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Aside from their social and philanthropic efforts, the Knights of Columbus also offer a life insurance program to its members. Over $90 billion of life insurance policies are currently in force providing life and long-term care insurance.
Knights of Columbus offers several types of life insurance products:
Term life insurance – Offers coverage for a specified term and must be renewed at the end of that period. These policies are usually more affordable than permanent life insurance, but they do not have cash value that can be borrowed against.
Annuities – A special type of insurance that provide guaranteed income to individuals throughout retirement.
Long term care insurance – Assists with medical costs and living expenses associated with long-term or debilitating medical conditions.
Disability income – Helps to provide money to the family when the breadwinner is no longer able to work due to a disabling injury or illness.
Anyone considering whole or universal life should read our post about why term is better than whole life.
Knights of Columbus Price (Rates)
Products and services from Knights of Columbus are only available to actual members. Therefore, we are unable to get an accurate picture of how their rates stack up against their competitors. Anyone considering getting insurance from Knights of Columbus should do a few comparison quotes with other highly-rated companies to ensure their prices are fair.
The company’s website does not offer a claims form or phone number. Instead, customers should contact their local agent directly to file a claim. In the event of a life insurance policy, the beneficiary would contact the agent, who would then gather some basic information about the policy and the insured before acting as an intermediary with the company. For disability income, long-term care, and annuities, the process is similar but the insured himself would contact the agency whenever possible.
In general, an insurance company would review the policy information to ensure that it was in force, and double check that there were no policy exclusions that might prohibit pay-out. Assuming that there are no problems, the insurance company would then pay out the agreed-upon death benefit to the named beneficiaries on the policy.
Annuities and disability insurance do not pay in a lump sum but instead provide regular benefits to the insured. These claims are on-going, and the insured would need to stay in contact with the agency throughout the duration of the benefits.
Consumer Research and Complaints
Knights of Columbus has been accredited from the BBB since 2002. The site gives the company an A+ rating, with zero complaints listed in the past three years.
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Knights of Columbus is a closed organization that only offers their products and services to their members. If you are not currently a member, you should look elsewhere. For those who are a part of the fraternal organization, they have very dedicated followers and extremely high financial ratings for an insurance company. Even though they serve a niche market, anyone who qualifies should probably check them out when shopping for life insurance.
For a list of companies that we recommend, visit our Best Insurance Companies page.