Knights of Columbus, a Fortune 1000 insurer with greater than $25 billion in belongings, introduced right this moment that it has launched two extra everlasting life insurance coverage merchandise in The Knights Benefit Collection within the U.S. and Canada: Restricted Pay Complete Life and Single Premium Complete Life.
Each the Restricted Pay Complete Life and the Single Premium Complete Life plans supply a assured loss of life profit in addition to money values with the chance for extra development if future dividends are earned. Dividends aren’t assured, however are distributed to policyholders, as there aren’t any stockholders. Please go to www.kofc.org/insurance coverage for extra data.
Ron Franzluebbers, senior vp and chief actuary, stated: “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 price. Providing a powerful portfolio of merchandise permits our brokers to greatest meet the wants of our purchasers, who can really feel assured figuring out that their life insurance coverage safety is within the arms of an insurer with a long-term historical past of offering monetary help.”
Restricted Pay Complete Life
Restricted Pay Complete Life coverage permits the shopper flexibility to decide on what number of years to pay premiums, assured and glued at challenge, topic to a 5 yr minimal requirement. This distinctive product gives 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 development if any dividends earned are used to buy paid-up extra insurance coverage.
“The fantastic thing about Restricted Pay Complete Life, which might be our flagship complete life product,” added Franzluebbers, “is the pliability the shopper has on the time of sale to decide on the premium cost interval. A shopper 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 cost flexibility is totally within the arms of the shopper and is a differentiator within the business. After the cost interval is full, the coverage is assured to be paid up with no additional funds required. The product permits the shopper to customise the paid-up age of the coverage to coordinate with their private monetary planning timeline.”
Single Premium Complete Life
The Single Premium Complete Life coverage gives everlasting life insurance coverage safety that’s assured to be paid up for all times with only one premium cost. This product builds money worth and gives an revenue 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 Complete Life has a singular one-payment idea; the shopper makes one cost, which ensures a loss of life profit, permitting the shopper to create an property or legacy that may present for survivors or to be donated to charity,” Franzluebbers acknowledged. “It additionally has sturdy money worth development potential over time.”
About Okay of C Insurance coverage
Knights of Columbus provides life insurance coverage, retirement revenue merchandise, long-term care insurance coverage and incapacity revenue insurance coverage. Knight of Columbus Asset Advisors (“KoCAA”) gives institutional asset administration, donor-advised funds and an array of securities services and products, in addition to retail mutual funds. Please go to www.kofc.org/insurance coverage for extra data.
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 Prime 50 U.S. Life/Well being Insurers by A.M. Finest.
i Ensures of the coverage are based mostly on the claims-paying means of the issuer. Accessing the money worth of the coverage will scale back the entire money worth of the coverage and whole loss of life profit. Ensures assume all premiums are well timed paid and money worth of the coverage has not been accessed. This launch gives 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.