Knights of Columbus, a Fortune 1000 insurer with greater than $25 billion in property, introduced at present that it has launched two extra everlasting life insurance coverage merchandise in The Knights Benefit Sequence within the U.S. and Canada: Restricted Pay Entire Life and Single Premium Entire Life.
Each the Restricted Pay Entire Life and the Single Premium Entire Life plans supply a assured loss of life profit in addition to money values with the chance for extra progress if future dividends are earned. Dividends will not be assured, however are distributed to policyholders, as there are not any stockholders. Please go to www.kofc.org/insurance coverage for extra info.
Ron Franzluebbers, senior vice chairman and chief actuary, mentioned: “These new complete life merchandise might be aggressive additions to our life insurance coverage product portfolio, offering entry to all the advantages of complete life insurance coverage, together with assured money valuesi and loss of life advantages, at an inexpensive value. Providing a powerful portfolio of merchandise permits our brokers to finest meet the wants of our shoppers, who can really feel assured figuring out that their life insurance coverage safety is within the palms of an insurer with a long-term historical past of offering monetary help.”
Restricted Pay Entire Life
Restricted Pay Entire Life coverage permits the consumer flexibility to decide on what number of years to pay premiums, assured and glued at problem, topic to a 5 yr minimal requirement. This distinctive product offers a lifetime degree assured loss of life profit with money worth that builds over time. There’s additionally potential for extra loss of life profit and money worth progress if any dividends earned are used to buy paid-up extra insurance coverage.
“The fantastic thing about Restricted Pay Entire Life, which might be our flagship complete life product,” added Franzluebbers, “is the flexibleness the consumer has on the time of sale to decide on the premium fee interval. A consumer can select to pay for as few as 5 years, all the way in which to age 100, or any age in between. The preliminary fee flexibility is totally within the palms of the consumer and is a differentiator within the business. After the fee interval is full, the coverage is assured to be paid up with no additional funds required. The product permits the consumer to customise the paid-up age of the coverage to coordinate with their private monetary planning timeline.”
Single Premium Entire Life
The Single Premium Entire Life coverage offers everlasting life insurance coverage safety that’s assured to be paid up for all times with only one premium fee. This product builds money worth and offers an earnings tax free loss of life profit that’s assured for all times. It’s eligible to earn dividends on the finish of the primary coverage yr.
“Single Premium Entire Life has a singular one-payment idea; the consumer makes one fee, which ensures a loss of life profit, permitting the consumer to create an property or legacy that may present for survivors or to be donated to charity,” Franzluebbers acknowledged. “It additionally has robust money worth progress potential over time.”
About Okay of C Insurance coverage
Knights of Columbus provides life insurance coverage, retirement earnings merchandise, long-term care insurance coverage and incapacity earnings insurance coverage. Knight of Columbus Asset Advisors (“KoCAA”) offers institutional asset administration, donor-advised funds and an array of securities services, in addition to retail mutual funds. Please go to www.kofc.org/insurance coverage for extra info.
Knights of Columbus is a fraternal advantages society. It has been named a Fortune 1000 entity and is rated AA+ by S&P and rated A+ (Superior) and a High 50 U.S. Life/Well being Insurers by A.M. Finest.
i Ensures of the coverage are based mostly on the claims-paying capability of the issuer. Accessing the money worth of the coverage will cut back the overall money worth of the coverage and complete loss of life profit. Ensures assume all premiums are well timed paid and money worth of the coverage has not been accessed. This launch offers solely a abstract of the obtainable product options and choices, which can fluctuate by state. Precise product particulars, together with all phrases and situations that apply, are contained in every contract.