car Insurance