NEW HAVEN, Conn., Jan. 21, 2020 /PRNewswire/ -- Knights of Columbus (K of C), a Best's Review Top 50 U.S. Life/Health Insurer1, today announced the launch of its Protector NLG Universal Life insurance product. This product provides affordable guaranteed lifetime coverage*, flexible premium payment options and a low-cost guaranteed death benefit* that will ensure future obligations are met. The benefit protection includes a Lapse Protection Rider, as well.
While guaranteeing death benefit coverage*, the Protector NLG Universal Life insurance product features flexibility in premium payment ability: from allowing shorter payment periods; the stopping and re-starting of premium payments; to the ability to lower premiums by paying up to age 100. A Lapse Protection Rider is automatically attached at issue and can ensure lifetime death benefit protection as long as this rider is active.
Ron Franzluebbers, senior vice president and chief actuary of K of C, said, "Protector NLG Universal Life is a niche product designed for those approaching or above retirement age, who do not need a traditional whole life contract with cash value accumulation but want to ensure that they have affordable death benefit coverage for their entire lifetime."
Protector NLG Universal Life is available for purchase in the United States and Canada for individuals between 50 and 80 years old. More information about the Knights of Columbus insurance program can be found here: www.kofc.org/insurance.
About Knight of Columbus Insurance
Knights of Columbus offers life insurance, retirement income products, long-term care insurance and disability income insurance. Knight of Columbus Asset Advisors ("KoCAA") provides institutional asset management, donor-advised funds and an array of securities products and services, as well as retail mutual funds. Please visit www.kofc.org/insurancefor more information.
Knights of Columbus is a fraternal benefit society. It has been named a Fortune 1000 entity and is rated AA+ by S&P and rated A+ (Superior) and a Top 50 U.S. Life/Health Insurers by A.M. Best.
*Guarantees of the policy are based on the claims-paying ability of the issuer. Accessing the cash value of the policy will reduce the total cash value of the policy and total death benefit. Guarantees assume all premiums are timely paid and cash value of the policy has not been accessed. This release provides only a summary of the available product features and options, which may vary by state. Actual product details, including all terms and conditions that apply, are contained in each contract.
1 Represents 2019 A.M. Best Data from Best's Review, July 2019 Issue