The Knights of Columbus, a Fortune 1000 insurer, has expanded its life-insurance portfolio to include two new products.
The New Haven-headquartered organization, which reports $25 billion in assets, says it expects the new products to appeal to customers seeking “affordable, permanent protection that builds cash value and leaves a financial legacy.”
The new permanent life insurance products include the “Limited Pay Whole Life” plan and the “Single Premium Whole Life” plan.
According to the Knights, both products offer a guaranteed death benefit and cash value, with the potential for growth if the plans earn dividends.
Ron Franzluebbers, senior vice president and chief actuary, said in an announcement he expects the products will be “competitive additions” to the Knights’ life-insurance offerings.
“Offering a strong portfolio of products allows our agents to best meet the needs of our clients, who can feel confident knowing that their life insurance protection is in the hands of an insurer with a long-term history of providing financial assistance,” Franzluebbers said.
Franzluebbers
According to Franzluebbers, both products are affordable and give customers the benefits of whole life insurance, including guaranteed cash value and death benefits.
With the new Limited Pay Whole Life policy, customers are able to choose how many years to pay fixed premiums, subject to a required five year minimum. Franzluebbers said he expects this to be the Knights’ “flagship” whole-life product.
“The beauty is the flexibility the client has at the time of sale to choose the premium payment period,” Franzluebbers said. “A client can choose to pay for as few as five years, all the way to age 100, or any age in between.”
After the payment period concludes, the policy is guaranteed with no further payments required, he said.
Under the new Single Premium Whole Life policy, customers receive permanent life insurance protection with one premium payment. It builds cash value, provides an income tax-free death benefit, and can earn dividends after one year. Franzluebbers said the concept allows clients to “create an estate or legacy that can provide for survivors or be donated to charity.”
William Murray, senior vice president of field management and marketing, said the new products are distinct from any of the organization’s previous products.
“We are constantly looking at ways to innovate our product line and to remain the first choice for our clients,” Murray said.
According to Murray, like all life insurance companies, they have updated products to align with demographic trends.
Murray
Murray said he anticipates a high level of consumer interest.
“Our agents, both in the U.S. and Canada, are already meeting our clients to present the new products,” he said. “People are interested in the ability to customize payments based on their budget and time horizon, while purchasing the appropriate insurance coverage to protect their family from the consequences of an untimely death.”
The Knights of Columbus offers a range of products, including life insurance, annuities, disability income and long-term care policies. The organization has reported growth in new insurance issued, from $8.78 billion in 2017 to $8.88 billion in 2018.
For more information, visit www.kofc.org/insurance.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
