Life Insurance in Kansas

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The state of Kansas has the 33nd largest population in the United States, with just under 3 million inhabitants, and is the 15th largest state. According to the American Council of Life Insurers, there are 536 life insurers licensed to do business in Kansas. Of these,10 are domiciled in the state.

If you are a resident in Kansas looking for life insurance, the following companies have headquarters in your state: the Advance Insurance Company of Kansas (AICK) (which is a subsidiary of Blue Cross and Blue Shield of Kansas (BCBSKS)) and the Security Benefit Life Insurance Company.

Data from 2006 indicate that Kansas residents have $210 billion in death benefit coverage. They own 2 million individual life insurance policies, with coverage averaging $86,000 per policyholder. Group life insurance coverage amounts to $70 billion. Individual life insurance coverage purchases totaled $20 billion and $3 billion was paid to Kansas residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments.

Kansas Offices Responsible for Life Insurance

Consumers who need life insurance or other coverage should visit the Insurance Commissioner's website to verify that a company's license is up to date and whether any complaints have been lodged against the company. Should the consumer need to file a complaint, the site provides a online complaint form, along with instructions and advice.

The Kansas Insurance Commissioner also provides information on the practice of "viatical settlements" - the growing business of healthy people selling their life insurance policies. There have been problems in Kansas with unethical companies engaging in this practice. See their Alert on this subject.

If your insurance company has been declared insolvent, you may still be able to get your policies paid by contacting the Kansas Life & Health Insurance Guaranty Association, which was created by a statute in 1972. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Kansas's Chapter 40. (Input 40 into the search box.) These regulations cover every step in the life insurance process from how companies become licensed to how they must conduct their business.

Contacting the Kansas Insurance Commissioner