Whole Life Products

Whole life products protect the life of the insured for the entire life of the insured. The Catholic Union of Texas has many different plans of whole life products including Select Whole Life, Econo Life, Single Pay Life, 10 Pay Life, and 20 Pay Life. Whole life products not only provide a death benefit, which is the primary purpose of the product, but they have cash values that can be accessed for emergencies or for supplementing your retirement income.

Select Whole Life

A dividend paying certificate in which the insured pays premiums for the life of the certificate. Select Whole Life is an excellent product for someone interested in building cash values and an increasing death benefit. It does offer a suspend premium option in which the cash value of the paid up additions is used to pay the premiums. The premium can return in the event the cash value of the paid up additions does not cover the premium. The issue ages for Select Whole Life are 0 through 75.

Econo Life

An indeterminate premium product in which the insured pays premiums for the life of the certificate. It currently does not pay dividends in order to keep premiums as low as possible. It is an economical way to provide a pure death benefit in which the insured is not interested in accumulating large cash values and an increasing death benefit. The issue ages for Econo Life are 0 through 75.

Whole Life Special Rider

This is a rider that can be attached to a parentÍs certificate for individuals that have been born with a birth defect (excluding alcohol and chemical dependency births). The issue ages of this rider are from 0 through 45. It offers continuous level coverage for the entire life of the insured and it is a dividend paying rider that also accumulates cash values.

Single Premium Life

A permanent plan of insurance that is purchased with only one premium. It is a dividend paying certificate and the cash values begin accumulating immediately. The issue ages for Single Premium Life are 0 through 70.

10 Pay Life

A dividend paying whole life product with premiums payable for 10 years. Once the premiums have been paid for 10 years, the insured remains a member for life or until the surrender of the certificate.

20 Pay Life

A dividend paying whole life product with premiums payable for 20 years. Once the premiums have been paid for 20 years, the insured remains a member for life or until the surrender of the certificate.

Simplified Issue Whole Life

A permanent plan of insurance that will be issued with minimum medical requirements. If the six medical questions can be answered "no," the certificate will be issued. Coverage is offered in the amounts of $3,000, $5,000, and $10,000, and the issue ages are 18 through 75.

Guaranteed Issue Whole Life

A whole life, non-participating certificate that any Catholic or the non-Catholic spouse of a member can qualify for regardless of past health. Issue amounts are for $3,000, $5,000, and $10,000 and the issue ages are 45 through 75. It has a graded death benefit which pays 25% if the insured dies in the 1st year, 50% if the insured dies in the 2nd year, 75% is the insured dies in the 3rd year, and 100% if the insured dies in the 4th year and beyond.

Term Life Insurance

Term insurance is a great investment if you need coverage for a specified time. Most forms of term insurance provide you a level amount of coverage for a given period of time. Term rates are generally lower than those for permanent insurance initially, but rates increase at each renewal period.

We have various plans of term insurance to meet your specific needs including: 10 and 20 year level term insurance, executive term insurance, decreasing term insurance, and KJT 4 Life. All of our term insurance plans are convertible to one of our whole life products up until age 70.

10 and 20 Year Level Term

Level term is an annual renewable and convertible term plan of life insurance. The amount of coverage and the premium is designed to stay level for the specified period, but the premium is not guaranteed past the first year. It may be added to a whole life plan of insurance as a rider, or it can be issued as a stand-alone policy. Our level term products can also be offered as a spousal term rider. The issue ages for these plans are from 16 to 70.

Child Term Rider

Our child term rider is an economical way to provide life insurance protection for all of your children if whole life premiums are not in your budget. You can purchase either $5,000 for $30.00 annually, $10,000 for $60.00 annually, or $15,000 for $90.00 annually regardless of how many children you have. One premium covers all of your children for the same amount of coverage. The child term rider can be attached to any of our whole life or term premium paying certificates. Issue ages for this plan are from 0 to 17.

Executive Term

Executive term is an annual renewable and convertible term plan of life insurance. The premiums increase annually according to age. The issue ages for this plan is from 16 to 70.

Decreasing Term

Decreasing term is an annual renewable and convertible term plan of life insurance in which the face amount decreases annually according to the schedule of insurance. The coverage may be selected for 10, 15, 20, 25, or 30 years. It may be added to a whole life plan of insurance as a rider, or it can be issued as a stand-alone policy.

KJT 4 Life

KJT 4 Life provides permanent type level coverage to age 99 without generating cash values or non-forfeiture values. The premiums for KJT 4 Life are more than term, but generally more economical than whole life. The issue ages for this plan are from 18 to 75.

Flexible Premium Deferred Annuities (FPDA)

Flexible Premium Deferred Annuities are accounts set up to allow for periodic deposits and tax-deferred growth. Catholic Union of Texas annuities can be opened by a single deposit, and subsequent deposits may be added thereafter. Our FPDA can also be used to set up a traditional IRA or to rollover qualified retirement plans or IRAs.

Our FPDAs have a 7 year surrender charge (beginning with 7% the first year and decreasing 1% per year until it disappears in the eighth year). After the first anniversary date, the annuitant may withdraw up to 10% of the account balance without incurring the surrender charge, however, IRS penalties may apply for annuitants under age 59 1/2 along with regular income tax on the interest earned.

Note: The Catholic Union of Texas “The KJT” Insurance policies are available only in the State of Texas.

KJT Insurance Services, LLC What Were We Thinking?

When the first thought of creating our wholly owned insurance agency (KJT Insurance Services, LLC) originated, there needed to be an overall goal. I’m not talking about reaching certain sales or monetary goals, but an overall goal of helping our fellow KJT members. The fact is, any agency can write new business and churn old business. We know there are many places our members could go to get insurance but are they getting the right insurance done correctly?

After three months of talking with our members and helping them with their insurance needs, here is what we have found . . .

Auto: As it has always been, we know this line of business is the most volatile. For the most part we have been able to write 50% of the clients we have quoted. No fault of theirs, but the other 50% of the policies we have quoted, we have not been able to acquire due to their policies not being written properly. Some Agents have the ability to play the game with how they rate vehicles and where they rate vehicles. I guess it’s not a problem until it’s time to pay a claim! Playing dumb is a luxury we do not wish to hold. Your protection is our utmost concern, and we will make sure that coverage is there when it’s needed most. Therefore, we
can help . . .
Home: We have found that most people have their homes underinsured. Most people have their homes insured for $50 to $70 per square foot. Did you know that it costs approximately $100 per square foot to build a home? So, when you lose your home to a fire you will only receive 50% to 70% of what you will need to rebuild. Look at it this way – would you sell your home for 50% or 70% of the value?
Medicare Supplement: The bottom line is all Medicare Supplement policies will eventually increase rates. As a consumer you will need to find a good carrier with lower premiums or absorb the cost of your current company’s rate increase. We have seen certain companies rates skyrocket; for the most part we have been able to find more coverage for lower premiums for our clients. If you have questions, we are a phone call away.

If you would like information on any of the above products, or just want to make sure your properly insured, give us a call at the Home Office. We offer a no obligation quote for any of these products.

For additional life insurance information, please contact Joe Landsfeld at (972) 875-5443