Frequently Asked Questions About Young Adult Insurance

 

 


What is the Young Adult Insurance Program?
The Young Adult Insurance Program offers annual renewable term life insurance policy. The policy renews automatically up to age 70.

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What is term insurance?
Term insurance is a low-cost, temporary insurance policy that pays a death benefit to your designated beneficiaries when you die. Term insurance expires at a certain point, and premium rates may increase over time.

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What is annual renewable?
Annual renewable means that the policy will renew each year, up to a certain age, at which point your policy will expire. You can choose not to renew.

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Who is eligible for the Young Adult Insurance Program?
The Young Adult Insurance Program is available to Knights (subject to underwriting criteria) living in the United States or Canada, and their wives, ages 18 to 29½. Wives of Knights, though eligible to participate in the program, are unable to request a quote online due to validation requirements. Please contact your local agent. You can find him at kofc.org/findagent.

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How much does insurance through the Young Adult Insurance Program cost?
Cost depends on age, medical condition, and other factors. Please use the Request for Quote tool to determine what the cost would be for you.

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What is a premium?
Premium is the amount of money you pay for your insurance policy.

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Is the amount of premium I pay guaranteed?
The amount of premium you pay is guaranteed for one year. Each year on the policy anniversary, it will be reevaluated based on the age of the insured.

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When do I pay my first premium?
Your first premium is due when you meet with your agent to finalize your policy application. He will have the details for you when he reaches out to you.

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How often do I pay?
You can choose to pay annually, or semi-annually.

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What amounts of coverage can I apply for?
Coverage is available in two amounts: $25,000 and $50,000 of death benefit.

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When does the coverage expire?
The coverage expires the anniversary of the policy after you reach age 70.

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Can I pay online?
Currently, online payment is not available.

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What is a conversion?
With life insurance, a conversion takes place when a policy holder converts part or all of his or her term insurance plan to a whole life (sometimes called permanent life) insurance plan. Whole life plans are subject to different rules than term life plans, and typically come with more guarantees, growing cash value, and increased initial cost.

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Can I convert a policy obtained through the Young Adult Insurance Program?
Yes. Insurance issued through the Young Adult Insurance Program may be converted to any permanent life plan offered by the Knights of Columbus at any time prior to the annual contract date nearest the insured’s 65th birthday while the insurance is in force.

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What is a beneficiary?
A beneficiary is the person who would receive the proceeds of your life insurance policy when you die.

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How do I identify my beneficiaries?
When you meet with your agent, he will have you fill out a form that indicates who should get the proceeds of your policy when you die. In most circumstances, you can update your beneficiaries at any time. You can request the proper paperwork from your Knights of Columbus agent.

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Can I apply in person, instead of online?
Yes. To apply in person, or to find out more about the program, contact your local Knights of Columbus agent. If you don’t know who he is, you can find him at kofc.org/findagent.

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The system says that the Program is not available in my area. What does that mean?
The Annual Renewable Term Policy and the application for such coverage has been filed with various insurance regulators. If the program is not available in your area, it is because we are still awaiting the approval of your regulators. Contact your local agent to see what options are available. You can find him at kofc.org/findagent.

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The system says that I’m not eligible for the Young Adult Insurance Program. What does this mean?
To be eligible to apply for insurance through the Young Adult Insurance program, you must be a member of the Knights of Columbus between the ages of 18 and 29½ years, and meet certain other underwriting criteria. If you are not eligible for the Young Adults Insurance Program, contact your local agent to see what Knights of Columbus products may be available to you. You can find him at kofc.org/findagent.

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Can I take loans out on a policy issued through the Young Adult Insurance Program?
No. The product issued through this program does not accumulate any cash value.

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Is insurance issued through the Young Adult Insurance Program eligible for dividends?

While this policy is ‘participating’ and potentially eligible to receive dividends, we do not expect to pay any dividends at this time.

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How long does it take to process my application?
You should expect to hear back from a member of the Knights of Columbus in no more than two weeks after you have submitted your information.

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What happens to my coverage if I am unable to pay?
If you are unable to pay your premiums, your coverage will lapse, and your policy will no longer be in force. Please refer to your Knights of Columbus contract for more details.

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