The Knights of Columbus insurance program passed a major milestone when total insurance in force exceeded $90 billion in June. The amount of life insurance in force has more than doubled from $40 billion since Supreme Knight Carl Anderson took office in 2000.
Established in 1882 as a Catholic fraternal benefit society, the Knights of Columbus has worked to enable members to protect their families’ financial futures from the very beginning. What began as a “pass-the-hat” benefit program has grown into one of the nation’s premier insurers. The K of C now offers a diverse portfolio of permanent and term life insurance, disability income insurance, annuities, and long-term care programs to members and their immediate families.
“Protecting the financial viability of Catholic families has been important to the Knights since our founding, and the milestone of $90 billion in coverage means that we are meeting the needs of more families than ever,” said Supreme Knight Anderson. “Our members come to us and stay with us for their insurance needs because they know they will be treated like family and will receive excellent value and products from their agent who is a brother Knight, backed by an organization whose rating for financial strength is second to none in North America.”
The Knights of Columbus has more than $19.8 billion in assets under management and ranks among the Fortune 1000 list of America’s largest companies. Every year since 1975, the Knights has earned the top rating of A++ (Superior) from A.M. Best, a global leader in the rating and credit analysis of insurance companies. There is no insurer in North America with a higher rating.
As a fraternal benefit society, the Knights of Columbus uses much of the proceeds from its insurance program to directly fund charitable projects and to provide support for the charitable work of its approximately 15,000 local councils. One of the most active charitable groups in the United States, Knights of Columbus members last year set records despite the weak economy by providing nearly 70 million hours of charitable service and more than $167 million in donations to charitable causes. During the past decade, the Knights of Columbus has donated more than $1.44 billion to charity and provided nearly 673 million hours of volunteer service in support of charitable initiatives.