We use cookies to ensure that we give you the best experience on our website. By clicking "Accept All", you consent to our use of cookies.
Customize Consent Preferences
We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.
The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ...
Always Active
Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.
No cookies to display.
Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.
No cookies to display.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.
No cookies to display.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
No cookies to display.
Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.
Experience the peace of mind life insurance offers, show your family how much you love them, and leave a legacy.
What is life insurance?
A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump sum payment (a death benefit) to beneficiaries when the insured dies.
Who needs it?
If someone will suffer financially when you die, you may need life insurance. It provides cash to your beneficiaries after your death. The cash (death benefit) provided to your beneficiaries after your death can help replace your absent income for a period of time. It can help meet important, immediate financial needs like funeral costs, daily living expenses or college tuition.
Types of Life Insurance
Whole Life
Whole Life
A whole life policy guarantees you will be covered from the day you purchase it to when you need it most, as long as premiums are paid. Whole life insurance is permanent coverage with a fixed premium.
Many single people don’t believe they need life insurance. Did a parent or guardian co-sign a loan for you? They may be held responsible for those costs if you pass away. You might be providing financial support for aging parents or a sibling with special needs. You might have significant debt – would you want to pass it onto family members? If you’re young and healthy, and you have a strong family health history, you’ll generally receive better life insurance rates than if you wait until you’re older.
You’re Married With Kids
Families today often depend on two incomes. What would happen if you suddenly died? Could your family continue to meet all of their financial obligations—rent or the mortgage and daily living expenses? Could your family continue its standard of living on your spouse’s income alone? What about your children’s future? Life insurance helps plan for and protect your family’s future.
You’re a Single Parent
You wear many hats – income provider, caregiver, cook, chauffeur and more. Unfortunately, four in 10 single parents don’t have life insurance, and many who have coverage say they need more. With so much responsibility, it’s important that sufficient life insurance has been purchased to protect your children’s financial future.
You’re a Stay-At-Home Parent
You are an integral part of your family’s support system, even if you don’t earn a salary. Raising your children, transportation, and housework are all important, and the cost of having someone else handle these concerns is often severely underestimated. With life insurance, your family can afford to make the choice that best preserves its quality of life.
You Have Grown Children
Your kids have graduated from college and the mortgage is paid. The need for life insurance still exists! If you die today, your spouse will continue to have daily living expenses. Will your financial plan, without life insurance, enable your spouse to maintain the quality of life you’ve worked so hard to achieve?
You’re Retired
Depending on the size of your estate, your heirs could be liable for an estate-tax bill up to 40% after you die. Life insurance proceeds are payable upon death; your heirs can take care of incurred taxes, funeral costs and other debts without having to liquidate assets. Life insurance proceeds are generally income tax-free1 and won’t add to your estate tax liability, if properly structured.
1Estate taxes may apply to insurance proceeds. The tax information contained herein is general in nature, is provided for informational purposes only and should not be construed as legal or tax advice. Catholic Order of Foresters does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Life insurance can protect your business. What would happen to your business if you, a fellow owner or a key employee died tomorrow? To protect a business in case of a key employee’s death, key person insurance (payable to the company when named as a beneficiary) provides the owners with financial flexibility to hire a replacement or determine an alternative arrangement. A life insurance policy can be structured to fund a buy-sell agreement; this helps the remaining business owners have funds to buy the deceased owner’s company interests at a previously agreed upon price. It can ensure the owners get the business, the family receives the money, and the business continues.
A Universal Life policy is a type of permanent life insurance that offers flexible premiums and the opportunity for your policy to accumulate cash value.When the policy’s premium is paid, a portion of it pays for the cost of insurance. The remainder of the premium is added to the cash value and earns interest.
Flexibility: you decide the amount of premium payments, subject to the minimum required premium to cover the monthly cost of insurance.
Premium: after the cost of insurance, and other expenses are deducted, the balance will be added to your policy’s cash value and will be credited interest based on Catholic Order of Foresters’ current interest rates (but not less than the policy’s guaranteed interest rate).
Death Benefit: this will be paid to your beneficiaries, generally income tax-free.
Option A – Level death benefit (amount of life insurance)
Option B – Death benefit plus your policy’s cash value
Call the Home Office at 800-552-0145 and ask for the Claims Department.
Please have the following information available when you call:
Insured’s name and date of death
Certificate or policy number
Contact person’s information, including phone number and address
Once you provide this information, we will mail the claimant forms to the policy’s beneficiary(ies) that we have on file.
The information the beneficiary returns to the Home Office must include:
Completed claimant forms (completed by each beneficiary)
Certified copy of the Insured’s death certificate
Original policy or contract, if available
MEC stands for Modified Endowment Contract. An MEC is a life insurance policy with premium payments exceeding federal tax limitations in the first seven years after issue or a change in benefits. The cash value of an MEC will accumulate income tax free. In addition, death benefits will still be income tax free to the beneficiary. Any pre-death distributions, such as full or partial surrenders, policy loans, and policy assignments, are taxable to the extent there is a gain in the policy. In addition to regular income tax, a 10% federal tax penalty is imposed on the taxable portion of the distribution. The penalty tax is waived only if the taxpayer is over 59½ or qualifies for another exception under federal law.1
1Catholic Order of Foresters nor its agents offer tax advice; consult a tax professional regarding your specific situation.
The Fraternal Legacy Rider is a rider that can be added to certain life insurance policies. When you purchase a Catholic Order of Foresters life insurance policy with a death benefit of $50,000 or more, you can add the Fraternal Legacy Rider to your policy. It provides an additional five percent death benefit to a Catholic charitable organization of your choice at no additional cost to you. The rider’s flexibility allows you to name multiple charitable beneficiaries. For more information, visit this page!
Not available in all states. Contact your agent or the Home Office for costs and complete coverage details. Policies subject to terms and conditions. The description of benefits is brief and does not constitute, in itself, a policy. For complete description, terms and conditions, please see the product documentation.
23-07-H7 V.09/23
You are now leaving the website.
You have clicked a link that will take you away from Catholic Order of Foresters’ website. We are not responsible for the content of the alternate website nor do we receive any monies from any transaction fee that may be charged by a third party. We do not guarantee the accuracy or completeness of the information contained therein. Providing links to alternate websites is not an endorsement by Catholic Order of Foresters of those sites or the information they contain. Privacy and security policies and practices of alternate websites are different from those of Catholic Order of Foresters. By clicking the PROCEED button below, you acknowledge these statements and will be taken to the alternate site. If you want to remain at this site, select the CANCEL button.
