What is it?
Permanent life insurance is our signature product. It can provide money to your family when you die, and can build cash value while you live. It’s guaranteed. It’s secure. It’s dynamic. Find your agent to learn more today.
Who needs it?
Permanent life insurance is a great way to provide security for your family. It may be an ideal solution if you’re interested in:
- Providing money for final expenses so your family doesn’t have to.
- Supplementing or replacing income so an untimely death wouldn’t impact your family’s level of financial comfort.
- Providing funds for your children’s college education in case of the unexpected.
- Shielding your family against any remaining mortgage payments, so that they aren’t overwhelmed by debt or forced to move if you die unexpectedly.
- Giving a donation to a charity or special interest as part of your legacy.
- Supplementing an estate or mitigating estate taxes1.
How does it work?
Permanent life insurance – like all life insurance – is designed primarily to provide money (also known as a death benefit) to your designated beneficiary when you pass away.
All Knights of Columbus permanent life insurance policies have premiums that are guaranteed not to increase – no surprise bills to keep your policy.
Our permanent life insurance policies also accrue cash value over time. Should the policy be eligible for any dividends (which are not guaranteed), you can also elect to put those proceeds back into your policy by purchasing additional paid-up insurance. Additional paid-up insurance increases your policy’s death benefit and cash value. Your policy’s cash value can be used either through a partial loan or a full surrender of the policy, or as collateral.
What options do I have?
Knights of Columbus permanent life insurance products can be flexible to fit your needs.
Product Options
Limited Pay Whole Life Insurance
Our flagship policy for maximum flexibility. At the time of your application, you choose how many years to pay premiums, with a five-year minimum payment period. This period is fixed and guaranteed – a plan tailored to your unique insurance planning needs, even up to and through your retirement years.
Single Premium Whole Life Insurance
An efficient, guaranteed means of protecting your family and starting your legacy with one premium payment. Your policy is paid up and begins building cash value with that single premium.
No-Lapse Guarantee Universal Life Insurance
An adjustable policy, that accumulates cash value throughout your lifespan and offers flexibility in your premium payment schedule. The Lapse Protection Rider is automatically attached to your policy at no additional cost, ensuring your policy remains in force as long your premiums are paid.
Survivorship Universal Life Insurance
A policy that insures two lives, has flexible premium payments and pays at the death of the second insured. Often used by couples for estate planning, estate conservation or estate equalization.
Graded Death Benefit Whole Life Insurance
No underwriting (limited underwriting in Canada) required for this final expense product.
Beneficiary Options
You decide who will receive your death benefit: a spouse, children, other relatives, a trust or even charity. You can have more than one beneficiary and can divide proceeds proportionally.
Additional Features and Benefits
We offer a number of special features and benefits – often called riders – that are available on Knights of Columbus products that can enhance a policy in a variety of ways.
Contact your Knights of Columbus field agent today to learn more about our permanent life insurance products and the security we can help your family achieve.
1Knights of Columbus is not authorized to give legal or tax advice. For advice concerning your individual circumstances, consult your professional attorney, tax advisor or accountant.
This is a solicitation of insurance. 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. 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. 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. Any contract loans will impact the guarantees by reducing the contract’s death benefit and cash values. 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.
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.
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 Life Insurance has no medical underwriting or application needed.