Insurance Q & A
Do I need life insurance?
Yes, the chances are you do need life insurance, whether it’s for paying funeral expenses, replacing income, providing for your child’s education, protecting your home, or some other financial reason. Unfortunately, too many people don’t know the value of a life insurance policy and either go without any or settle for inadequate coverage. Check out our life insurance calculator to see where you stand.
Is the Knights of Columbus financially strong?
Yes. There is simply no more highly rated life insurer in North America than the Knights of Columbus. As of August 2015, the Knights of Columbus has earned A.M. Best's highest rating for financial strength (A++, Superior) for 40 consecutive years. In addition, our margin of safety is among the best in the industry.
What exactly are dividends?
Dividends are the divisible surplus the Order has left over after paying expenses and setting aside the necessary amounts to assure that future benefits are fully funded. Dividends develop from favorable experience, such as people living longer than expected or from interest earnings higher than those guaranteed in their policy. Remember, the payment of dividends cannot be guaranteed.
If I have questions about my insurance policy, or have an interest in learning more about the products the Order offers, whom should I ask?
Your professional Knights of Columbus agent can answer any questions you may have. Even if you are not currently a policyholder, a field agent, who is also a brother Knight is available to meet with you at your convenience the needs of you and your family. To identify your agent, call 1-800-345-KOFC (1-800-345-5632) or click here to find your agent online.
U.S. residents who would like additional information concerning life insurance, long-term care insurance or annuities, may wish to view the Web site of the American Council of Life Insurers. Canadian citizens may wish to view the Consumer Assistance Centre of the Canadian Life and Health Insurance Association.
Occasionally, someone speaks out publicly on behalf of the merits of permanent life insurance. CNBC interviewed investment professionals, Joe Heider of Dawson Wealth Management and Adam Sherman of Firstrust Financial Resources, that are advising their clients on the advantages of owning permanent life insurance as part of their client’s overall financial planning strategy. Watch this short video from CNBC as the advantages of owning permanent life insurance are discussed.