Knights of Columbus Insurance
Metro Omaha, Nebraska
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Knights of Columbus Insurance Metro Omaha, Nebraska
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What is so valuable that, throughout the course of history:
kings and queens, emperors and politicians, even Popes and paupers have gone to
the ends of the earth to covet? What is so valuable that men have been willing to sell their
souls to obtain? What is the one thing that even Warren Buffet and Bill Gates
combined can’t buy? My friends, what is the one thing that even you will NEVER
have enough of? Four simple letters. TIME Do we ever have enough time
with the ones we love? Do we ever have enough time
in the day to accomplish the most important things? Do we ever spend enough time
in every day with our Lord and Savior? Do we know the hour and day when we will have no more time? Will someone ring a bell the day or week before we have no
more time? Will you wake up tomorrow morning? Is there still enough time? Have you spent enough time
planning for this eventuality? Do you know beyond a shadow of a doubt that your family will
have the resources they need to fill the financial void you leave behind? Will they know that you took the time to show them that you cared enough to meet their needs? Put your watch to your ear and listen closely to the tick-tock of the second hand…Those seconds
are gone. That time is gone,
forever. You are now seconds
closer to the day you hear those words from your doctor… You are now seconds
closer to the moment you will hear these words from a priest "Through
this holy anointing may the Lord in his love and mercy help you with the grace
of the Holy Spirit. May the Lord who
frees you from sin save you and raise you up." your last rites. You are now seconds
closer to the moment you can no longer make changes in how you will be
remembered. Some of you are like me, you’ve buried grandparents and
maybe a couple of friends (albeit, too early.)
Some of you have buried wives…some sadly children…some sadly
grandchildren. Will you be remembered as one who did the right things and
made the right plan for that moment in time? Take time for the
ones you love. Take time to spend with your Lord and Savior in prayer and adoration. Take the time to
meet with your Field Agent. Take the
time to put the right plans in place. Take the time…for
the ones you love. Brothers, take
the time to do what is right.
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Here is the most current copy of the Knights of Columbus Financial Beacon. Archived, printable (pdf) and printed copies are available by contacting your agent. Dear Brother Knight: Another record-breaking year of issued life insurance for the Knights of Columbus is only a good thing if the members and families who make the insurance purchases are happy with the coverage. That’s the way Knights of Columbus agents look at it. That is why we work within a fraternal structure built on our shared Catholic values. When we see our company’s life insurance in force climb above $66 billion at the end of 2007—with more than $6.5 billion issued in 2007 alone—we see more than $66 billion worth of protection for our members. We see more Knights families than ever who can withstand the economic hardship of losing a breadwinner. We see $66 billion worth of peace of mind. It means even more to us that this happened in 2007, a year of economic downturn and turmoil in much of the world. This year, unfortunately, appears to promise more of the same. Last year was another record-breaking year for the Order, with life insurance sales at an all-time high. To us and to the members and families we serve, however, every sale is only as good as the strength of the company behind it. For large investors—which includes
life insurance companies—turbulent investment markets continue to be a major
concern. But as you’ll read inside, the Knights of Columbus eschews
investments such as those that involve risky sub-prime mortgages and their
derivatives. As an organization, we continue to earn top ratings in part because we invest only in the highest grade bonds and equities. As agents, we continue to earn the trust of our members because we continue to put your best interests first. That, not breaking records, is what really matters to us. Fraternally
yours, Your Omaha Archdiocese Knights of Columbus Agents
“Satisfaction
guaranteed” is t a claim you hear from the producers of a wide variety of
investment instruments it its products. That claim, however, portfolio. is only
as good as the company backing it up. The company— the Order—that you are a
member of is as good as any in the marketplace. Remember
that life insurance products are not like federally- insured bank
accounts. The guarantee is only as good as the insurance company’s
ability to pay out the promised benefit when the time comes.
Two
well-established ratings services give the Knights of Columbus their
highest
possible ratings. Let’s take it one step further: Insurance companies must invest the funds you pay in premiums in order to build the assets needed to pay claims and other obligations. So really, a life insurance company’s guarantee is only as good as its ability to invest and manage financial risk wisely. Guaranteed payouts add stability to a company’s mix of investments, just as they do for a family’s. Investments based on risky mortgages continue to cause turmoil in economies around the world. The good news is that the Knights of Columbus does not include these high-risk investment instruments in its portfolio. Supreme Knight Carl A. Anderson put it this way: We avoid high-risk investments, especially the complex products involving subprime mortgages, not because we don’t understand them, but because we do understand and know the risks they entail.” In addition to an insurance company’s investment philosophy, its general ability to manage expenses and risks determines the strength behind its guarantees. Rating services devoted to measuring a company’s overall quality of management, and its short-term and long-term financial outlook, provide an easy way to measure an insurer’s financial strength. Two well-established ratings services give the Knights of Columbus their highest possible ratings. A.M. Best's rating is A++ (superior), and Standard & Poor's rates AAA (extremely strong). The Knights of Columbus maintains these rankings year after year, precisely because of our conservative management and investment style, an approach that is rooted in our shared Catholic values. If you would like more information on the Order's top-rated products and the guarantees that come with them, contact your agent. ✦
The
long term care vs. Medicare mistake Medicare
is not a “long term care” insurance plan. Many people believe the two terms
mean the same thing, which can be a critical mistake. Here’s
the main difference: Medicare generally covers treatments that must be performed
by doctors, specialists, registered nurses, and professional medical
technicians. Long term care insurance, on the other hand, covers the cost of
care for people who must have help to handle the basic activities of everyday
living, such as eating, bathing, dressing, using the bathroom, and getting
around. This
type of assistance, called “custodial care,” usually doesn’t require
“skilled” care, as defined in insurance policy language. Again, skilled care
is paid for by Medicare, if it is for a covered condition. It rarely includes
custodial care, except for relatively brief periods of recovery from a covered
procedure. The
government program that does pay for long term custodial care is Medicaid, which
is generally available only to people who have exhausted virtually every source
of wealth. That isn’t the path we want for you or your family. The
link between long term health and long term wealth Most
Knights who talk with their professional Knights of Columbus agents about long
term care insurance aren’t terribly worried about ensuring quality custodial
care for themselves. What they really want is to ensure that their savings and
investments aren’t chewed up by nursing home or assisted living expenses. Consider
the average long term care costs* in the U.S.
in 2007: $
Annual cost for a nursing home private room: $77,745 ($213 daily), an
increase from $75,190 in 2006. $
Annual
cost for a nursing home semi-private room: $68,985 ($189 daily), an increase
from $66,795 in 2006. $
Annual
cost for an assisted living community: $35,628. Some charge extra for dementia
and Alzheimer’s, averaging $51,240 more per year. Few
nest eggs can withstand these costs for long. Just as few people who don’t
have homeowner’s insurance could pay to replace a house destroyed in a fire,
few families can pay long term custodial care costs out-of-pocket for long. In
other words, long term care and homeower’s insurance are both designed to
protect against catastrophic losses. Consider
coverage options Before
you make any decisions about long term care insurance, look carefully at the
options, such as: •
The dollar amount per day that the policy would pay for your care. • Inflation protection coverage, which keeps that dollar amount on pace with the increasing cost of care. •
The “elimination period,” which is the amount of time before coverage kicks
in. Think of this as something like an auto policy deductible. You may choose an
elimination period of 30 days, meaning you pay for the first 30 days of long
term care. A longer elimination period reduces your premium; a shorter
elimination period reduces the risk of uncovered, out-of-pocket expenses.
Know
your fraternal benefits FOR ASSOCIATE MEMBERS • An accidental death benefit of up to $2,500 for members and their spouses.. • If a member who is a full-time law enforcement officer or firefighter dies as a result of criminal violence or certain other job-related duties, his children are eligible for scholarships to the Catholic college or university of their choice under the Order's Matthews/Swift Education Trust Fund. FOR INSURED MEMBERS In addition to the Associate member benefits, you are eligible for the following benefits if you* or your spouse are insured under a Knights of Columbus certificate that requires an annual premium of at least $150, or provides at least $5,000 in permanent life insurance coverage: • The ability to purchase life insurance for an otherwise uninsurable child. Standard rates will apply if the application is made before a child is 61 days old. And although the rates may be higher, older also guaranteed coverage regardless of their disability or illness. • In the event of a miscarriage at least 20 weeks after conception, the Order will provide a $750 death benefit for the unborn child. •
If
a child dies less than 61 days after birth, the Order will provide a $1,500
death benefit. • If your children are orphaned (but themselves uninsured), the Order will support them with $80 per month until they reach the age of maturity. They may also be eligible for up to $1,750 per year in educational grants. We
can provide you with complete details about these benefits. It’s not pleasant
to think about needing them, but it should be a comfort to know that the Order
is dedicated to being there for families in times of need. ✦
* Must be a
member in good standing.
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Send mail to tim.heller@kofc.org with
questions or comments about this web site.
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