Pros Explained

  • Excellent financial strength rating: Kansas City Life holds a strong financial strength rating from one of the top industry rating agencies: AM Best.
  • Convertible term life policies to permanent coverage: You have the option to convert term life policies to permanent coverage if your life insurance needs change in the future.
  • Multiple life insurance policies: Kansas City Life has 11 different universal life policies to choose from, based on your goals and needs.
  • Flexible premium payment options: Kansas City Life offers flexible premium payment schedules. You can choose to pay your plans monthly, quarterly, semi-annually, or annually.
  • Available in 49 states and the District of Columbia: Although not all plans are available everywhere, Kansas City Life provides life insurance coverage in 49 states and the District of Columbia. 

Cons Explained

  • Online quotes are not available: Kansas City Life doesn’t have online quotes for its insurance policies. To get a quote, you must contact an insurance agent.

Available Plans

Kansas City Life has multiple coverage options to provide your loved ones with protection when you pass away. You can also grow wealth with flexible insurance policies that let you leverage market opportunities. 

Kansas City Life has 11 life insurance plans to choose from:

Term Life

Term life insurance allows you to choose the period you need protection. Term life provides coverage for a specific time, typically 10 and 30 years. With this policy, you pay premiums for the chosen coverage period, and your beneficiaries receive benefits if you die within the term. 

Kansas City Life has two term life insurance policies:

  • Signature Term Life: Signature Term Life is a cost-effective policy you can purchase to protect your family’s financial future for 10,15, 20, 25, or even 30 years. The minimum amount of coverage per protection is $100,000. You also have the option to convert your plan to permanent life regardless of your health condition at the time of conversion. 
  • Choice Advantage Term Life: Choice Advantage Term Life is an affordable insurance policy that offers guaranteed level premium rates for 10, 15, 20, 25, or 30 years. The policy provides a level death benefit of $250,000, plus an option to convert your term policy to a permanent life policy.

Whole Life

Whole life insurance gives you lifespan coverage and accumulates cash value on a tax-deferred basis. You can take a loan from your policy’s cash value, which allows you to maximize your cash needs when unexpected financial needs arise. However, the loan balance will reduce your beneficiaries’ death benefit.

Kansas City Life has three whole life insurance policies:

  • Gift of Life Whole Life: The Gift of Life policy allows you to protect your children from as young as 15 days old. There’s an automatic coverage increase at the age of 25, without the need for a medical exam. The policy offers $15,000 to $30,000 coverage, plus a waiver of premium in the event of future disability.
  • Value Assured Whole Life: Value Assured Whole Life guarantees you death benefits, as long as you pay the basic premium. The policy also builds a tax-deferred cash value, which you can access through a policy loan when unanticipated financial needs arise. With Value Assured, your premiums will remain the same over the life of the policy.  
  • Value Certain 20 Whole Life: If you’re not sure about paying premiums for a lifetime, this policy may be a perfect fit. With Value Certain 20, you’ll only need to pay for premiums for 20 years; plus, your cash value will continue to grow after the payment period. The policy guarantees coverage that lasts the rest of your life.

Universal Life

Universal life insurance offers more flexibility than whole life insurance because you can adjust your premiums to accommodate your cash flow needs. You can increase or decrease the premiums’ amount at any time without having to buy a new policy. In addition to death benefits, you can grow your cash value on a tax-deferred basis, which you can tap into in case of an emergency.  

Kansas City Life offers one basic universal life policy:

  • Premier Protection Universal Life: This plan combines insurance protection with an accumulated value that earns a minimum of 2% interest rate. With Premier Protection, you can increase or decrease the amount of your coverage as you wish. You can also decide how often you want to pay premiums. 

Indexed Universal Life

With indexed universal life insurance, you can make changes to your premiums and death benefits. This policy accumulates cash value that you can allocate to either an indexed account or fixed account. If you want permanent life coverage, but also want to capitalize on cash accrual through an equity index, indexed universal life insurance may be a good fit.

Kansas City Life has two indexed universal life options:

  • Compass Elite Universal Life: This policy combines death benefit protection and its ability to generate cash value faster than most traditional universal life policies. With Compass Elite, you have the potential to grow your cash value without the market risk that comes from investing in the stock market. You can also modify death benefit coverage, amount, and the frequency of the premium payments.
  • EquiFlex Indexed Universal Life: EquiFlex Indexed universal Life guarantees death benefits protection and faster cash accumulation than conventional life insurance policies. Your policy can also earn an indexed credit with a minimum of 1% interest rate guarantee on a fixed account. 

Variable Universal Life

Variable life insurance is a kind of permanent life insurance policy that offers flexibility in premium payments and death benefit coverage. The policy also has a savings component that can accumulate cash value, which can be invested. Kansas City Life has one variable universal life policy:

  • Accumulator Variable Universal Life: Beyond permanent death benefits protection, flexible premiums, and coverage that Accumulator Variable offers, there are various investment options, offering you the chance to grow your rate of return. Gains to the contract value are tax-deferred until withdrawn.

Return of Premium Life

Return of premium (ROP) gives you many options you won’t find with traditional term life insurance policies. With ROP, you can provide your family with solid life insurance protection, guaranteed death benefit, and get a refund of all premiums paid at the end of the policy if you outlive the coverage.

Kansas City Life has two ROP insurance options:

  • Cashback Life 20: This policy gives you the flexibility to pay premiums for 20 years and get guaranteed death benefits and return of premiums if you outlive your policy. You also have the option to convert Cashback Life 20 to a permanent life insurance policy.
  • Cashback Life 30: With Cashback Life 30, you only need to pay premiums for 30 years and give your family the life insurance protection they need. You’ll also get a refund of all the premiums paid if you’re still alive at the end of the policy.

Available Riders

Insurance endorsements, better known as riders, offer supplemental coverage to a life insurance policy. When purchasing life insurance, you can customize your policy with riders and tailor your coverage to meet your needs. 

Riders usually have an extra cost and aren’t available in every state.

Kansas City Life has a comprehensive list of riders that you can use to customize your life insurance policies:

Accidental Death Benefit

This rider pays an additional death benefit in case of accidental death. If you purchase this rider, Kansas City Life will pay an accelerated death benefit, which may vary depending on your policy.

Terminal Illness Rider

Terminal illness rider protects you and your family if you’re diagnosed with an illness that you likely have a life expectancy of 12 months or less. 

Living Benefits Rider

This rider offers additional protection and supplemental benefits while you’re still living. You can use a portion of your death benefits if you’re diagnosed with a terminal illness.

Income Assured Option

Income assured option rider allows you to choose how death benefits will be paid out once you pass away.

Children’s Term Insurance

Children’s term insurance rider enables you to purchase insurance protection under your policy for your eligible children.

Spouse’s Term Insurance

This rider allows you to purchase term life insurance protection for your spouse. 

Waiver of Premium

With a waiver of premium rider, you can waive premium payments if you become critically ill or disabled. 

Disability Payment of Premium

The disability of payment premium (DPP) provides the payment of DPP benefit when you become totally disabled. 

Assured Insurability

This rider allows you to purchase additional coverage for your policy at any time without evidence of insurability. 

Chronic Condition Benefit

The chronic condition rider pays an accelerated death benefit in the event of a chronic illness that may hinder you from performing “two of the six activities of daily living—eating, bathing, dressing, toileting, continence, and transferring.”

Cost of Living

Cost of living rider provides an automatic increase in the specified premium amount without the need for evidence of insurability.

Disability Continuance of Insurance

The rider continues the coverage by waiving monthly premiums and other expense charges if you become totally disabled. 

Additional Term Coverage

This rider provides yearly renewable term coverage on the insured. However, the policy must start when the policy is issued and does not expire.

Monthly Benefit Rider

The monthly benefit rider pays a monthly benefit to the named beneficiary after the death of the policyholder. This rider is typically designed to replace a family’s lost income after the death of the insured.

Overloan Protection Rider

Overloan protection rider helps prevent your life insurance policy from lapsing due to overloaning, which causes a taxable event.

Customer Service

Kansas City Life has several options to get help with your life insurance policies. For policy questions, claims, changes, and general information, you can call Kansas City Life’s customer service at 800-821-6164. You can also send an email using the company’s contact form.

Although Kansas City Life doesn’t have an online chat feature, you can speak to a live operator during business hours Monday through Friday from 8 a.m. to 4:15 p.m. CST. You can also find the nearest insurance agent online for more help.

Complaint Index

The National Association of Insurance Commissioners (NAIC) has a primary focus on insurance companies. It collects complaints consumers submit each year and releases companies’ complaint index. The index reflects companies performance relative to its market share.

According to NAIC, the expected complaint index is usually 1.0. A complaint index above 1.0 means more than expected complaints, while scores below 1.0 mean fewer than expected complaints. 

Kansas City Life has historically performed well according to the NAIC complaint index. The company had a complaint ratio of 0.16 with only one complaint in 2020, which is way better than average.


Note

Since 2018, Kansas City Life’s complaint ratio has been below 1.0, which is above the average performance.

Third-Party Ratings

AM Best is a global rating agency with a focus on insurance companies. It evaluates insurers’ Financial Strength Ratings (FSR) and their ability to meet policy and contract obligations. A higher AM Best rating shows that the company is likely to stay in business and pay out claims. 

AM Best awarded Kansas City Life an FSR rating of A (Excellent), which categorizes the company’s financial stability as strong. 

Cancellation Policy

To cancel your life insurance policy, you’ll need to contact Kansas City Life at 800-821-6164 or find the nearest insurance agent. 

Price

The price of life insurance policies depends on a number of factors:

  • Age
  • Overall health
  • Underlying health conditions
  • Location
  • Driving record
  • Poor health habits like smoking and excessive drinking
  • Engaging in dangerous hobbies, such as skydiving, skiing, rock climbing

Please note that Kansas City Life and other insurance carriers may not have updated their underwriting policies to address the LGBTQ community. This does not exclude you from getting coverage, but note that that life insurance companies base policy prices on birth biology unless otherwise stated.

Kansas City Life doesn’t have online quotes, but you can find the company’s insurance agent near you and talk about your budget and coverage needs. These professionals will give a quote depending on the policy you choose.

Competition

Before purchasing a life insurance policy, it’s prudent to compare quotes from different insurance companies in order to find a plan that best fits your needs at the best price.

Though Kansas City Life offers multiple policies and is available in 49 states, Transamerica Insurance Life is a top competitor. These two insurers boast of an A (Excellent) rating from AM Best, but Transamerica may be a better choice over Kansas City Life. 

Transamerica ranked the ninth-largest life insurance company in the U.S. with a market share of 2.9%. Unlike Kansas City Life which requires you to buy policies through agents, you can get online quotes and coverage for some policies without having to take a medical exam with Transamerica.

Here’s how Kansas City Life and Transamerica compare.

  Kansas City Life Insurance Company Transamerica Life Insurance
Market Share Not applicable Ninth-largest in the U.S., 2.9%
Number of Plans  11 
Wellness Program Discounts/Quit Smoking Incentives  Not applicable  Not applicable 
Service Method  Agents  Agents 
AM Best Rating  A (Excellent)  A (Excellent) 
Complaints Trend  0.16 (Better than average)  1.31 (Worse than average)


Final Verdict

If you’re looking for flexibility and versatility, a life insurance policy from Kansas City Life can be a perfect fit. With multiple policies, flexible payment options, riders, and availability in 49 states, you can be sure to find a policy that best fits your needs. Kansas City Life also has a strong reputation and has an A rating from AM Best, so you can rest assured your policy will be honored.

Methodology

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. National Association of Insurance Consumers. “Complaint Index.” Accessed on May 17, 2021. 

  2. National Association of Insurance Commissioners. “Life Insurance Considerations for All Life Situations.” Accessed on May 17, 2021.