Adding to its portfolio of top-quality insurance products, the Knights of Columbus announced the new Accelerator Term Insurance series available to Knights and their eligible family members, effective this July.
The new series will offer term insurance protection up to age 85, a 15-year increase from previous term products.
Level Term Insurance offered in the Accelerator Term Insurance Series includes a special acceleration feature that automatically increases the initial death benefit of the policy by five percent for each of the first five years of the policy.*
Accelerator Term Insurance is also convertible to permanent insurance, and comes with an optional full term conversion rider, which extends many of the guaranteed conversion options of the policy.
Term Insurance from the Knights of Columbus is an economical way to cover short-term needs such as income replacement, mortgage protection, debt protection, and tuition expense protection.
“We are always looking to update and to innovate to better serve our members and their families,” said Chief Insurance Officer Thomas P. Smith, Jr. “With the new Accelerator Term Insurance, we are giving our members and their families another fantastic option for protection.”
The release of the Accelerator Term Insurance Series comes amidst a year of records and firsts for the Knights of Columbus Insurance program. The program, founded by Venerable Father Michael J. McGivney in 1882, topped $94 billion of insurance in force early in 2014, while also earning its 39th consecutive year of the highest possible ratings for financial strength (A++, Superior) from A.M. Best. The Knights was also named a 2014 “World’s Most Ethical” Company by the Ethisphere Institute.
Earlier this year, the Knights of Columbus launched the Young Adult Insurance Program, which offers term insurance protection to Knights and their spouses from ages 18-to-29.
To learn more about the Knights of Columbus Insurance program and the new Accelerator Term Insurance Series, contact your local Knights of Columbus Agent.
* Face amount increases and corresponding premium increases can be declined by the policy owner by providing written notice to the Supreme Office within 60 days prior to or after each contract anniversary.