Knights of Columbus Life Insurance Review [2023]

If you’re looking for life insurance, you may want to consider Knights of Columbus for coverage. Knights of Columbus is a faith-based, non-profit organization offering members term and permanent life insurance coverage.

The biggest downside to Knights of Columbus is that membership is only available to Catholic males with strict eligibility rights. In addition, women and men of different faith backgrounds cannot join Knights of Columbus or apply for insurance coverage unless they are married to a member.

What does the Knights of Columbus offer?

Knights of Columbus sell term, whole, and universal life insurance policies. Most of the policies are underwritten and require individuals to complete paperwork and undergo a medical exam. 

Term Life With Knights of Columbus

Knights of Columbus offers three options for term life insurance:

• Accelerator Term. Accelerator Term policies allow for 10, 15, or 20-year terms, and plans increase the death benefit by up to 25% for a low cost.
• Annual Renewable Term. This renewable term life insurance policy allows people to renew or adjust their term coverage annually. Premium costs are likely to change, but the policy’s death benefit will stay steady.
• Young Adult. Young Adult term life insurance is available for men ages 18 to 29 and their spouses. This is also an annually renewable term life policy.

Term life rates with Knights of Columbus tend to be competitive, but you will have to speak with a representative to get a quote on coverage.

Whole Life Insurance With Knights of Columbus

Knights of Columbus offers a few different options for whole life coverage, including:

• Limited Pay Whole Life. Policyholders can choose how long they pay premiums for coverage, but they must pay for at least five years. Payments for Limited Pay whole-life coverage are fixed, so they will not increase over time. 
• Single Premium Whole Life. A Single Premium policy allows individuals to make one lump sum payment to avoid making payments on coverage every year. 
• Graded Death Benefit Whole Life. This policy allows anyone to purchase coverage without undergoing a medical exam. This final expense option offers low coverage amounts to cover funeral expenses. If you pass away during the first two years of coverage, your beneficiaries will only receive a portion of the policy’s death benefit. 

Rates for final expense policies are normally a bit higher than average whole life insurance rates. 

Knights of Columbus Universal Life Insurance

Knights of Columbus offers Survivorship Universal Life. This policy covers two people and pays out the policy’s death benefit after the second spouse—or the survivor—passes away. This tool is frequently used for estate planning and conservation. 

Read more: Survivorship Life Insurance

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Can you get riders with Knights of Columbus life insurance?

Knights of Columbus offers a few different options for riders on life insurance policies. These riders include: 

• Accidental death
• Children’s term
• Chronic illness accelerated benefit
• Term conversion
• Terminal illness accelerated benefit

These riders allow policyholders to customize their policies so that they work best for themselves and their families. If you know you want a company that will enable you to add riders to different policies, Knights of Columbus may be a good choice for you.

How much is Knights of Columbus life insurance?

Coverage with Knights of Columbus will depend on several factors. Most insurance companies consider a combination of the following factors when determining rates for coverage:

• Age
• Gender
• Marital status
• Occupation
• Tobacco use
• Health status
• Family health history
• Hobbies
• Lifestyle
• Coverage type and amount

Knights of Columbus is known for offering competitive rates on life insurance coverage. Still, you’ll only know how much it will cost when you find and compare quotes from multiple companies to ensure you are paying a competitive price for coverage.

Does Knights of Columbus have good ratings and reviews?

Knights of Columbus has an A+ (Superior) financial strength rating with A.M. Best and a stable outlook on future endeavors. The company also has an A+ rating with the Better Business Bureau (BBB). In addition, no complaints or reviews have been filed against the company on the BBB website.  

Consider reading company reviews online to familiarize yourself with the company and its history of handling and processing claims if you’re contemplating purchasing a policy. 

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What are the pros and cons of a Knights of Columbus life insurance policy?

There are positives and negatives to doing business with every insurance company. Some of the pros of a life insurance policy with the Knights of Columbus include:

• An assortment of riders
• Competitive rates on coverage
• Guaranteed issue policies

Some of the downsides of a policy with the Knights of Columbus may include:

• Membership is only available to eligible Catholic males.
• Knights of Columbus agents work on commission and may feel compelled to sell you certain policies over others for their benefit.
• Potential customers cannot get life insurance quotes online.

You may find that Knights of Columbus is a great option for you and your family, but you should evaluate all options before making a final decision on coverage.

Knights of Columbus Life Insurance: The Bottom Line

If you’re a Catholic male who is eligible for coverage with Knights of Columbus, you may want to consider the company for life insurance. Knights of Columbus offers great rates and multiple coverage options to clients.

Anyone who is not eligible for coverage with Knights of Columbus can search online to find and compare quotes from multiple companies. Doing so will help you find the coverage you want at a rate that works for you and your family.

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