The Knight of Columbus is a Roman Catholic, family,
fraternal and service organization that is positively distinct from other civic
organizations because of its insurance program for the financial protection of
its members and their family. Subscribing to an insurance policy is however
voluntary and members can select one or more insurance products that suit their
needs and budgets. The most affordable is the group insurance plan whereby a
group of knights pays PHP 500 per member to pool their money for an insurance
coverage of one year. And in case of an untimely death of any member within
that period his beneficiary or his family receives PHP 50,000 as compensation. Ideally,
a brother knight should get an insurance certificate to have himself or his
loved ones the privilege of being financially protected by the organization in
case of unfortunate events.
In the Philippines
the insurance program is undertaken by the Knight of Columbus Fraternal
Association of the Philippines Inc. (KCFAPI), a Mutual Benefit Association that
was founded by the late Rev. Joseph Willmann, the first Philippine District
Deputy of Knights of Columbus. Providing knights with financial protection is in
line with the concept of US Knights of Columbus insurance programs to its
members. The organization was originally founded by Fr. Michael McGivney in
1892 in New Haven, Connecticut USA to help Catholic families who lose income
with the sudden demise of their breadwinner.
KCFAPI is a Mutual Benefit Association of the members of the
Knights of Columbus that was incorporated in 1958. It is registered with the
Securities and Exchange Commission and accredited by the Insurance Commission to
deal with insurance related transactions. It is a non-stock and non-profit
association that exclusively serves the members of Knights of Columbus and their
immediate family. Transactions between the KC Fraternal Association and the
benefit certificate holders and their beneficiaries are done in conformity with
the Philippine Insurance Law.
Benefit Certificate or policy holders of the KCFAPI
automatically become co-owner of the association who can participate in the sharing
of its dividends. In addition they can also avail of loans with an amount based
on the total cash value of their benefit certificate.
The growth in the number of benefit security holders and net
assets is an affirmation of the sound management and financial stability of the
association. On that premise the knight’s investment is in the association is said to be secured. In
1958 the association started with just a capital of PHP32, 000 which was
contributed by 64 member knights. In 2015 this has grown up to PHP 13.36
billion insurance in force, and the association’s total amount of resources is
now worth PHP 4.86 billion. For 2015, maturities paid amounted to PHP 203
million, and death claim paid amounted to PHP 106.7 million. The association
also posted a PHP 70.2 million excess of revenue over expenses before
participation to benefit certificate or insurance policy holders. KCFAPI is the
only mutual benefit association in the Philippines with an ISO Certified
Quality System under the standards of ISO 9001:2008.
A brother knight is guided with the principle of charity,
unity, fraternity and patriotism and with its motto “In service to one, in
service to all” as he carries out his activities in the order. Joining the
order, he serves his church, his community and his country by voluntarily and
selflessly giving his time, effort and material resources without expecting
something in return. He does it because of his devotion and inspiration to
follow Jesus Christ.
