KofC insurance agent - valid or bunk?

[Feanaro_s_Wife]

Can they sell to extended family? For example, if my hubby were to become a Kinight and buy insurance could MY parents also buy insurance?

 

[Philothea53]

Can they sell to extended family? For example, if my hubby were to become a Kinight and buy insurance could MY parents also buy insurance?

I don’t believe so. Policies can be written for the wife and children of a Knight but I believe it ends there. The purpose of the insurance (and the beginning of the Knights of Columbus) was a desire by Father McGiveny to provide for the widows and children of deceased Catholic men.

 

[Feanaro_s_Wife]

I don’t believe so. Policies can be written for the wife and children of a Knight but I believe it ends there. The purpose of the insurance (and the beginning of the Knights of Columbus) was a desire by Father McGiveny to provide for the widows and children of deceased Catholic men.

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Thanks…I’ll look into it further here… maybe Canada doesn’t even have the same program?

Although this may be a good starting to point to get my parents on the road to conversion I’m sure God has used much stranger paths…
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[rlg94086]

I am a former agent (tried it, but it didn’t work out for me), so let me clear up a few things:

1. Only knights and their family (spouse and children until they turn 18) can purchase the insurance.
2. Perhaps rules are different with different General Agents, but mine said it was not possible to do it “on-the-side.” It had to be my only job.
3. Again, this may vary by area, but IIRC they split up the councils so that an agent would have approx. 800 knights and their families. Of course, if you can help the councils grow, your base will also grow. The exclusivity means you can’t sell to non-knights, but the “account base” is pretty decent considering the knights who want the KofC insurance can only buy from you. There is no “stepping on toes” between agents because, with few exceptions, they can only sell to their assigned councils.
4. As others have said, they are a top-rated insurance company. The following is my opinion:

• the whole life insurance is the absolute best in the industry.
• the long term care is excellent and competitive
• the term life is excellent, but less competitive. (there is no cash value in term life so it is pure head-to-head in premiums with the commercial competitors)
  I had a Grand Knight for one of the councils who was a financial planner with a regular radio segment on investments. He told all of his knights that whole life is a bad investment. I sat down with him and explained the typical return of the whole life product and the retirement strategy that can be integrated with the life insurance coverage. He was convinced that it is an excellent investment. If you can learn to sell the whole life and long-term care effectively, you will do very well.

The reason it didn’t work for me was due to the income that my family required for our lifestyle. I was already successful in high tech sales but was laid off. I thought changing to selling insurance for the knights would be good. We had a hard time adjusting. If you can afford to make it on the base salary, learn how to sell (I already knew) and stick with it, there are very successful KofC agents. I left and tried to work for an Allstate agent, but finally went back to high tech sales

The challenges are the same with any insurance sales job. Everyone has a brother-in-law, cousin, friend, etc. who sells insurance and they are therefore experts. Some knights will give you a leg up because of the organization and the fact that they have reason to trust a fellow knight who sells honestly. Others though will treat you like any other salesman.

Depending on the hours that you are used to working, you will need to adjust there as well. As an agent, you will need to attend council meetings (evenings), meet with people to discuss their policies and sell new policies (mostly evenings…though some are available during the day), and it is always good to be visible at some of your local KofC events (weekends) from time-to-time. That said, you do set your own schedule.

BTW…they do have the insurance in Canada. In fact, IIRC the absolute top producing agents are in Canada.

 

[Sir_Knight]

1. Perhaps rules are different with different General Agents, but mine said it was not possible to do it “on-the-side.” It had to be my only job.

Point of clarification: I believe that it has to be your primary job. You need to be available to attend council meetings and meet with members when needed – another job can not get in the way of that … but you can have another job.