The Knights of Columbus are a Catholic-based Fraternal Organization offering comprehensive Long-Term Care Insurance for members and families. However, unusual policy language and lack of partnership benefits make this a questionable choice for consumers. 

When comparing Long-Term Care Insurance, you should recognize the differences between the Knights of Columbus and other companies. With the Knights of Columbus, you must be a member, or a spouse of a member of this fraternal service organization, to apply for insurance products. 

The Knights of Columbus are a Catholic-based Fraternal Organization engaged in charity. The Knights are the world's largest Roman Catholic fraternal service organization. They primarily sell life insurance and annuities to its members.

Knights of Columbus Features and Benefits:

• Monthly Benefits from $1500 to $15,000

• A pool of Money Established with a 3-, 5-, or 10-Year Benefit Periods

• Facility Only or Comprehensive Coverage Options

• Inflation Options include 3% and 5% compounded, and a Future Purchase Option

• Elimination period options include 30, 90, and 180 days

• Home modifications

• Case Management

• Spousal discounts

• Shared Spousal Benefit Option (limits options and selection means you lose spousal discounts)

Key Negatives

• 'Usual and Customary Language.' The Knights of Columbus Long-Term Care Insurance policy includes "usual and customary" language, typically not found in other LTC Insurance contracts. 

At the time of claim, no matter what benefit level you have available at that time and no matter the actual cost of care being billed by the provider, the Knights of Columbus will determine if the charge is "usual and customary." 

This wording in the policy can limit the total benefits you have available at the time of claim.

• Lack of Partnership Certification. The Knights of Columbus does not offer partnership policies, unlike many companies. Without the partnership certification, you lose the additional dollar-for-dollar asset protection. 

You can learn more about the federal/state partnership program here - What is a Long-Term Care Partnership Policy?

Claims

If you own a Knights of Columbus Long-Term Care Insurance policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can benefit the entire family - Filing a Long-Term Care Insurance Claim.

Things to Consider When Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, remember that numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. 

Every insurance company must file their products and pricing, along with actuarial data supporting their pricing, with the state's insurance department before marketing the product in that state.

You can use all the tools and resources available on LTC NEWS to help you with your research - Resources for Long-Term Care Planning.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

How Much Does Long-Term Care Insurance Cost?

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has underwriting rules that 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.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare each policy's features, benefits, and costs. You can find a trusted and qualified specialist representing the major insurance companies offering these products - Work With a Specialist.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask several questions about your health to provide accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company rather than another.

LTC Insurance is Custom Designed

When shopping for an LTC policy, remember Long-Term Care Insurance is custom designed; you design the plan to fit your specific needs, concerns, and budget. 

A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

• 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.