Here’s our Knights of Columbus Life Insurance Review for you. The cost of Knights of Columbus life insurance is determined by a variety of factors, including the following:
- Health status at the time of the examination, including weight and height measurements.
- A medical history of you and your family.
- Developing a tobacco use policy Age and Gender
Generally, the Knights of Columbus do not make their dues public. However, premiums are expected to be comparable to those charged by other insurers.
- 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
- Teens and young adults: a policy guide
- Customer-tailored service
- What a fraternal organization can do for you
- A no-cost analysis of your requirements.
- It is just for men.
- You are not currently experiencing any health difficulties.
- Due to the non-refundable nature of the premium option, we do not yet know what the rates will be.
What affects my rate with Knights of Columbus?
Healthy young individuals can obtain the least priced life insurance. However, adhering to these guidelines may assist you in lowering your interest rate.
- A five-year driving record that is spotless
- I’ve been a non-smoker for five years.
- The requirements include a minimum of five years of sobriety and a lack of past alcohol or drug misuse.
- At least one year of good weight and blood pressure management.
- Avoid risky behaviors.
The first step toward obtaining the best price on a product is to speak with a Knights of Columbus representative.
How to get a quote from Knights of Columbus life insurance
Online quotes are difficult due to the lack of a quotation tool or software. To receive insurance, you must first become a member of the Knights of Columbus by completing an online application and then speak with a local official. Prior to entering, the following prerequisites must be met:
- At least 18 years old
What types of life insurance coverage does Knights of Columbus offer?
The Knights of Columbus offer both term and permanent life insurance. Term life insurance is less expensive and provides a guaranteed death benefit if the insured dies during the term.
You are insured for the remainder of your life by a permanent life insurance policy, which ensures the same payments and accumulates cash value that you may access at any time.
- Term life. The Knights of Columbus competes with other traditional life insurance companies when it comes to term policy possibilities. Premiums are fixed for a period of 10, 15, 20, 25 or 30 years. You can switch from term to whole life insurance at any time without undergoing a new medical exam.
- One-year term with the option of renewal. Paying annual premiums guarantees that coverage is renewed on a yearly basis. Your insurance rates will increase annually in lockstep with your age. Annual renewable term premiums are typically initially cheap but eventually climb.
- For the remainder of my years. The Knights of Columbus’ whole life insurance plans include a variety of payment choices and are fairly priced. These insurance will remain in force as long as you continue to pay your premiums. Additionally, you can utilize the cash value of your account to pay for college tuition or to augment your tax-deferred retirement income. Payment options for whole-life insurance plans include single-pay, paid at 65, paid up to 100, and a limited-pay option that allows you to pick the duration of your payment—up to five years.
- Expenses that must be fully paid at the conclusion of your life. A death benefit of this type is graded. When it comes to last expenses, the best choice is comprehensive life insurance. Additionally, it does not need an annual physical examination or medical examination, and the benefits are meant to cover just the insured’s final costs prior to death.
- After-death existence is a widely held belief. These insurance plans are also known as second-to-die or joint whole life. It protects two individuals and pays benefits only if both have died, making it a popular solution for estate planning because of its simplicity and price. Because it is universal, it enables the application of premiums with varied monetary amounts.
What riders can I add to my policy?
Particular riders on the Knights of Columbus’ life insurance policies are available to all policyholders, while others are available exclusively on certain term and whole life policies.
- Accelerated death benefits riders. If you are diagnosed with a terminal disease and have been given less than a year to live, the majority of your death benefit may be withdrawn prior to your death.
- Accidental death insurance rider. In the event of an accident, such as a vehicle accident, an accidental death benefit is added to your death benefit.
- Rider who is still in his adolescence. You can elect to prolong your children’s term insurance coverage until they reach the age of 26. If an individual purchases their own insurance coverage, medical underwriting is no longer needed.
- The family income tax benefit is included as a rider. Your heirs will get an additional monthly income upon your death as a consequence of this benefit. In addition to the death benefit, a monthly stipend is granted.
- Rider that assures you are covered in the event of an accident. Medical examinations are not necessary in advance to get increased benefit levels.
- The rider waives the premium price. Add this rider to your insurance policy if you become temporarily disabled and wish to keep coverage without paying premiums. If you are under the age of 60, you are disqualified.
Knights of Columbus life insurance reviews and complaints
For a long period of time, the Knights of Columbus enjoyed a favorable reputation in the life insurance sector. The firm is now investigating insurance fraud.
A lawsuit was filed in late 2019 against the Knights of Columbus for allegedly falsifying their membership numbers in order to retain the Knights’ good life insurance product ratings.
Current members allegedly paid for the dues of deceased or inactive members who remained on the books.
Additionally, the Knights of Columbus were ordered to pay a technology vendor $500,000 in September 2019 for breaching a contract.
As of October 2020, the Knights of Columbus and its life insurance products have gotten favorable reviews from the majority of clients, notwithstanding a few disagreements. Others assert that they were coerced into purchasing a policy against their will. AM Best rated them an A+ on the financial scale.
Check out our review of John Hancock Life Insurance Review for another insurance review.