The Knights of Columbus today 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."
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".
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, 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. ("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.
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