A Guide to Life Insurance in Kansas (KS)

One of the big issues when looking to get Kansas Life Insurance Quotes is which company you should go for, and to try to intelligently compare the different life insurance policies that are on offer in Kansas.

In this article I aim to de-mystify the subject of Kansas Life Insurance and provide a road-map to getting good deals on your life cover that actually make sense for you and your family, and which don’t leave you feeling drained with the amount of effort it takes to get them!

In all honesty, this is one of the big reasons why people don’t end up getting enough life insurance in the first place. Kansas is similar to the rest of the United States in that regard, in that at the same time as competition between the life insurance companies has increased, that the amount of people getting policies is actually lower than at virtually any time in the past.

The raw life insurance statistics don’t lie. About one-third of all households don’t have any life insurance according to the American Council of Life Insurers, and about half don’t have adequate cover that would actually meet their families’ financial responsibilities in the event of their death.

And yet, in survey after survey Americans say that they consider life insurance as essential, and admit it makes sense to get covered.

So it seems a little as though there is quite a big disparity between what people BELIEVE about life insurance, and what they actually DO. Nevertheless, as you are reading this page it seems a fair assumption that the thought has at least crossed your mind to further investigate the possibilities :-) So let's dive in...



First Some Background On Kansas…


Kansas is located slap bang in the middle of the United States and has a population of 2.85 million people according to the 2010 Census. In terms of income the mid-west doesn’t tend to do as well as some of the other regions of the United States, as out of the top 15 States with the highest median incomes in 2009, only Minnesota featured, in 13th place.

Kansas came mid-table (29th) with a median income level of $47,827 per Kansan in 2009 (the highest state is Maryland with $69,272, whilst Mississippi came in bottom with a median income of $36,646).

In terms of the spread of its people Kansas has experienced the same movement from rural communities to cities as most states in the union, and Daniel C Fitzgerald, a Kansas historian, has estimated that there are some 6,000 ghost towns in Kansas alone.

There are however some big urban cities in Kansas that have grown as a result, with Wichita having over 350,000 inhabitants, and Overland Park, Kansas City, Topeka and Olathe all having over 100,000.

The economy of Kansas is substantial and the total GDP of Kansas in 2008 was $122.7 billion.


Let’s Take A Closer Look At Life Insurance in Kansas…


There are 492 life insurance companies in Kansas, and ten that are actually domiciled in the State.

You can download a list of all of them from the Kansas Insurance Departments website here if you feel inclined: (Not strictly neccessary, but its interesting nevertheless that the Kansas Insurance Department offers this facility).

http://www.ksinsurance.org/about/downloadlist.php

Over 9,000 people are employed by the Kansas Life Insurance Companies, and a further 9,000 jobs are estimated to be supported by life insurance in Kansas.

In terms of the number of policies and their value, there are some 2 million individual Kansas life insurance policies, and an average value of $100,000 per policyholder according to the American Council of Life Insurers.

In fact, Kansans have death benefit cover of $250 billion and the Kansas Life Insurance companies have assets that amount to $35 billion invested in the Kansas economy.

Whilst all of these numbers are impressive, what this essentially means for you as a Kansan who is looking for Cheap Kansas Life Insurance Quotes, is that there is now massive competition in the life insurance market in Kansas, and so you have a lot of different insurers who are all actively competing for your business.

It is a good idea then to take advantage of that fact and shop around for the best available deals before committing to a particular policy.

If you scroll up to the top of this page then you can instantly get a selection of the best available Kansas Life Insurance Quotes, and you can quickly compare between them to see which ones work best for your circumstances.

 

Kansas Life Insurance – The Details

The regulatory framework and law that surrounds insurance in the different states is significant, and Kansas is no different.

The set of regulations that define the law as it relates to insurance in Kansas are called The State Insurance Code of Kansas.

You can find a copy of them here:

http://www.ksinsurance.org/legal/regs_list.htm

If you want to see how Kansas Life Insurance Law is defined, then click on ‘Article 2: Life Insurance’ on that page for the full legal glory of Kansas Insurance Law.

 

Kansas Life Insurance Resources

Kansas Insurance Department

The Kansas Insurance Department handles dealing with the details and legal side of insurance in Kansas. This is carried out from the standpoint of both consumers and insurance companies and professionals, so certain parts of their website can be confusing, but it is nevertheless a useful source of information for life insurance Kansas wide.

http://www.ksinsurance.org/

 

Life Insurance – Kansas Guide

There are a nice selection of specific guides to life insurance, life policies and viatical settlements on the website of the Kansas Department of Insurance which you can fine here.

http://www.ksinsurance.org/consumers/life.htm

Kansas Life and Health Insurance Guaranty Association
If you take out a life insurance policy in Kansas, but the insurance company then becomes insolvent, then this organisation is the safety net you will need to assist you.

http://www.kslifega.org/



Kansas Life Insurance Company Ratings

On the Standard and Poor website you can check out the Financial ratings of different institutions, including life insurance companies in Kansas.

This might seem like overkill, but the reality is that life insurance is something that you will be stuck with, possibly for the rest of your life, and so it is important to know that any life insurance you take out in Kansas is actually backed up by a secure company.

http://www.standardandpoors.com/ratings/en/us



 

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