New Member Plan - 12 Questions and Answers
- 1. What is the New Member Insurance Plan?
- It is a special whole life insurance policy issued by the
Knights of Columbus. It was formerly for new members only, but
for a limited time it is available to all members of our Order,
and to their wives.
- 2. What benefits does it pay?
- The New Member Plan pays the death benefits shown on the
chart you can find on the application. Simply locate your age,
and the death benefit listed. The New Member Plan also builds
substantial cash value over the years. After the third year it
is scheduled to pay dividends, too.
- 3. Why is it called an insurance "best buy?"
- This plan was originally intended as an introductory benefit
for new members who join our Order, so the premiums were set
very low. You get more insurance per premium dollar than from
any other whole life plan offered by the Order.
- 4. How much does it cost?
- The New Member Plan comes in units that cost a flat $50 per
year, regardless of age. You may pay this in a lump sum or in
two $25 installments. Naturally, the youngest participants get
the highest coverage for their $50. The face amount (death
benefit) of the policy is established by your age at the
policy's issue, and remains constant as long as the policy
lasts. At the beginning of Year Four the premium increases from
$50 to $66.67 per year. Your dividends (which cannot be
guaranteed) also begin that year, and if you apply them to
premiums, we anticipate that they will offset the $16.67
increase and keep your net annual premium effectively at $50.
- 5. Who is eligible for this Plan?
- All members of the Knights of Columbus and their wives, age
18 to 65, are eligible to apply. Two applications are enclosed
for your use.
- 6. Do I have to qualify for this Plan?
- Yes. At the low premium at which it is underwritten, the
health of any applicant must permit issuance of the policy at
standard rates. In other words, your health must be reasonably
good. So you will find a few simple health questions in the
applications.
- 7. How will death benefits be paid?
- Death benefits will be paid in cash in one lump sum to the
beneficiary named in your application.
- 8. Suppose I don't like the policy when I read it?
- When you receive your policy, read it carefully. Discuss it
with anyone whose judgement you respect. If you aren't
completely satisfied, send it back within ten days and your
payment will be promptly refunded.
- 9. When will my coverage become effective?
- Your policy will be issued when it has been approved by the
Order. It will be effective from the date of issue onward.
- 10. Can this insurance ever be cancelled?
- As long as you pay your premiums when due, the Order can
never cancel your insurance. You, of course, can cancel at any
time - although we strongly advise against it. This insurance is
a very special opportunity.
- 11. How do I apply for this insurance?
- Use the applications enclosed. The New Member Plan is
available solely and exclusively to members and their wives. The
Knights of Columbus now has over $34 billion of insurance in
force, assets of $7 billion, and ranks in the top 5 percent of
insurance companies.
- 12. Why is it important that I apply promptly?
- There are three good reasons why you should apply without
delay. First, although the state of your health may be fine now,
it could change at any time and make you ineligible for the
Plan. Second, the New Member Plan may not be offered to you
again. And third, this application period ends on October 31,
1998. This is several weeks away, but if you set this aside now
you may forget to apply at all. And that would be a shame.
7 Good Reasons Why You
Should Buy the New Member Plan Now!
- Very low premium!
- Cash values for financial emergencies?
- A cost-per-thousand as good as any and better than most!
- Plan is scheduled to pay dividends!
- Everybody needs more insurance!
- Unlike many insurance offers on television, the benefits of the New Member Plan never reduce - regardless or your age.
- Easy to apply! Short applications enclosed for you and your wife.
