Are you looking to provide a safety net for your family?
Then you may be considering Kansas City Life Insurance for your life insurance needs.
Before you decide if they are the insurer for you, it’s important to find out as much information as you can about competing life insurance companies!
This comprehensive guide will provide you with everything you need to know before you move forward.
From strengths to weaknesses, we’ll share insider information to help you decide if Kansas City Life Insurance is right for your family’s needs.
Quick Guide / Table of Contents:
- Who Is Kansas City Life Insurance?
- Services Provided
- Financial Ratings
- Life Insurance Products
- Underwriting Comparison
- Price Comparisons
- Bottom Line
Who Is Kansas City Life Insurance?
Kansas City Life Insurance originated Kansas City, MO and was chartered as Bankers Life Association on May 1, 1895.
The company was first founded by 3 individuals including Major William Warner (President), Mr. J. H. North (Vice President) and Mr. S.E. Rumble (Secretary).
The company changed its name to Kansas City Life Insurance Company in 1900 and it was then that the company began issuing small life insurance policies. In 1924, the company moved to its current location.
Kansas City Life insurance, a public company with over 500,000 policyholders from coast to coast, operates in 48 states and the District of Columbia. Its agency has more than 2,500 representatives and a staff of over 400 who provide support to both field agents and policyholders.
Kansas City Life Group was chartered on May 1, 1985, as Bankers Life Association and Kansas City Life Group which includes the following companies:
- KC Life Insurance Company
- Old American Insurance Company
- Sunset Life Insurance Company of America, and
- Sunset Financial Services, Inc. (A wholly owned subsidiary of Kansas City Life Insurance Company)
Services Provided
Kansas City Life Insurance provides the following services:
- Individual Life Insurance Products
- Annuity and Group Products Through General Agencies
- Variable Life Insurance and Variable Annuity Options
- Mutual Funds via Sunset Financial Services Inc.
This group also offers a variety of insurance types such as life insurance, dental insurance, and vision insurance and specializes in group term life and voluntary life.
Financial Ratings
Any person who is thinking about buying life insurance needs to confirm the company they buy their policy from is financially sound.
In other words, you have to be comfortable that the insurer will be able to honor any claims your family may make.
A solid rating means that the company has sufficient cash reserves to pay out its policyholders.
In conclusion, financial ratings are given by companies which specialize in analyzing the stability of life insurers for your protection.
Kansas City Life Insurance is very secure financially and holds a respectable ranking.
According to A.M. Best, as of July 2016, the financial rating for Kansas City Life Insurance Company was: –A (Excellent)
There are a total of 13 ratings in use by A.M Best ranging from A++ (Superior) to D (Poor).
A.M. Best states the company’s overall performance is excellent and its future outlook is thought to be stable over the long term.
In summary, Kansas City Life Insurance is an excellent choice and policyholders can rest easy that the future financial prospects of this company are strong.
Life Insurance Products
Kansas City Life Insurance sells quite a variety of products, which includes a nice mix of both Term and Permanent life insurance offerings and riders.
Policies which you can choose through Kansas City Life include:
- Term life
- Universal Life
- Indexed Universal Life
- Variable Universal Life
- Whole Life Insurance
- Annuities
- Return of Premium Rider
Term Life Insurance
What I like about Kansas City Life is that they have a number of choices for term policies which include:
- Choice Term 20: The minimum policy amount is $250,000 and the minimum purchase age is 18. Premiums do not change.
- Level Term Insurance: For terms of 10, 15, 20 and 30 years.
- Level Advantage Term: For terms of 10, 15, 20 and 30 years.
*All term plans come with a conversion option.
An insurance policy in which the insurer is required to renew or update the policy regardless of the insured’s health. An insurance policy with this type of provision allows the insured to switch to a different type of policy without submitting to a physical examination. Investopedia, Conversion Privilege
Universal Life Insurance
Universal life is more flexible than Whole life because you have more options to manage your policy.
Kansas City Universal life provides greater control over premiums and offers adjustable coverage. This enables you to adjust your death benefits and increase or decrease your premiums.
You can also change the frequency of your payments or even stop them altogether for a period of time. Interest rates are also guaranteed to never fall below the rate specified in your policy.
You can also direct your premiums into an indexed account based on the S&P 500 for a 1 year period. You have 2 choices of index accounts and each has a different limit.
Sunset Financial Services Inc provides a variable life insurance product series that is generally available through prospectus only.
Whole Life Insurance
Whole life is a much more conservative form of permanent life insurance. This policy is generally popular for those who are averse to risk.
Premiums are guaranteed for the life of the policy. Death benefits are also guaranteed, but you have no options in regard to changing your premiums or the amount of death benefits.
You simply select the amount of coverage and pay the assessed premium according to schedule.
We at Huntley Wealth strongly advocate that whole life insurance only works for a very small percentage of the population. In most cases, we recommend that clients buy term and invest the rest.
Forty years ago, whole life insurance made a lot of sense as an investment vehicle. Today, it’s as outdated as disco, hula hoops and pet rocks. Tony Steuer, The Case Against Whole Life Policies
Annuities
Kansas Life Insurance offers a variety of annuities. These policies are available through Sunset Financial Services Inc.
An annuity is a long term investment that provides guaranteed income payments for life. There are 2 types of annuities you can choose which include:
- Fixed Annuity – which guarantees a fixed rate of interest and variety of payout options
- Variable Annuity – allows you to choose from a variety of investment and payout options
You can also select beneficiary options so you can determine who will receive funds upon your death.
Return of Premium Rider
A Return of Premium (“ROP“) Rider is available for Term life insurance policies only. ROP options through Kansas City Life Insurance are available for 20 and 30-year terms.
Both provide a full return of premium benefits upon expiry. You can also opt for a non-forfeiture provision which allows you to continue your life insurance coverage without further cash outlay.
Additional Life Insurance Riders
There are other types of life insurance riders available including:
- Income Insured Option
- Terminal Illness Rider
- Waiver of Premium
- Accidental Death Benefit
- Spouse’s or Children’s Rider
Wow! This company really does provide an impressive array of life insurance products.
Kansas City Life Underwriting Comparison
I am going to compare Kansas Life Insurance underwriting guidelines to 2 other random companies. Every life insurer rates individuals differently and some are more lenient than others.
The 2 other companies which we chose include American General Life Insurance and Metlife Insurance.
We are going to look at their guidelines for a “Preferred Plus” Term life policy for a male who is at 5’ 10 “tall. Our rating features will examine the following 5 factors:
- Weight and Build
- Smoking
- Blood Pressure
- Cholesterol Levels
- Family History
Here are the underwriting health guidelines:
Kansas City Life Insurance
Height Weight Build
- A 5’ 10” male cannot weigh more than 192 Pounds
Tobacco Use
- No tobacco for 5 Years.
Maximum Blood Pressure
- No medication
- Age 0-50: Blood pressure no higher than 135/85
- Age 51 Plus: Blood Pressure no higher than 140/90
Maximum Cholesterol Treated
- Cholesterol level maximum: 220 (allows for use of cholesterol-lowering medications)
- Cholesterol/HDL Ratio – Must be < = 5.0
Family History
- No cardiovascular disease, insulin-dependent diabetes, or cancer prior to age 60 in parents or siblings or any other hereditary disease.
American General Life Insurance
Height / Weight Ratio
- A male who is 5’ 10 “tall can weigh between 130 – 205 pounds.
Tobacco Use
- No tobacco use for 5 years
Blood Pressure
- From ages 0 – 60: Blood pressure not greater than 135/85
- From ages 61 Plus: Blood pressure not greater than 140/85
Cholesterol HDL Ratio
- If ratio Less than 5, 215 cholesterol level
- If ratio less than 4.5, 290 cholesterol level
Family History
- There must be no coronary artery disease or cancer prior to age 60 (Parents only)
Met Life Insurance (Elite Plus)
Height Weight Build
- A 5’ 10” Male and no heavier than 188 pounds
Tobacco Use
- No nicotine use for the past 60 months and negative nicotine test.
Blood Pressure
- Ages 40 and Under: 130/80
- Ages 41 – 54: 135/85
- Ages 55 – 69: 140/85
- Ages 70 and Over: 140/90
Cholesterol HDL Ratio
- Ages 54 and Under: 220/4.5
- Ages 55 – 69: 230/4.5
- Ages 70 and Over – 140/90
Family History
- No cardiovascular disease or cancer (some cancers may qualify) in either parent or siblings before age 60.
SUMMARY OF Kansas City Life Underwriting
After analyzing the underwriting guidelines above I have determined that Kansas City life insurance is very lenient in some areas while more conservative in others.
As I mentioned, underwriting requirements vary significantly from company to company.
As a result, you should always consult an independent life insurance agent, such as Huntley Wealth. We can help you go through all the different guidelines to find the best possible policy for your particular circumstances.
How Does Kansas City Life Compare Price-Wise?
The next step is to compare rates. I used Term4Sale.com to generate figures for a 20 Year Term policy for male and female non-smokers with a “Preferred Plus” rating with $250,000 coverage.
Here is a quick snapshot of the premiums you might expect to pay at Kansas City Life Insurance, American General & MetLife:
Kansas City Life Term Insurance Quotes
American General Term Life Insurance Quotes
25 Year Old Female: $11.81 monthly
35 Year Old Female: $13.54 monthly
45 Year Old Female: $25.21 monthly
25 Year Old Male: $13.22 monthly
35 Year Old Male: $14.62 monthly
45 Year Old Male: $31.27 monthly
Met Life Insurance Quotes
35 Year Old Female: $13.64 monthly
45 Year Old Female: $26.01 monthly
25 Year Old Male: $14.09 monthly
35 Year Old Male: $15.44 monthly
45 Year Old Male: $32.09
Kansas City Life Insurance Premium Analysis
Whoops! It looks like Kansas City Life Insurance premiums are a bit pricier compared to other life insurers.
I don’t want to mislead you, their premiums are competitive and definitely cheaper than many other life insurers, but they are bit higher than the top 10 most affordable companies.
The Bottom Line
Based on the availability of products, underwriting criteria and premium costs, Kansas City life insurance in an excellent life insurer.
Not only does it have an excellent range of life insurance products and riders, but their underwriting guidelines are relatively competitive for a variety of health issues.
Unfortunately, their premiums are slightly more expensive, but they are in no way overpriced.
In conclusion, you may be able to find more affordable premiums if you work with an independent agent such as Huntley Wealth, but overall Kansas City Life Insurance is a solid company.
Contact Us At Huntley Wealth
Let us help you sift through all the options available to you.
If you are looking for low-cost term or permanent insurance call the independent agents here at Huntley Wealth today! We have access to dozens of life insurers and will work diligently to get you the best deal for your circumstances.
We don’t work for the insurance companies, so our agents will only promote the best possible product.
Do you have a pre-existing medical condition? If so, we can help!
Huntley Wealth specializes in high-risk life insurance. From bad hearts to missing parts, we’ve got you covered.
Call Huntley Wealth right now at 888-603-2876. We can help!
*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.
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