Income Armor Disability Insurance for Knights Members
Author: Knights of Columbus
Published: 2011/04/07 - Updated: 2026/02/04
Publication Type: Announcement
Category Topic: Insurance - Related Publications
Page Content: Synopsis - Introduction - Main - Insights, Updates
Synopsis: This product announcement details Income Armor, a disability income insurance policy jointly developed by Knights of Columbus, Disability Management Services, and Munich Re specifically for Knights of Columbus members and their spouses in the United States and Canada. The information is authoritative because it comes directly from three established organizations in the insurance and fraternal benefits sector, including Munich Re, the nation's leading disability reinsurer with A+ ratings from major financial rating agencies. This coverage addresses a critical gap, given that over two-thirds of Americans lack adequate disability protection, making it particularly valuable for working families who depend on regular income to maintain financial stability. The policy's customizable structure with optional riders allows members to tailor protection according to their individual circumstances and budget constraints, which can be especially important for people with disabilities or chronic conditions who may face higher risks of work interruption - Disabled World (DW).
- Definition: Knights of Columbus
The Knights of Columbus is a Catholic fraternal organization founded in 1882 by Father Michael J. McGivney in New Haven, Connecticut. Originally established to provide financial support to the families of deceased members and to strengthen the faith of Catholic men during a time of anti-Catholic sentiment in America, it has grown into one of the world's largest Catholic lay organizations with nearly two million members across the globe. The Knights operate through local councils that engage in charitable work, community service, and fundraising while promoting Catholic values and supporting their parishes. Members are known for their distinctive regalia at ceremonial functions and their visible presence at Catholic events, and the organization has become a major force in Catholic philanthropy, donating hundreds of millions of dollars annually to charitable causes while also providing life insurance and financial services to its members and their families.
Introduction
Knights of Columbus Delivers Vital Income Protection to Members with the Addition of Income Armor, a New Individual Disability Income Insurance Product
The Knights of Columbus have announced the introduction of a new income protection product, "Income Armor", that is now available to members and their wives in the United States and Canada. The product is an easy to understand, low-cost, high-value disability income insurance policy designed by the Knights of Columbus in collaboration with Disability Management Services, Inc. ("DMS") and Munich Re to provide fundamental income protection in the event a policyholder is unable to work because of a sickness or injury.
The ability to earn a living represents the single most significant financial resource of most working consumers. As workers are taking on increasing responsibility for retirement savings while also extending their working careers, protecting their earning power has never been more important. Thomas P. Smith Jr., Executive Vice President of Agencies and Marketing for the Knights of Columbus, stated that "with Income Armor, we are shielding our members and their wives from the economic pressures caused by disabilities."
Main Content
Income Armor Individual Disability Income Insurance
Income Armor combines comprehensive disability income protection with a menu of optional riders which enable policyholders to personalize coverage to fit their specific needs and budgets. Stephen Miller, Vice President of DMS, commented that:
"Income Armor is the byproduct of a synergistic approach to meeting an extremely important consumer need, combining the insights of the Knights of Columbus as to the needs of their members and agents with the disability insurance expertise of DMS and Munich Re".
Michael G. DeKoning, President & CEO at Munich Re remarked that:
"Over two-thirds of Americans do not have adequate disability coverage and Munich Re, as the nation's leading disability re-insurer, is committed to reducing this gap with products that make sense for consumers, producers and insurers".
Knights of Columbus
The Knights of Columbus ("The Order"), headquartered in New Haven, Connecticut, is a fraternal benefit society that has been protecting the financial security and stability of Catholic families since 1882. Each year, its members contribute some 70 million hours and more than $150 million to charitable causes worldwide. Over the years, The Order has grown from a few dozen members in a single council to more than 1.8 million members in 14,000 councils in a dozen countries on three continents. The Knights of Columbus has a rating of A++ (Superior) from A.M. Best and a rating of AAA (Extremely Strong) from Standard and Poor's.
Munich Re
Munich Re, through its US subsidiary, Munich American Reinsurance Company, is the premier re-insurer of disability income insurance in the United States, providing individual, multi-life, and group reinsurance since 1992 for both non-cancelable and guaranteed renewable products. Munich Re offers the global strength and experience of one of the world's largest reinsurance companies. Munich Re has a rating of A+ (Superior) from A.M. Best, AA- (Very Strong) from Standard & Poor's, and Aa3 (Excellent) from Moody's. With over $320 Billion in assets, $31Billion in surplus and $55 Billion in premium income (FYE 2009), the group has the financial strength to back up any customized solution.
Disability Management Services, Inc.
Disability Management Services, Inc. ("DMS") is a privately held third-party administrator and consulting firm specializing in the design and administration of disability insurance programs. Headquartered in Springfield, Massachusetts, DMS has maintained its focus as a specialized provider of comprehensive disability outsourcing solutions since 1995, including underwriting, actuarial, policy administration and claims management services enabled by proprietary systems technology.
Insights, Analysis, and Developments
Editorial Note: The launch of Income Armor represents a strategic response to an often-overlooked vulnerability in household financial planning. While many workers diligently save for retirement and maintain health insurance, the threat of income loss from disability remains underinsured across American households. For Knights of Columbus members, this product fills that void with institutional backing from organizations holding some of the highest financial strength ratings in the insurance industry. The collaboration between a century-old fraternal society and specialized disability insurance experts resulted in a product that prioritizes accessibility and affordability - two factors that historically have kept disability coverage out of reach for middle-income workers who arguably need it most. As work careers extend and traditional pension security diminishes, protecting earning capacity has shifted from optional to essential financial planning - Disabled World (DW).Attribution/Source(s): This quality-reviewed publication was selected for publishing by the editors of Disabled World (DW) due to its relevance to the disability community. Originally authored by Knights of Columbus and published on 2011/04/07, this content may have been edited for style, clarity, or brevity.