Knights of Columbus is not authorized to give financial planning, legal or tax advice. For advice concerning your individual circumstances, consult your professional attorney, tax advisor or accountant.
Guarantees assume all premiums are timely paid and are based on the claims-paying ability of the issuer. Any policy loans will impact the guarantees by reducing the policy’s death benefit and cash values.
The primary purpose of life insurance is to provide a death benefit.
Access to the policy’s cash values is through policy loans and withdrawals. Cash values growth is gradual and may take time to accumulate. Loans and withdrawals will reduce the policy’s cash value and death benefit, may result in a taxable event, and could cause the policy to lapse if not properly managed. Policy loans accrue interest.
Life insurance is offered through Knights of Columbus, One Columbus Plaza, New Haven, CT 06510 1-800-380-9995. Life insurance policies have exclusions and limitations. Policy issue is subject to underwriting and a medical exam may be required. Premiums vary by issue age and benefits selected and may be increased in the future. For costs and complete details of coverage, please contact your agent or the Knights of Columbus. Knights of Columbus and its insurance agents do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
Single Premium Whole Life Insurance is offered through Knights of Columbus. These contracts have conditions, exclusions and limitations. Contract issue is subject to underwriting and a medical exam may be required. Guarantees are based on the claims-pay ability of the issuer. This contract may be considered a Modified Endowment Contract (“MEC”) and any such distributions (loans, dividends, paid in cash or accumulated) or a contract assignment will be subject to current income tax to the extent there is a taxable gain in the contract. For costs and complete details of coverage, please contact your agent or the Knights of Columbus. In addition, a tax penalty equal to 10% of the taxable amount will be applied to funds distributed prior to the owner’s age 59 1/2.
Survivorship Universal Life insurance is offered through Knights of Columbus. These policies have conditions, exclusions and limitations. Policy issue is subject to underwriting and a medical exam may be required. These contracts offer premium flexibility and are issued with a Lapse Protection Rider. Contract fees are subject to the guaranteed maximums defined in the contract. Lapse Protection Rider required amounts and factors are defined in the contract and fully guaranteed. As long as the Lapse Protection Rider is active, these contracts are guaranteed to remain in force. The Lapse Protection Rider is active if sufficient accumulated premium is paid as defined by the rider and there are no contract loans. Contract loans also reduce the death benefit and cash values and may cause these contracts to lapse. Surrender charges may apply. For costs and complete details of coverage, please contact your agent or the Knights of Columbus.
Graded Death Benefit Whole Life Insurance has no medical underwriting in the US and limited underwriting in Canada. A graded death benefit means that if the insured dies of a non-accidental death within the first two years of coverage, the death benefit is limited to a return of premium, plus interest and unearned premium. After two years, as long as you pay your premiums, your coverage cannot be canceled and the death benefit remains level for the life of the contract.Two death benefit amounts are available for this product, $5,000 and $10,000.
Knights of Columbus insurance products are not backed by or insured by the Federal Deposit Insurance (“FDIC”) or any other agency of the United States.
