The specific cost of your Knights of Columbus life insurance policy will be determined by a number of variables, such as:
- Health status at the present time, including body weight and height
- A history of your health and that of your family
- Choosing a tobacco policy type Age Gender
For the most part, rates offered by the Knights of Columbus aren’t made public. Rates will likely be comparable to those of other insurers, though.
- Pros and Cons
- What affects my rate with Knights of Columbus?
- How to get a quote from Knights of Columbus life insurance
- What types of life insurance coverage does Knights of Columbus offer?
- What riders can I add to my policy?
- Knights of Columbus life insurance reviews and complaints
Pros and Cons
- Policy for teenagers and young adults
- The provision of a customized level of service
- Benefits of a brotherhood
- Free of charge evaluation of your requirements
- Only men are allowed to join.
- You are free of any existing medical issues.
- You can’t get your money back from the premium option
- Rates aren’t known at this time.
What affects my rate with Knights of Columbus?
Young and healthy people can get life insurance for the least amount of money. However, if you maintain the following factors, you may be able to reduce your interest rate.
- A perfect driving record over the previous five years
- I haven’t smoked in five years.
- At least five years of sobriety required, or no history of alcohol or drug addiction
- Maintaining a healthy weight and blood pressure for at least a year
- Stay away from risky pastimes.
Getting the best deal on items starts with talking with a Knights of Columbus representative.
How to get a quote from Knights of Columbus life insurance
There’s no way to get quotes online because there’s no quotation tool or app. To get insurance, you must first join the Knights of Columbus by filling out an online form, and then speak with a local representative. The following are the prerequisites for membership:
- At least 18 years old
What types of life insurance coverage does Knights of Columbus offer?
There are two types of life insurance offered by the Knights of Columbus: term life and permanent life. It’s less expensive to get a term life insurance policy, and the death benefit is assured to be paid if you die during the term.
Permanent life insurance products guarantee the same premiums for the rest of your life and accumulate cash worth you may access whenever you choose.
- Term life. The term policy choices provided by the Knights of Columbus are the same as those offered by other conventional life insurance providers. You have the option of choosing a period of 10, 15, 20, 25 or 30 years, and premiums will remain stable during the time. The option to switch from a term insurance to a whole life one without having to undergo a new medical test is available to you at any moment.
- Term of one year with the option of renewal. If you pay the payments, this is long-term insurance that renews each year. Your rates will rise each year to reflect your advancing age. Annual renewable term premiums often start off cheap but quickly rise.
- For the rest of my days. For a conventional whole life insurance policy, the Knights of Columbus has a variety of affordable payment choices available. As long as you pay your premiums, these plans will stay in effect for the rest of your life. Additionally, the cash value of your account grows tax-deferred and is available for a variety of uses, including as paying for college tuition or supplementing your retirement income.
- In terms of whole-life insurance plans, payment options include single-pay, paid at 65, paid up at 100, and a limited-pay option that allows you pick how long you want to pay for — with at least five years to select.
- Expenses that must be paid in full at the end of your life. A graded death benefit whole life insurance, as the name implies, is primarily a coverage for last expenses. In addition, there’s no need for a medical checkup, and the benefits are meant to pay just the last costs before death.
- Life after death is a widespread concept. Other names for these insurance plans are second-to-die or joint whole life. It protects two individuals and only pays out if both have gone away, making it a popular choice for estate planning because of its simplicity. The fact that it’s universal means that flexible premiums may be used to build up monetary value.
What riders can I add to my policy?
Some riders are available on all life insurance products from the Knights of Columbus, while others are only available on certain term and whole life policies.
- Accelerated death benefits riders. The majority of your death benefit can be withdrawn before you die if you’ve been diagnosed with a terminal disease and given less than 12 months to live.
- Rider for accidental death insurance. In the event of your death as a result of an accident, such as a vehicle crash, this benefit adds to your death benefit.
- Rider who is still a child. This add-on provides your children with their own term coverage until the age of 26. Once changed to their own insurance, it does not require medical underwriting.
- Rider for the family income tax credit. After your death, this benefit will provide your recipient with an extra monthly income. In addition to the death benefit, this monthly stipend is a distinct sum of money.
- Rider that ensures you’ll be insured no matter what happens. permits the purchase of larger benefit amounts in advance without the need for a medical examination
- Rider waving premium fees. If you become temporarily handicapped, you can keep your policy in effect without paying premiums by adding this rider. If you’re under the age of 60, you’re not eligible.
Knights of Columbus life insurance reviews and complaints
For a long time, the Knights of Columbus enjoyed a good reputation in the life insurance sector. However, the organization is currently under investigation for alleged insurance fraud.
A lawsuit was filed against the Knights of Columbus towards the end of 2019 for falsifying their membership counts to keep their life insurance product ratings high. Current members allegedly paid to cover the dues of inactive or deceased members who were maintained on the books, according to the lawsuit.
The Knights of Columbus also broke a contract with a technology provider, and the company was ordered to pay $500,000 to the organization in September 2019.
Although there have been a few lawsuits, most customers have been pleased with Knights of Columbus and its life insurance policies as of October 2020. Some members, on the other hand, say they were forced to buy a policy out of the blue.
AM Best awarded them an A+ on the financial scale.
Visit our review of John Hancock Life Insurance Review for one more life insurance review.