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Even though Dorothy and Toto had a feeling they weren’t in Kansas anymore, The Wizard of Oz is famously associated with the state. Naturally, the band Kansas hails from there, specifically Topeka. But, when talking about life insurance, all that dust in the wind may contribute to Kansas’ high death rates from influenza and pneumonia. On the other hand, a low rate of Alzheimer’s Disease will allow you to carry on. So don’t you cry no more, this life insurance guide has everything you need.
With 43 percent of Kansas residents reporting they have major health issues, the search for life insurance there can get pricey.
Kansas residents shouldn’t have to stress about their health and their life insurance rates. Let QuoteWizard do the legwork for you. We can connect you with multiple companies that will provide you with competitive rates.
Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out. So the lower your rates.
Life expectancy at birth in Kansas is 78.7 years, slightly lower than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Kansas at age 50, you would be more likely than not to pass away before 80 years of age, the end of the term.
On the other hand, what if you were 30 years old and purchased a 30-year term life policy? You'd be well under Kansas’s life expectancy of 78.7 years old when the policy term ended. And you’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.
Driving Record - Car accidents are incredibly common. They kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.
Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Kansas, the death rate from injury due to firearms is 11.4 per 100,000 deaths, the #26 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.
Gender - Women live longer than men on average. So they pay less for insurance than a similar man would. In Kansas, the percentage of the population that’s female is 50.2%. The percentage that’s male is 49.8%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.
Health History - If you have a serious illness a family history of such illnesses it can impact your insurance rates.
There are certain conditions like heart disease or cancer which can make your premiums much higher. In some cases, a pre-existing condition can make you ineligible. That's why it’s important to get life insurance before something serious happens.
Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance. This is especially relevant in Kansas, where skiing and hunting are common recreational activities.
Marital Status - Married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. In Kansas in 2009, the rate of marriage for people over 15 was 42.9 per 1,000 people. The rate of divorce was 20.8 per 1,000 people. And the rate of widowhood was 11.7 per 1,000 people.
Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job. The most common job in Kansas, proportionally, is an agricultural equipment operator.
Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So tobacco users pay a lot more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD. Any of which may cause higher rates and an earlier death.
As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 20.0% of Kansas adults smoked cigarettes – about 436,000 adults.
Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you'll pay more for insurance than a traveler who sticks to developed countries.
Value of Policy - One of the largest contributing factors to a policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.
Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Obese or seriously overweight people have a lower life expectancy. This means an increased probability of their policy being paid out. Obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers. So overweight and obese individuals can expect to pay higher rates.
As of 2013, the adult obesity rate in Kansas was 30.0%. This makes Kansas the #19 most obese state. Overall, the average obesity rate in the US is 34.9%.
While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.
|Rank||Cause of Death||Total Deaths||Death Rate||State Rank||US Death Rate*|
|3||Lower Respiratory Disease||1,673||50.3||14th||42.1|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|1||Jackson National Life Group||$219,363||9.3%|
|2||Sammons Enterprises Group||$171,976||7.3%|
|3||American International Group||$166,204||7.1%|
|4||Prudential Financial Corp.||$121,151||5.2%|
|5||Voya Financial Inc.||$115,939||4.9%|
|6||TIAA - CREF||$110,969||4.7%|
|7||Allianz Insurance Co.||$107,787||4.6%|
|8||Lincoln National Corp.||$99,696||4.2%|
|9||New York Life Insurance Co.||$99,634||4.2%|
Source: A.M. Best (Ratings as of 8/27/2015)
Insurance in Kansas is governed by the laws defined by Title 27 of the Kansas State Code, as outlined by the Kansas General Assembly.
This legislation is used to regulate claims and provide certain protections to Kansas consumers, for example:
Grace Period: Kansas requires insurance companies to provide a “grace period,” of 30 days to make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment.
No Free Look Period: A “free look period” is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can return the policy for any reason for a full refund. Kansas is one of only a few states that does not require this by state law. That said, many insurance companies still provide a free look period on most insurance policies.
These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Kansas insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.
This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the KLHIGA. Their contact info is below:
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