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Our Evolution
When our organization began, in order to help each other, our members
"passed the hat" to assist families of deceased members.
Soon, however,
this became impossible, as the number of our members grew.
Out of this simple process, we've evolved into a modern, dynamic
insurance organization, and offer a wide variety of products to suit
virtually everyone's needs and help families secure their financial
futures, through our top-rated portfolio of life insurance, long term
care insurance and
annuity products..
To file death claims, to inquire about your current insurance policies, to
obtain specific information about the products and benefits offered by
the Knights of Columbus.
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Permanent Plans - Policy lasts as long as you
live, premium stays the same.
Term Plans - Policy ends at end of specified
term: renewable or convertible.
The Knights
of Columbus offers term, whole life, limited payment, blended term/whole
life (the “Discoverer”), endowment and Second to Die policies. Members
between the ages of 18 through 75 are eligible to purchase life
insurance. Insurance may also be purchased on the Member, his wife
and minor children (which includes dependent grand-children). Insurance
policies may be applied for by a Trust which benefit the Member, his
spouse and/or dependent children under the age of 18 for boys and age 21
for girls. Because a boy can become a member at the age of 18, the age
limit is lower for boys as opposed to girls. Additionally, children of
Members who are either physically or mentally impaired can purchase a
guaranteed issue policy. Whole life policies contain, at no cost, an
accelerated death benefit to provide liquidity to an insured who has a
terminal illness. Fifty (50%) percent, up to a maximum of $ 100,000, of
the death benefit can be received prior to death. Death benefits are
received income tax free.
The returns
generated on the Knights of Columbus insurance policies, after payments
of death benefits, interest and dividends to the Members, provides for
the operating expenses of the Order, which includes the $130,000 in
charitable donations given in 2003.
Annuities - Provides an income that is
guaranteed for life.
The Knights
of Columbus offers GUARANTEED principle and interest annuities. Members,
their spouses and dependent children (which includes dependent
grand-children) between the ages of 18 and 85 may purchase annuities.
Trusts also benefiting these same persons may also purchase annuities.
Immediate and Deferred annuities are offered.
Interest rates are determined annually on the anniversary of the
policies. Current annuities have a GUARANTEED MINIMUM interest rate of
3% (3.5% for annuities purchased before 2004). A bonus of ˝ % is also
awarded to annuities with principles over $10,000. Taxes on interest
received on Deferred Annuities are not owed until the interest is
withdrawn from the policy. Thus, if you do not withdraw the interest
until a later age and/or until death, no IRS 1099-I is issued by the
Knights of Columbus, no taxes are due and the interest accumulates on a
compound tax-deferred basis.
For
Immediate Annuities, payments are received on a tax preferred basis with
a potion of the payments being tax free. The portion of the payments
which are tax free is determined by your life expectancy as the age
payments commence. Payments for non-qualified plans can be deferred to
age 85 or later. Payments can also be received on a guaranteed basis to
provide income to your spouse and/or other beneficiaries should you die
too soon. Thus, a return of principle and interest is guaranteed to your
loved ones. Annuities are a non-probate item.
Long Term Care - Provides funds for long-term,
out-of-hospital care.
The Knights
of Columbus offers various types of tax qualified (i.e. premiums can be
deducted from your income as a Schedule B medical expense) Long Term
Care insurance for Members, their spouses and dependent children.
Policies are issued to individuals between the ages of 18 through 75.
The policies are guaranteed renewable and have no limitations for
preexisting conditions after the policy is issued. Premiums are waived
during the period benefits are received by either you or your spouse. A
guaranteed purchase option allows you to increase your protection after
the policy is in force. You have a choice of:
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Comprehensive or Nursing Care only benefits;
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Various
elimination (i.e. waiting) periods;
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Various
benefit periods from five years to lifetime;
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20%
joint spousal application deductions;
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Various
daily benefits to chose from;
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Shared
Care with your spouse
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For web page comments, questions, or updates,
please contact the webmaster
Tom Jenkins
©Copyright KofC, Council 7141© 2002-2005. All rights reserved
This page last updated July 20th, 2007
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