This Knights of Columbus Life insurance review will give you all the details that you need if you are considering Knights of Columbus Life insurance to protect your family. We will cover the Knights of Columbus ratings, history, and life insurance products.
There are hundreds of life insurance companies operating in the United States, but is Knights of Columbus Life the right one for you? If you are considering purchasing life insurance with Knights of Columbus Life, do not move forward without reading this review.
Shall we begin?
Knights of Columbus Life Insurance Company History
The Knights of Columbus (KofC) was founded in 1882 in the basement of St. Mary’s Church in New Haven, Connecticut by a Catholic priest named Father Michael J. McGivney. Father McGivney recognized the need for a mutual aid society for his parishioners.
Many Catholics were immigrants working in dangerous conditions at the time. Many family breadwinners were tragically dying young and leaving behind their widows and orphaned children with little financial resources. As a result, the Knights of Columbus was created.
Father McGivney’s proto-insurance system, protected Catholic families in his parish from financial devastation should the primary income earner pass way by banding together Catholic men in unity, charity, and fraternity.
The Knight of Columbus became the Catholic alternative to American Freemasonry. To combat anti-Catholic and anti-immigrant prejudice of the time and to show the fledgling group’s patriotism to the United States, the fraternity chose to name itself after Christopher Columbus, a famous Catholic closely connected to the American story.
Today, the Knights of Columbus is one of the largest fraternal insurance companies in the United States with over $100 billion of life insurance in force. The Knights of Columbus offers other insurance products for its members, such as disability insurance, long-term care insurance, and annuities.
What separates the Knights of Columbus from other life insurance companies is their commitment to operating as a Catholic company. The Knights of Columbus adhere to a strict investment screening process to invest their insurance premiums in accordance with Roman Catholic beliefs.
The Knights of Columbus also give generously to the Catholic Church and Catholic causes throughout the world. In the past decade alone the Knights of Columbus has donated over $1.55 billion to noble charitable causes. Recently, the Knights of Columbus restored the facade of St. Peter’s Basilica in Vatican City, which was completed in 1999 in time for the millennial Jubilee.
The Knights of Columbus Life Insurance Company Rating
Knights of Columbus Life’s balance sheet is iron-clad. Knights of Columbus Life is rated an “A++” (Superior) by A.M. Best. A++ is an investment grade rating and their highest mark. Knights of Columbus Life can be viewed as being in excellent financial health with the ability to meet its ongoing life insurance obligations.
Knights of Columbus Life Credit Rating
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Knights of Columbus Life has been an accredited business with the Better Business Bureau since 2002. Additionally, The Knights of Columbus hold an A+ rating with the BBB, which is their highest rating. While no company can get it right 100% of the time, Knights of Columbus Life has demonstrated that negative customer experiences are the exception rather than the rule.
Knights of Columbus Life Insurance Solutions
Knights of Columbus Life offers term life, universal life, and whole life insurance. They also provide other financial services products, such as Knights of Columbus Life annuities, investments, and Knights of Columbus Life long-term care insurance. However, for the purposes of this review, we will focus strictly on their life insurance products.
Knights of Columbus Life Term Life Insurance
Term life insurance is a cost-effective way of achieving higher death benefits temporarily. Term insurance is a excellent solution for replacing your income, covering your mortgage, or providing funds for higher education upon your passing.
Knights of Columbus Life offers term life insurance in 10-year, 15-year, and 20-year term options. Your monthly premium will remain fixed for whichever term period you select. Additionally, there is no savings component or cash value associated with term insurance.
All of Knights of Columbus Life’s term life insurance solutions are available with a conversion option. The conversion option allows you to exchange your term life insurance policy with a permanent life insurance policy, like whole life insurance, without having to requalify with underwriting. This allows you great flexibility later in life if you want to maintain some life insurance coverage past your level-term period.
Knights of Columbus Life uses mostly traditional life insurance underwriting, which may involve a medical exam or saliva sample with an agent, which some people may find invasive. Therefore, if you are looking for no-exam life insurance, we would recommend looking at the best no-exam life insurance companies that specialize in this are of the life insurance market.
Knights of Columbus Life Whole Life Insurance
Knights of Columbus Life is known for its participating whole life insurance, which pays dividends to policyholders. Whole life insurance is a form of permanent life insurance. Whole life insurance is designed for permanent life insurance needs like final expenses and burial costs or estate planning. Whole life insurance provides lifelong death benefit protection with the most guarantees of any life insurance policy.
Whole life has guaranteed cash accumulation, guaranteed level premiums, and guaranteed death benefits. The cash value can also be accessed through tax-advantaged loans in a pinch.
The policy may also receive non-guaranteed dividend payments.
Policy dividends can be used in the following ways:
One standout feature about Knights of Columbus Life’s whole life policy is that you can choose in how many years you want to pay the policy off. After you choose how long you want to make premium payments, and your premiums are guaranteed never to change, and your death benefit is guaranteed for the remainder of your life.
Knights of Columbus Whole Life Options:
Also, Knights of Columbus Life offers a survivorship universal life insurance policy. Survivorship policies are also known as second-to-die life insurance or joint whole life insurance. Their purpose is to provide cash liquidity upon the death of the second insured and are usually used in estate planning.
One interesting area of Knights of Columbus Life Insurance is the fraternal benefits and riders that come with the policies, such as the spousal waiver of premium that pays your spouse’s Knights of Columbus premiums when you pass away.
Fraternal Benefits to KofC policyholders:
How Do Knights of Columbus Life Agents Work With their Customers?
Knights of Columbus life insurance products are usually sold by their fraternal agent force These Knights of Columbus life insurance agents typically can sell Knights of Columbus annuities, long-term care insurance, and disability insurance in addition to life insurance to their members and their families.
In addition to the life insurance products that the agents sell, you will receive personalized services. Knight of Columbus agents provide complimentary and comprehensive financial analysis to help members identify their risks and goals. Also, Knights of Columbus agents offer end-of-life planning workbooks at no cost to you to help prepare your final wishes when the time comes.
To join the Knights of Columbus, you need to be a Catholic male over the age of 18 in good standing with the Roman Catholic Church. This restricts Knights of Columbus life insurance to a very targeted group of men along with their spouses and children.
This approach to doing business may suit people looking to purchase their life insurance from an organization that shares the same religious values that they do. However, it does have some drawbacks. A Knights of Columbus agent may not have access to a broader range of insurance solutions that best fits your scenario if you have a pre-existing medical condition.
If you are strictly looking for the best life insurance contract on the market, we would suggest working with an independent broker who specializes in life and health products. Independent brokers don’t work for any insurance company. They work with multiple insurance companies to find you the best deal period!
Life insurance is something you need to qualify for based on your health, lifestyle, and age. By consulting with an independent agent, it ensures you receive an accurate quote as opposed to an unrealistic price that you may not even qualify for.
Knights of Columbus Life Rates
Knights of Columbus Life does not publicly display their rates on their website. As a result, you would need to reach out to a Knights of Columbus agent in order to get a quote specific to you and your unique situation. However, we always recommend that you compare the rates of multiple life insurance companies before you.
Before you move forward and purchase a Knights of Columbus life insurance policy, there is no harm in comparing the rates of other companies. Give one of our veteran agents a call or request a free no-obligation quote today. A simple phone call could potentially save you thousands of dollars on your life insurance.
The Knights of Columbus Life Insurance Company phone number is 1-(800)-380-9995, or you can visit them on the web at the Knights of Columbus Life website to request a quote.
The Final Word: Is Knights of Columbus Life Insurance Good or Bad?
Some people like the idea that their life insurance premiums are being used to further works and beliefs that they are passionate about. A Knights of Columbus Life agent can offer you different types of life insurance solutions that will fund the Roman Catholic fraternity’s mission rather than the bottom line of a publicly traded company.
However, while Knights of Columbus Life offers quality life insurance products, they are not always the best solution out there. Since Knights of Columbus Life agents can only offer KofC life insurance products, the may not have the best options available to protect your family. If you have a pre-existing condition, want the rock-bottom lowest price, or no-exam underwriting, Knights of Columbus Life might not be the best life insurance company for you.
That being said, Knights of Columbus Life has a long company history of serving their policyholders and the American Catholic community. Today, Knights of Columbus offer life insurance, long-term care insurance, annuities, and disability insurance services to their policyholders. Overall, Knights of Columbus Life’s life insurance is a solid option that is best known for their participating whole life insurance, but if you are not a Roman Catholic, they might not be the right option for you.
Each life insurance company has different opinions on rates and underwriting. A knowledgeable independent life insurance agent will know what companies will offer you the best value to protect your family.
If you are looking for life insurance, don’t hesitate. Request a free no-obligation quote, or call on of our veteran life insurance agents for a consultation today.
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.