There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance, however, the primary features and benefit choices are comparable from company to company. Differences do exist between the primary companies. When comparing long-term care insurance, you should recognize the differences between the Knights of Columbus and other major companies.
You must be a member, or a spouse of a member of this fraternal service organization, in order to apply for insurance products. The Knights are a Catholic-based Fraternal Organization engaged in charity and are the world’s largest Roman Catholic fraternal service organization. Knights of Columbus Insurance primarily sells life insurance and annuities to their members.
Long-Term Care Insurance plans through the Knights of Columbus have basic features:
- Daily Benefit Only
- Pool of Money Established with a 3, 5, or 10 Year Benefit Periods
- Facility Only or Comprehensive Coverage Options
- Inflation Options Available
- Elimination period options include 30, 90, and 180 days
The Knights of Columbus does not offer partnership policies, unlike many companies. Get more details on the partnership program by finding your state on the LTC News Map. You can get the current cost of long-term care services, the availability of partnership plans and tax incentives by clicking here.
Significant premium differences exist between companies for the exact same benefits. Long-Term Care Insurance premiums are calculated based on your selection of benefit levels you wish to have in place. Premium calculations are also based on your age and health at the time of application. Plus, you may qualify for discounts which might be available.
Every company has their own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies which offer these products by clicking here.
Keep in mind, numerous state and federal regulation impact Long-Term Care Insurance. However, options and benefits do vary from company to company. Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
Since your health is a primary consideration in determining your eligibility for coverage it is always best to start planning prior to retirement when health is usually better. A Long-Term Care Specialist will ask you a number of questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting rules you could be eligible with one company and not another.
Because Long-Term Care Insurance is custom designed you can design the plan to fit your specific needs, concerns and budget. A specialist will help you design your plan to address your concerns. Generally, you can design almost any plan, to:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.
|Headquarters:||New Haven, Connecticut|
- Long-Term Care Insurance
- Life Insurance
- Disability Insurance
The Knights of Columbus is the world's largest Catholic fraternal service organization. Founded in 1882 by Michael J. McGivney in New Haven, Connecticut, it was named in honor of the explorer Christopher Columbus. Originally serving as a mutual benefit society to working-class and immigrant Catholics in the United States, it developed into a fraternal benefit society dedicated to providing charitable services, including war and disaster relief, actively defending Catholicism in various nations, and promoting Catholic education. The Knights also support the Catholic Church's positions on public policy issues, including various political causes, and are participants in the new evangelization. The current Supreme Knight is Carl A. Anderson.