Knights of Columbus

Louisiana State Council Charity,     Unity, Fraternity, and Patriotism

The Urgency of Buying Long Term Care Insurance

By Thomas P. Smith, Jr., Executive Vice President, Agencies and Marketing

There are very few people who have not heard or read about Long Term Care insurance.  Just as there are very few people who do not have a “long term care experience” somewhere in their family – a loved one in a nursing home facility, or a family member being cared for at home because of advancing age or a disability (or both). So there is no need to spend very many words in this month’s column on the catastrophic effect these events can have on a family, crossing all generations.  You already know that.

What you may not know is the urgency of taking action.  The ability to buy long term care insurance is based on your health.  Putting the decision off, or “waiting until next year,” can be problematic.  As we have talked about in this space many, many times, nobody will ring a bell for you the night before your health changes.  In addition to the required premium commitment increasing every year with your age, you run the increased risk of developing a health issue that can prevent you from buying.  Not a very good position to be in.

When you make the decision to talk about LTC, come right to the Knights of Columbus.  In addition to providing life insurance and guaranteed retirement products to our members and their families, we also have a very competitive long term care product available through our agents.   Since entering this market in 2000, nearly 30,000 LTC policies have been sold to K of C members and their wives.  While some companies in this line of business have had difficulty, our product continues to perform well with no premium increases on existing policies.

Your agent will help you select the plan that’s right for you, and together you will arrive at an affordable premium that offers you the coverage you need.  We can show you several different options – facility only coverage, home care, a combination of both.  Our agents are professionally trained to answer your questions…but you have to invite them in.  I urge you to not delay.  Think only of your own ‘long term care experience.”  I don’t think you want yourself or your family in that position.  And don’t worry about the cost.  The cost is not the problem; it is the solution to the problem.

Basic knowledge on insurance products 

For this month’s column, I thought a little “Life Insurance 101” might be beneficial. 

Whole life insurance is the most basic plan of permanent life insurance protection, and calls for premiums to be paid for your entire life, or to age 100.  You may also consider another permanent life insurance product – one with guaranteed cash values – that offers a limited period of premium payments.  The Knights of Columbus offers three permanent life insurance products for which premiums do not have to be paid for all of life. 

“Twenty Pay Life” is exactly as the name suggests: a permanent plan with premiums payable for 20 years.  After the premiums are paid for the 20 years, the plan is “paid up” and no more premiums are due.  Unlike its term counterpart, however, the plan stays in force, the death benefit remains intact and the guaranteed cash value continues to grow. 

Another such plan is our “Life Paid Up at 65.”  With this permanent product you pay premiums until you reach age 65.  Then, premiums stop (just in time for retirement), but the plan remains very much in force. 

Finally, the ultimate in limited pay is our Single Premium Life product.  Imagine buying life insurance – permanent life insurance – and only paying one single premium?  It’s possible. 

I have detailed information on all of these products.  At your convenience, I’ll meet with you and your wife to perform a free, custom-tailored needs analysis, to help determine which of our many life insurance products is right for you and your family. 

I’m Terry Kennedy, General Agent @ 985-649-2703 or terry.kennedy@kofc.org

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