WITH UNIQUE NEEDS AND PRIORITIES, YOUNG KNIGHTS AND THEIR FAMILIES ALSO NEED PROTECTION By Gerald Korson We don’t like to talk about it, especially when we are young. But death is one of those inevitabilities of life. It can strike at any time. Combine that possibility with debts and family who depend upon us, and we’ve made a strong argument in favor of young people having life insurance coverage. Nevertheless, many young adults simply don’t get it. In a 2015 study by an insurance research firm, only 11 percent of adults between the ages of 18 and 34 said they are very likely to purchase life insurance. Why is that? About two-thirds of millennials indicated they have their hands full simply keeping up with everyday expenses like housing, groceries, utilities, car payments, credit-card bills and student loans that life insurance seems out of reach. Two-thirds also would leave behind debt if they were to die today — saddling their spouses and families with unpaid obligations. But those unpaid debts are a major reason why life insurance is important for young people — young Knights included. And it may be more affordable than you might think. “All else being equal, it is always cheaper, and sometimes substantially less expensive, for a younger person to buy insurance than an older person,” writes Sean Ross, a business and finance writer for Investopedia. “This means the potential benefits of insurance can be just as large and cost much less, or may be much larger and cost about the same. Without other considerations, life insurance for a 22-year-old is a better proposition than life insurance for a 55-year-old.” The most obvious reason for purchasing life insurance, Ross says, is to protect yourself and your family, particularly if you owe significant amounts of money to lenders. “For example, you may have large debt obligations from student loans or a mortgage that you do not want to be passed on to someone else,” he writes. “You might also have a spouse or children who rely on your income, parties who could depend on insurance claims to survive if something unfortunate happened to you.” So already young Knights have three solid reasons for buying life insurance: they have unpaid debt, they wish to protect their survivors from financial burden, and insurance is more affordable than they might realize. But there’s more. As a young Knight of Columbus, you are a proud member of a fraternal organization that was established in large part to protect Catholic families from financial ruin. The founder, Venerable Father Michael J. McGivney, initiated a rudimentary death-benefits system at the Order’s founding in 1882 that soon developed into the largest Catholic life insurance company in the world and one of the largest insurers of any kind in the United States. And because it is Catholic, it stands unflinchingly with the Church and conducts its business in an unapologetically Catholic way, with strict rules on ethics and investments. Knights of Columbus Insurance offers a variety of permanent life insurance products. Most offer premiums that are guaranteed never to increase, and all accrue cash value. They also offer a product specifically with young Knights, 18 through 29 years old, in mind: Young Adult Insurance.* This is an annual, renewable term insurance product that you re- evaluate and renew every year — thereby providing maximize affordability and flexibility. Death is inevitable and may come sooner than you think. Protecting yourself and your family is simply the right thing to do. And you’ve got a Catholic insurance company you can trust. Your local Knights of Columbus field agent can provide the information you need to get started. About the Author Gerald Korson is a veteran Catholic editor and writer. *Eligibility is based on age, medical condition and other factors. The Young Adult Insurance Program is not yet available in California. Spouses, while eligible for insurance through the program, are not able to request a quote online.

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