Knights and their eligible family members in Canada have a new method of helping to protect their financial futures.
The Knights of Columbus is pleased to offer the newest addition to its product portfolio: the Single Premium Whole Life Registered Retirement Savings Plan (SPWL-RRSP).
The introduction of this new product gives Canadian Knights and their families two quality options for their RRSP monies: an RRSP annuity plan, or the SPWL-RRSP.
The SPWL-RRSP is a hybrid product, allowing you to provide critical protection for your family, and grow your retirement savings at the same time. Blending the tax-deferral and guaranteed growth features of an annuity with the benefits and guarantee of a Knights of Columbus life insurance policy, results in a unique product that may be the right solution for you and your family.
And, when making premium payments to a RRSP annuity, or a SPWL-RRSP from the Knights of Columbus, you get the comfort of knowing that your retirement dollars are fully backed by the financial strength and claim paying ability of Knights of Columbus, which now, and for the past 38 years has attained the highest possible insurance carrier financial strength ratings.*
How does the SPWL-RRSP work?
You pay a single premium, which begins to build guaranteed cash values immediately, while at the same time provides the comfort and security of a guaranteed death benefit. Your SPWL-RRSP is also eligible to earn a dividend at the end of the first year.**
What happens at the collapse date (currently age 71)?
When you turn 71, you can (1) elect to de-register the RRSP and retain your permanent life insurance policy with a guaranteed death benefit, or (2) convert your policy into an annuity or a RRIF, allowing you to receive retirement income.
For more information on the SPWL-RRSP, and to find out if it’s the right solution for your family, contact your local field agent. To find him, go to www.kofc.org/findagent, or call 1-800-345-5632.
* As of 12/31/2013, AM Best financial strength rating of A++, Superior
**Dividends are not guaranteed.
Annuity contracts contain certain exclusions, limitations and other terms. Your contract and licensed Knights of Columbus Field Agent can provide you with complete details.
Knights of Columbus and its agents do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.