Fraternal Benefit Update
The Newborn Infant Benefit has been increased to $5,000. Previously an amount of $2,000, other aspects of the benefit have changed as well.
Catholic Order of Foresters (COF) shall pay a Newborn Infant Death Benefit in the amount of $5,000 to the parent(s) of a deceased child dying after May 31, 2018. Additionally, one of the following must be met:
- If the parents of a newborn child are married, they must suffer the loss of a child within 90 days of the birth of said child, and both parents of said child must own or be insured by a COF policy (excluding supplemental contracts, annuity and/or accidental death benefit policy).
- If the parents of a newborn child are not married, they must suffer the loss of a child within 90 days of the birth of said child, and one of the parents of said child must own or be insured by a COF policy (excluding supplemental contracts, annuity and/or accidental death benefit policy).
Payment will be made to the individual(s) in loco parentis of the child.
The Nursing Home Benefit has been changed. Current annuities in the Advantage Series Annuities offered by Catholic Order of Foresters include it as a policy benefit. Therefore, it is no longer needed as a fraternal benefit.
Annuities of earlier years are surrender-free (they are beyond the withdrawal charge period). As a result, the High Court rescinded the resolutions allowing for the waiving of annuity withdrawal charges when the annuitant is confined to a nursing home. An exception to the cancellation will be for an Optimizer Series Annuity still under a withdrawal charge period where it will be allowed to use the nursing home waiver for the remainder of the withdrawal period.
These changes to both of these benefits are effective June 1, 2018.