Record breaking streak reaches twelfth consecutive year

1/30/2013

By Thomas P. Smith, Jr., Chief Insurance Officer

Record breaking streak reaches twelfth consecutive year

 

The Knights of Columbus is truly a remarkable, one-of-a-kind organization, and our insurance program continues to show its strength and stability in spite of economic turmoil. In fact, 2012 marked the twelfth consecutive year of growth in many categories, chief among them the volume of coverage issued. This accomplishment illustrates the faith our members have in the products and services we offer to protect their families.

Allow me to share a few of the Order’s 2012 achievements with you.

• During 2012, the Order issued more life insurance than ever before in our history: $8.1 billion.

• Our total insurance in force surpassed $88 billion. To put this remarkable number in perspective, consider that at the end of 2001, we stood at $42.9 billion.

• The Order introduced a Graded Premium Whole Life plan, which makes whole life coverage more “budget-friendly” than ever before. We also made improvements to the Systematic Withdrawal Options on our annuity products. Ask your agent how these additions to our portfolio can benefit you and your family.

• We finished the year with more field agents serving our members than ever before. Still, as our membership continues to grow, new agent candidates are always in demand across the U.S. and Canada. The ultimate goal is to have all of our members served by a dedicated, full-time agent, and, if you know someone who may be interested in becoming an agent, please contact me.

• During 2012, we celebrated four exceptional months that were in the “best ever” category. Records were set in February, May, August, and November.

• More than 13,000 new retirement annuities were issued to our members and their families in 2012, and members continued to fund their current annuities in record numbers.

• Our A++ (Superior) rating from A.M. Best was reaffirmed and there continues to be no more highly rated life insurer in North America.

• Members purchased more long-term care policies from the Knights of Columbus than in the past five years. As other companies discontinued this vitally important product, the value and strength of our long-term care coverage remains solid.

• In the first full year since its introduction in the spring of 2011, our Income Armor disability income insurance has already been embraced by many members who needed to protect their income. If you have a job and you haven’t spoken to your agent about this product, you should have that conversation soon.

• Associate members continued to become insured members, extending our shield of protection to themselves and their families. This trend is especially important to every agent, manager and member of the staff in New Haven. After all, this is the founding goal of Venerable Father Michael J. McGivney, and, with each associate-to-insured conversion, we take a step towards fulfilling his mission.

My purpose in sharing these statistics with you is twofold. First, take pride in the success your organization is having in fulfilling the vision of Father McGivney by caring for the financial security of our members and their families. Second, I want to remind you that today is a great day to meet with your professional agent to discuss coverage or review your current policies. If you don’t know who he is, please visit www.kofc.org and click on “Find an Agent.” You’ll be glad you did.