Insurance Questions and Answers

1. Why aren’t my dividends paying my premium?
Dividends are payable on all forms of paid up insurance except policies being kept in force as extended term insurance. There are five dividend options to choose from: Cash, Applied to payment of premiums, Accumulate with interest, Purchase paid up additional insurance and Reduce existing loans. When the applied to payment of premiums option is chosen, dividend payment will be used to reduce the premium then do, if the dividend is less than the mode premium, otherwise, the order will pay as many premium payments as possible and use the remaining amount to purchase paid up additional insurance. To discuss the dividend option and other details regarding your policy contact your Knights of Columbus agent today.

2. Who is my beneficiary?
A beneficiary of a policy is determined at the time of purchase by the policy owner. However, it can be changed by the policy owner at any time during the life of the policy. Typically, the spouse is chosen as beneficiary, but other beneficiaries include the children, brother, sister, mother or father of the insured. Institutions and charitable organizations can also be named beneficiaries. All beneficiaries are identified in your policy. Contact your Knights of Columbus agent  to have any questions regarding your beneficiary designations.

3. Who is my servicing agent?
Always refer to your policy. A copy of the application along with the field agents’ business card should be included. In addition, the name and phone number of the servicing general agent for your counsel appears on your bill. You can also call 1-800-345-5632 to find the field agents servicing your counsel.

4. What is the cash value of my policy?

While Knights of Columbus cannot give such information over the phone the policy owner is encouraged to call the Customer Service Department toll free at 1-800-380- 9995. With information supplied by the insured, such as name, address, and policy number, Customer Service will be able to answer such requests via a letter.

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