Knights of Columbus Insurance Review & Complaints: Life Insurance (2023)

The Knights of Columbus is a Catholic fraternal benefit society that was established more than 140 years ago to provide assistance to parishioners in need. They provide life insurance, long-term care, and disability insurance across the U.S. and Canada on a membership basis.

Our Knights of Columbus insurance review will cover everything you need to know, from policy options to life insurance rates.

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What Is Knights of Columbus insurance?

Like many faith-based fraternal societies, the Knights of Columbus company was created in response to the financial hardships experienced by members of a local parish and a desire to provide assistance. The Knights of Columbus group was created in 1882 in New Haven, Connecticut by the parish priest at St. Mary’s Church and a group of men from the parish. A big part of the goal of the Knights of Columbus was to create a pool of resources that could be used to help members in times of need – specifically the death of a breadwinner in the household.

The Knights of Columbus group expanded over the years and today has nearly 2 million members throughout North America. They are the largest and best known Catholic fraternal society in the world, referring to themselves as the “Church’s right arm”, and are active in charitable activities in addition to insurance.

The group remains a membership society open only to practicing Catholic men over the age of 18, but insurance products are available to both members and their family members. Products are sold through agents, all of whom are members of the Knights as well. Membership has an annual money fee of $30 in funds a year, and it comes with a variety of benefits including survivor assistance following the death of a member.

What insurance products are offered?

The insurer offers a handful of basic insurance programs aimed at reducing family financial burdens in times of illness or death. Life, long-term care, and disability insurance are the main products; they also offer annuities.

Life Insurance

There are both permanent life insurance and term life insurance products available.

Whole life insurance is available in either single premium or monthly payment premium versions, allowing policyholders to pay in whatever way is best for their needs. The listed payment options are:

• Single premium
• 10-pay, in which premiums are spread out over 10 years
• 20-pay, in which premiums are spread out over 20 years
• Paid up at 65, a plan that allows the premiums to paid in full by age 65
• Paid up at 100, which is essentially a standard monthly payment plan. The plan is paid up at age 100, but since not many live to that age it can be considered a lifetime premium plan
• Graded premium, which starts with lower premiums that increase over time and eventually level off.

Term life insurance policies are offered as annually renewable policies or in 10, 15, or 20-year terms. The Accelerator Term plan allows the death benefit to increase over time by 25% in order to keep up with inflation.

In their portfolio of life insurance products, there is also a Young Adult product aimed at those 18-29. This is a low-cost annual renewable plan.

Long-Term Care

Long-term care insurance is available with a variety of options to choose from and includes a 30% discount when a member and spouse apply for coverage together.

Long-term care insurance coverage can be either comprehensive or facilities-only. Benefit period options are 3, 5, or 10-year, and a daily benefit amount can be selected by the policyholder. Plans can have an elimination period (time before benefits kick in) of either 30, 90, or 180 days. This is a lifetime period. You can also look into the best life insurance company that offers 30-year terms if this is something you need.

Disability

Disability income insurance is available with an insurance benefit period of two or five years, or the option to extend benefits to age 67, providing income until retirement. Again, a monthly benefit amount can be selected by the policyholder. Elimination periods are the same options as the long-term care product.

Annuities

The company offers a variety of annuity options, including single premium and flexible premium, to provide income assistance in retirement. Traditional annuities, Roth annuities, and Tax Sheltered Annuities are among the choices of retirement annuities.

Are the company’s rates competitive?

The company’s website does not offer rates, and quotes are only available from insurance agents. It is not clear whether you need to be a member to get a quote from an agent, but since you do have to be a member to buy an insurance policy it seems likely that they focus their sales efforts on existing members or on those considering membership.

The $30 a year membership fee is not a large amount, but it does need to be added to the calculations when comparing costs. If you are already a member or looking to become a member regardless of the insurance aspect, it’s likely a non-issue.

Knights of Columbus Insurance Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

The Knights of Columbus Insurance website does not provide specific information regarding the ease of filing a claim. It’s unclear whether they offer online claim filing, a dedicated mobile app, or the option to file claims over the phone. For detailed instructions on how to file a claim, it is advisable to contact the insurance company directly or consult your insurance agent.

Average Claim Processing Time

Unfortunately, the Knights of Columbus Insurance website does not provide information regarding the average claim processing time. Claim processing times can vary depending on the type of insurance policy and the specific circumstances of the claim. To get accurate information about claim processing times, it’s best to reach out to the insurance company or your insurance agent.

Customer Feedback on Claim Resolutions and Payouts

While the Knights of Columbus Insurance website does not display customer feedback on claim resolutions and payouts, it’s essential to note that they have been accredited by the Better Business Bureau (BBB) since 2002 and hold an A+ rating.

However, there are limited consumer reviews available on other platforms, and some of them express negative sentiments about claims issues. To get a better understanding of customer experiences, it’s advisable to seek out additional reviews and testimonials or consult with current policyholders.

Knights of Columbus Insurance Digital and Technological Features

Mobile App Features and Functionality

The Knights of Columbus Insurance website does not provide specific details about their mobile app features and functionality. It’s uncertain whether they offer a dedicated mobile app for policyholders. To access information about their mobile app and its features, if available, it is recommended to contact the insurance company directly or inquire with your insurance agent.

Online Account Management Capabilities

The website does not offer information about online account management capabilities provided by Knights of Columbus Insurance. Many insurance companies offer online account access for policyholders to manage their policies, make payments, and track claims.

To learn more about their online account management features, policyholders should contact the company directly or consult their insurance agent.

Digital Tools and resources

The Knights of Columbus Insurance website does not explicitly mention digital tools and resources. However, many insurance providers offer online resources such as educational materials, policy documents, and calculators to assist policyholders.

To access any digital tools or resources they may offer, policyholders are encouraged to contact the insurance company or reach out to their insurance agent for more information.

What’s the bottom line?

Insurance through the Knights of Columbus might be worth a look for those that are already members of the order or are inclined to become members. The products themselves are not likely to be the impetus for joining. We do not have rates for comparison, but we do recommend shopping around if the best policy at the best price is of greater importance to you than the source of the policy being associated with the Catholic Church.

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