Permanent Life Insurance
Insure Your Life For Life
What is it?
Permanent life insurance is our signature product. It provides money to your family when you die, and builds cash value while you live. It’s guaranteed. It’s secure. It’s dynamic.
Who needs it?
Permanent life insurance is a great way to provide security for your family. It may be an ideal solution for people who are interested in:
- Providing money for final expenses so your family doesn’t have to.
- Replacing income so that your family’s financial life doesn’t have to change in case you pass away suddenly.
- Providing college funds for your children in case of an untimely death.
- Protecting your spouse from the burden of a mortgage in the event of the unexpected.
- Giving a donation to a charity or special interest.
- Supplementing an estate or mitigating estate taxes.
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 – guaranteed.
All Knights of Columbus permanent life insurance policies (with the exception of Graded Premium – see below) have premiums that are guaranteed not to increase, so you won’t have to worry about any surprises.
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 as cash, 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 are flexible to fit your needs.
Single Premium Whole Life – Secure protection and start your legacy with one, single payment.
10-Pay Life – Pay your premiums in just ten years, and your death benefit is guaranteed for life.
20-Pay Life – Pay your premiums in just twenty years, and your death benefit is guaranteed for life.
Life Paid-Up at 65 – Pay your premiums until 65, so that you don’t have to worry about additional expenses in retirement.
Life Paid-Up at 100 – Pay level, guaranteed premiums until your 100th birthday.
Graded Premium Whole Life – Enjoy lower premiums for your first few years to help you get started. Premiums will then gradually increase before leveling off.
The Knights of Columbus also offers several specialty products including:
- Discoverer – a unique blend of the best features of both permanent and term insurance
- Graded Death Benefit – a guaranteed issue final expenses product
- Survivorship Universal Life – a second-to-die policy for couples, families, or business partners.
You decide who you want your death benefit to go to a spouse, children, family, a trust, or even charity. You can have more than one beneficiary and can divide up the proceeds proportionally.
Additional Features and Benefits
There are a number of special features and benefits – often called riders – that are available on Knights of Columbus products, such as the full conversion rider, which gives you the option to convert your Accelerator Term Insurance to permanent coverage.
Contact your Knights of Columbus field agent today to learn more about our term life insurance products, and about the safety and security that we can help provide.
*Loan and surrender charges apply