Bringing Catholic Values to Life

Why Do I Need Life Insurance?

You face challenges and blessings affecting your financial priorities and needs, but we can help you make informed financial decisions.

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Learn HOW LIFE INSURANCE MIGHT APPLY TO YOU

  • Single
  • Family
  • Empty Nester
  • Business Owner
  • Support Your Community

While many single people don’t think they need life insurance because they have no dependents, there are exceptions. Some single people provide financial support for aging parents or a sibling with special needs. Others may be carrying significant debt that they wouldn’t want to pass on to family members. If you’re young, healthy and have a good family health history, you’ll generally receive better life insurance rates than if you wait until you’re older, when the liability increases.


Many Americans believe they don’t need to think about life insurance until they have children. This is not true. What if you or your spouse died tomorrow? With your income, would you have enough to pay off credit card balances and car loans? How about covering monthly rent and utility bills? If you’re planning to have children, you’ll want to buy life insurance now instead of later.

You’re Married With Kids

Families today depend on two incomes to make ends meet. What would happen if you suddenly died? Could your family continue meet all financial obligations—paying 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 ensure that plans for your family's future don’t die when you do.

You're a Single Parent

You wear many hats. You’re the income provider, caregiver, cook, chauffeur and so much more. Unfortunately, four in 10 single parents have no life insurance, and many with coverage say they need more. With so much responsibility, it's important that sufficient life insurance has been purchased to safeguard your children’s financial future.

You’re a Stay-At-Home Parent

Even though you might not earn a salary, you are an integral part of your family. Childcare, transportation, cleaning, cooking, and other household activities are all important tasks, and the replacement value 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 still have daily living expenses. Would 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 receive an estate-tax payment of up to 45% after you die. Because life insurance proceeds are immediately payable, heirs can take care of incurred taxes, funeral costs and other debts without having to quickly liquidate assets. Life insurance proceeds are also generally income tax-free1 and won’t add to your estate tax liability, if properly structured.


1 Estate 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.


Besides caring for your family, 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 the death of a key employee, key person insurance, payable to the company, provides the owners with the financial flexibility needed to hire a replacement or determine an alternative arrangement. A life insurance policy can be structured to fund a buy-sell agreement. This helps ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. This helps ensure the owners get the business, the family receives the money, and the business continues.


With the Fraternal Legacy Rider, your life insurance death benefits can be used to support the Catholic community. You can make an impact on your local church, diocese or even food pantry by gifting them with up to $250,000 of tax-free benefit! 

When you purchase a Catholic Order of Foresters Life insurance policy with a death benefit of $100,000 or more, you have the opportunity to add the Fraternal Legacy Rider to your policy. This provides an additional five percent death benefit at no additional cost to you! This extraordinary benefit is payable to the recognized Catholic charity of your choice. You can also take advantage of this rider's flexibility by designating multiple charitable beneficiaries; no need to choose just one.  

Read how one Kentucky family impacted a local parish.

For more information, contact your local agent.

Eligible face amount is from $50,000 to $5 million max, depending on product. Amount payable to Charitable Beneficiary shall not exceed $250,000. For charity to receive payment, when policy benefits are payable, designated Catholic charity must be an organization whose principles are consistent with the teachings of the Roman Catholic Church and approved by COF. Must also be exempt from federal taxation under Section 501(c)(3) of the Internal Revenue Code and listed in Section 170(c) of the Internal Code as an authorized recipient of charitable contributions. Other requirements may apply.

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Life Insurance FAQ

Not available in all states and the District of Columbia. Contact your financial representative or the home office for costs and complete coverage details. Contract subject to terms and conditions. The description of benefits is brief and does not constitute, in itself, a contract. This site makes no warranty or representation regarding the accuracy or completeness of the information provided in this site. WLP (2005) 2/2011; SPWLP (2005) 2/2011
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