Provider Review: Kansas City Life Insurance

Kansas City Life Insurance has provided life insurance policies for countless people since 1895. It’s located in Kansas City, Missouri and offers term, whole life, universal life insurance, and annuity financial products. The company was founded by Major William Warner, J.H. North, and S. E. Rumble with the goal of providing “the heart of America” with a life insurance company.

Today, Kansas City Life Insurance has more than 2,500 agents that provide coverage to people in 49 states and the District of Columbia. They have more than half a million policyholders in the U.S. The organization was founded with the goal of providing quality life insurance through unbiased and independent methods. The company underwrites its policies, sells them, and provides a range of annuity and life insurance policies to residents.

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Kansas City Life Insurance Ratings

Kansas City Life Insurance has an A- rating from A.M. Best. This means they have an “Excellent” rating when it comes to their financial strength and operational performance, according to A.M. Best.

The most recent rating drop to an A- from an A rating is due to declining balance sheet metrics. This stems from negative operating trends.

You can learn more about Kansas City Life Insurance by visiting their website at KCLife.com.

Read this: How much Life Insurance Do You Need?

What Type of Life Insurance Does Kansas City Life Insurance Offer?

Kansas City Life Insurance offers a wide range of life insurance products, including annuities. Here is a look at some of those.

Term life

The company offers term life insurance policies that have low initial costs. These expire over time and do not gain cash value. However, the company does allow for customization of policies in terms of coverage amounts and periods, to fit client needs.

Return of Premium Life

This type of life insurance policy provides consistent premiums and a guaranteed death benefit. Also notable is that it provides a 100% return on all eligible premiums paid into the policy once it ends.

Universal Life

Kansas City Life Insurance offers a universal life insurance policy that provides clients with a premium and death benefit that’s more flexible with the ability to choose the amount of coverage desired. It also is a tax-advantaged savings component and features a guaranteed minimum interest rate to ensure the building of value over time.

Indexed Universal Life

The Indexed Universal Life policy from Kansas City Life Insurance provides a flexible premium and functions much like universal life insurance. However, in this option, the client is able to allocate their policy’s value into either a Fixed Account or an Indexed Account. Another key benefit is that this creates a floor where the cash value will not fall beneath. This is because this fund does not tie directly into the market.

Variable Universal Life

The variable universal life insurance option from Kansas City Life Insurance provides protections with numerous investment options consumers can choose from that meet their individual needs. This cash-value life insurance has both an investment feature and a death benefit and allows for ample changes over time to fit the policyholder’s needs. It allows clients to stop premiums for a period of time if they need to do so as well.

Whole Life Insurance

The whole life insurance option can help to provide people with a consistent premium and a guaranteed death benefit. This policy also offers guaranteed cash value growth over the life of the policy.

Annuities

Kansas City Life Insurance also offers fixed annuities, which provide a guaranteed minimum rate of interest. The company states it offers a credit rate that is typically higher than the guaranteed rate. The company offers various payout options.

In addition, they offer variable annuities, which are ideal for long-term investments for some people because they provide guaranteed income payments that a person cannot outlive. With this particular form, people can choose from a wide range of investment options to create more flexibility in earnings. Variable annuities offer a higher potential growth than fixed annuities with no up-front costs.

Understanding all of your options in life insurance is not easy to do. To help you, review our Complete Guide to Life Insurance and gain more insight into which type of life insurance may be best suited for your needs.

Kansas City Life Insurance Riders

Some of the life insurance products available offer a range of rider options. One example is their Enhanced Living Benefits Rider. It will allow for prepayment of some of the guaranteed death benefit on applicable policies to help provide financial assistance if a person needs help with at least two activities of daily living or they are confined to living in a nursing home. Though there are restrictions, including not having a long-term care solution, it can offer more benefits to policyholders.

Not all policies offer all riders. When selecting a policy, applicants should consider any rider that is present to ensure they are applicable to their needs.

What Are Their Monthly Premiums Like?

Kansas City Life Insurance does not make it possible to obtain premium information without a formal appointment with an agency representing them. This will allow individuals to receive a more customized explanation of their benefits and the policies that may apply to their needs. It is not possible to obtain an online quote for coverage either.

While consumers report that costs are competitive with other life insurance quotes they receive, this is very much subjective to a person’s:

Location
Type of policy they select
Their health at the time of purchasing the policy
The amount of coverage obtained
Any lifestyle factors that influence risk levels
Their age

Rates vary by location throughout the U.S. Also note that many of the policies offered by Kansas City Life Insurance are customizable. This includes customizations with the following:

The length of the term of the policy, depending on the available options
The coverage amount, with options ranging from $50,000 up
The type of policy, with a wide range of policy options, including those based on investment performance
Optional riders added to the policy to enhance coverage

In general, the monthly premiums charged by Kansas City Life Insurance seem to be competitive or on par with similar policies from other insurance companies. It is important to note that they are noted for offering excellent customer service, with their agents providing in-depth, hands-on support. This is a company policy to offer a higher quality of customer service to clients. This also ensures the quoting process is a bit easier to manage.

Which Optional Riders Does Kansas City Life Insurance Offer?

A number of optional riders or enhancements to policies may be available. These are always customized based on the needs of the individual. Some examples of the available optional riders from Kansas City Life Insurance include the following.

Waiver of Premium is another rider option from Kansas City Life Insurance. It allows for the waving of premium payments in the event that the covered policyholder becomes totally disabled before a certain, specified age.

Accidental Death Benefit is a rider that is available through most life insurance policies from the insurer that will provide coverage in the event of a covered type of accident (paying an additional death benefit on top of the standard one). Most of these riders are limited by age.

Chronic Condition Benefit rider is another option, which applies if a doctor certifies that the covered party has developed a chronic condition that will limit their ability to manage at least two of the activities of daily living or results in severe cognitive impairment for a period of 90 days or more.

The Accidental Death Benefit, Terminal Illness rider is another available option. If a doctor diagnoses the individual with a terminal illness, the policy will pay out the available, accelerated death benefit. Restrictions apply.

What Do Beneficiaries Need to Do to Collect Benefits?

Beneficiaries of any of the Kansas City Life Insurance policies have the right to file a claim after the death of the covered policyholder. This cannot be done by just anyone but the named party on the policy. Though some differences may exist from one policy to the next, most policies from this company require the submission of a death certificate. It will also require proper identification.

The company requires beneficiaries to contact the company or agent directly to file a claim. This should be done with the policy available, if possible. Certified copies of the death certificate are necessary, which can come from the funeral director or the state. The key here is to have more than one copy.

There is then a form to complete, which is provided only by contacting the agency itself. This process cannot be completed online. The form requires verification of the death and then information about how a person wishes to be paid the claim.

The insurance company will verify all of the information and then process the claim. This may take some time to complete. The company does not specify what to expect.

Pros and Cons of Kansas City Life Insurance Company

Kanas City Life Insurance offers a number of policy options to meet the needs of many people, including some doctors. Keep in mind that it does not offer specific policies to address the needs of physicians directly as other providers do, but it does offer a wide range of coverage options that could fit the needs of most doctors.

Pros of Kansas City Life Insurance

The following are some of the benefits of selecting this company for life insurance policies:

Types of policies available: The wide range of policy options available, including options for both those who are willing to take on more risk and those who want little risk are available. Overall, it offers the most policy options in comparable companies and takes it one step further with annuities.
Extensive rider selection: The company’s wide range of available (though optional and at additional costs) riders can help customize a policy to better meet the client’s needs. The riders are not necessarily required or included, but they are available and can be added to most types of life insurance.
Good customer service: Kansas City Life Insurance has a very positive rating when it comes to customer service. According to most reviews from clients, the company is highly connected, and agencies respond quickly to requests but also to inquiries and claims.

Cons of Kansas City Life Insurance

As with all insurance companies and policies, there are a few drawbacks from choosing this organization for your life insurance needs:

Lower rating: The financial rating of A- from A.M. Best is a concern for some people and indicative of falling financial strength. Though this does not mean the policies are at risk, it may mean that some may not earn as much or as quickly. Paying attention to what occurs over the coming months may be helpful. Keep in mind that an A- rating isn’t necessarily bad, though.
Lack of online quoting: It is necessary to contact the company directly to obtain a quote for a policy. There is no available information on pricing or on policy customizations. This is only available by contacting an agent and going through a formal application process.
Decisions take time: The company does not provide an estimate for how long it may take to obtain a decision on coverage, but they do not offer same-day decisions. This means it could take a few days to get the policy online and ready to go.

Is Kansas City Life Insurance Good for Physicians?

Kansas City Life Insurance does not offer a specific life insurance policy designed to meet the unique needs of physicians. Yet, it does offer a wide range of policies that can be customized to meet most needs. Though it does not advertise the coverage limits on their policies or costs, most doctors will find policies from them can meet most of their long-term needs.

The company does work with business owners who want to provide life insurance to their employees. Though limited information is available about policy options and costs until an agent is called, this is an option for those who may wish to provide policies to their team.

It is possible to build wealth using the life insurance policies from Kansas City Life Insurance. Several of the company’s life insurance policies offer wealth-building investments, including some that build cash value quickly. Depending on the risk tolerance for the policyholder, there are some more aggressive options and those that are going to grow wealth over the long term more efficiently.

Should you obtain this coverage?

It can be a very good option for many physicians, but because of the lack of insight into costs and coverage options, it is best to apply and get a quote before diving in to make a decision.

We highly encourage you to also take steps to protect your salary with the use of disability insurance. This is not a coverage option provided by Kansas City Life Insurance, but it does tend to be one of the most important investments for doctors today looking to protect their financial health and that of their families.