Knights of Columbus

Msgr. Connel A. McHugh Council #7141


P.O. Box 360   •    Brodheadsville, PA  18322-0360   •   
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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.

 
 
  • 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:

    1. Comprehensive or Nursing Care only benefits;

    2. Various elimination (i.e. waiting) periods;

    3. Various benefit periods from five years to lifetime;

    4. 20% joint spousal application deductions;

    5. Various daily benefits to chose from;

    6. Shared Care with your spouse

     


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