It is one of the largest Roman Catholic not-for-profit financial services organizations in the United States, second only to the Knights of Columbus.

Fraternal benefits societies are nonprofit membership organizations that designate a portion of their income for charity.

In 2014 Catholic Financial Life posted a 50% increase in net income due to lower claims, an investment gain and other factors.

A chapel contains hand-carved statues depicting patron saints of the ethnic groups who have played major roles in the fraternal benefits society.

[2] On June 15, 2015, the Milwaukee Journal Sentinel recognized CFL as one of 150 Top Workplaces for 2015, based solely upon employee surveys.

As the oldest Catholic fraternal benefit society, CFLI would become the first to insure women and children, and first to provide Masses for living and deceased members.

At the time of merger with Catholic Knights, CFLI, with headquarters in the northern Milwaukee suburb of Shorewood, had a total of 45,000 members in 78 chapters located primarily in the upper Midwest and New England.

The Catholic Knights of America was a fraternal life-insurance company chartered under the laws of the State of Kentucky, U.S.

[6] A female auxiliary was established in 1895, which had its own sessions and met jointly with the male branches on "occasions of a social nature."

When the national organization rejected a call to create regional rates, the Order of the Catholic Knights of Wisconsin was founded on January 21, 1885, to concentrate on insurance activities.

[3] In early 2017, Catholic Financial acquired Degree of Honor Protective Association out of St. Paul, Minnesota.