Knight of Columbus Whole Life

[jccraynon]

Anybody familiar with Knight of Columbus whole Life? One of my clients is being pitched on dumping 135 k into 476,000 whole life policy which would pay it up...First it is clearly a Mec on the illustration. Secondly the agent said he can take out a total of 270k ( projected cash value) at age 65 and still have a paid up policy with No future premiums. The agent also assured him that he can take out 90% of the cash value TAX FREE...remeber that the contract is a MEC?? Anybody have any insights for me?
Thanks in Advance!!!

 

[AboutThatLife]

Anybody familiar with Knight of Columbus whole Life? One of my clients is being pitched on dumping 135 k into 476,000 whole life policy which would pay it up...First it is clearly a Mec on the illustration. Secondly the agent said he can take out a total of 270k ( projected cash value) at age 65 and still have a paid up policy with No future premiums. The agent also assured him that he can take out 90% of the cash value TAX FREE...remeber that the contract is a MEC?? Anybody have any insights for me?
Thanks in Advance!!!

A very reputable Christian company. Best financials in the game.

 

[aclaro]

Post the illustration. Or at least more info so we can run some numbers against it. What whole life carriers do you have access to?

 

[Newby]

Anybody familiar with Knight of Columbus whole Life? One of my clients is being pitched on dumping 135 k into 476,000 whole life policy which would pay it up...First it is clearly a Mec on the illustration. Secondly the agent said he can take out a total of 270k ( projected cash value) at age 65 and still have a paid up policy with No future premiums. The agent also assured him that he can take out 90% of the cash value TAX FREE...remeber that the contract is a MEC?? Anybody have any insights for me? Thanks in Advance!!!

Is the 135,000 a 1035 exchange or new money?

 

[pfg1]

Not enough info to give you accurate answer. But yes, it sounds like it would be a MEC in most cases. Not that a MEC is automatically always bad, but the rules change if it is regarding income streams, etc. If you can post more info it would help.

 

[thesunnyone]

Excellent Company A++ financials. Probably the best Whole Life in the market.

 

[aclaro]

Excellent Company A++ financials. Probably the best Whole Life in the market.

Wait what? You have to back that statement up. I've never heard it's the best before. From what I hear not even close to the best but I'll keep an open mind if you can back it up. I admit to not having a lot of experience with koc.

 

[dondulah]

Wait what? You have to back that statement up. I've never heard it's the best before. From what I hear not even close to the best but I'll keep an open mind if you can back it up. I admit to not having a lot of experience with koc.

In my experience their whole life is the best.

 

[scagnt83]

The best compared to what?

Compared to a product that has higher dividends or a carrier with more comprehensive financial ratings? (they arent rated by 2 out of the 4 major ratings companies)

Or maybe compared to their peers who have 10x the assets that they do. (What Mass makes in a single years revenue equals KOC's entire amount of company wide assets)

Or maybe it is better than the many options that are actually covered by the SGA.... keep in mind we are talking about a lifetime financial commitment here.

 

[danerlavigne]

Just because they have great whole life products doesn't mean that the agent knows what they are doing.

I would take the illustration to some other agents, asks what's wrong with it, and ask for comparisons.