John) were “engaged in an elaborate conspiracy to artificially inflate the Knights of Columbus’ insurable membership numbers and artificially improve” its ratings by insurance rating companies, thereby making people more likely to buy its life insurance. In the lawsuit, UKnight alleges that the Knights’ senior leadership (namely senior executives Thomas Smith and Matthew St.
#KNIGHTS OF COLUMBUS LIFE INSURANCE UPDATE#
The lawsuit was originally filed in 2017 by UKnight, a Colorado-based IT firm hired by the Knights of Columbus to update communication software for its more than 10,000 local US chapters, referred to as councils. When they couldn’t get them removed, they ended up paying out of pocket, or sometimes dipping into the funds they had raised for charity, five of the men told BuzzFeed News. Unfortunately for the Knights on the ground in local chapters, who are largely uncompensated volunteers, this means they have to cover the cost of the nonexistent members they couldn’t take off the books, the lawsuit alleges. So, as some more members join, and none of the members who leave are recorded, it appears to insurance rating companies that its pool of potential customers is growing. To hide this, the lawsuit claims, it has made it extremely difficult to remove members from its rosters, even if they haven’t paid dues in years. The lawsuit claims that the Knights’ membership is not in fact growing, but shrinking and getting older. The Knights of Columbus can only sell life insurance to its members (or someone who becomes a member within 90 days of applying for insurance) and its members can only be men who are “practical Catholics” (meaning they accept all the teachings of the Catholic Church) and live in the US, Puerto Rico, Guam, or Canada. Knights of Columbus currently has an A+ rating from AM Best. One of the main indicators of that is whether a company’s customer pool is growing, and whether young people who will pay their life insurance claims for a long time are buying policies. The key thing insurance rating companies are looking for is the ability to pay back the claims of policyholders. In order for life insurance companies to be appealing to prospective policy holders and get them to buy its plans, it's beneficial for them to have a top rating from an insurance rating company. The court will begin hearing the case Monday.Īccording to multiple sources and the lawsuit, the alleged scheme went like this: The case is accusing the Knights of Columbus of “fraud, deception, theft, and broken promises,” a 2017 complaint in the US District Court for Colorado reads. Today, however, McAtee is a witness for the plaintiffs in a massive lawsuit that could shake one of America’s most powerful socially conservative groups to its core. They raised money for charity, had Christmas parties for good causes, and fried fish for its friends and family in the local community center. He was also, though he didn't realize it at the time, becoming a pawn in an alleged scheme to inflate membership numbers for a multibillion-dollar life insurance company.īut to him, the Knights were mostly just a group of nice men from his parish in Mobile, Alabama, who wore matching shirts with shield insignias. Kennedy, and it continues to have powerful political allies in 2019. He was joining a formidable club, the largest Catholic fraternal organization in the world with alumni like Babe Ruth and John F. You need JavaScript enabled to view it.Greg McAtee first joined the Knights of Columbus 16 years ago, when he was 55. Agents Contact InformationĮ-mail: This email address is being protected from spambots. Interested in working as an agent, then click here.
#KNIGHTS OF COLUMBUS LIFE INSURANCE PROFESSIONAL#
Today we do this, and help families secure their financial futures, through our top-rated portfolio of life insurance, long term care insurance and annuity products.įor more information on Knights of Columbus Insurance products, click here.Ĭontact the professional Knights of Columbus agent in your area by viewing THIS agent coverage document. Since our founding in 1882, our primary mission has been to protect families against the financial ruin caused by the death of the breadwinner. Knights of Columbus insurance has been "Making a Difference for Life" for more than 120 years. Insurance "For Brother Knights, By Brother Knights, with Brother Knights and their Families in mind!"
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