Best Life Insurance Companies in Kansas City, MO, for 2024


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ByMark Fitzpatrick
Reviewed byKatherine Kurtz
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ByMark Fitzpatrick
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Reviewed byKatherine Kurtz
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Updated: May 22, 2024

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By purchasing a life insurance policy, you protect your beneficiaries financially in the event of your death. With so many life insurance companies in Kansas City, Missouri, comparing quotes and providers is the most effective approach to discovering coverage that fits your needs and way of life.

MoneyGeek's study of each provider's average rates based on different ages, genders and smoking histories reveals the best life insurance companies in Kansas City.

MoneyGeek Logo IconBestLife InsuranceKansas City, MO
2024

Best Life Insurance Companies in Kansas City, MO, for 2023

Best Cheap Life Insurance in Kansas City

The best life insurance in Kansas City depends on your gender and level of coverage. MassMutual is the best for men for a policy with $250K in coverage, with policies costing an average of $11 per month. For women looking for a comparative policy, Nationwide is the better option, costing $9 per month.

A policy with $250K in coverage may be more affordable but may not provide ample protection. MoneyGeek recommends following the state’s average recommended amount of coverage, which is $625K in Missouri. This is based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors.

The best insurers in Kansas City following the state’s recommended amount of $625K are Nationwide for men ($17 per month) and Mutual of Omaha for women ($14 per month).

Cheapest Life Insurance Companies for Males and Females in Kansas City
Cheapest For
$250K Coverage
$625K Coverage (Recommended)

Male

MassMutual

Nationwide

Female

MassMutual

Nationwide

Life Insurance Costs in Kansas City for Men and Women

Life insurance costs are heavily influenced by gender. Case in point, women in Kansas City pay 1% more than the rest of Missouri, while men pay 6% more in this city than the state average.

On average, women in Kansas City pay $16 per month for $250K of coverage, while men pay $20. However, rates can also change if you use the state's suggested policy amount, calculated using data from the U.S. Bureau of Economics, average mortgage debt, average personal debt, and average age.

Based on Kansas City's suggested coverage amount of $625K, insurance for women costs an average of $32 per month, while policies for men cost $38 per month.

On the other hand, term life insurance can also affect your rates. In Kansas City, a 10-year term policy costs $21 per month for women and $25 per month for men, regardless of coverage level.

Average Monthly Life Insurance Rates in Kansas City: Men
NationwideRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $17
MassMutualRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $17
Mutual of OmahaRates for $250K Coverage$12Rates for $926K Coverage (Recommended) $18
TransamericaRates for $250K Coverage$16Rates for $926K Coverage (Recommended) $31
State FarmRates for $250K Coverage$20Rates for $926K Coverage (Recommended) $35
Average Monthly Life Insurance Rates in Kansas City: Women
Mutual of OmahaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $14
MassMutualRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $14
NationwideRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $15
TransamericaRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $26
State FarmRates for $250K Coverage$20Rates for $926K Coverage (Recommended) $31

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Kansas City using average buyer profile statistics, including the average age of 30, the average weight of 202 pounds for males and 160 pounds for females, and an average coverage need of $661,000.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The cost of life insurance is greatly influenced by a person's gender — for a reason. Women have a longer life expectancy than men, so they pay lower life insurance premiums. Men are statistically more likely to participate in risky activities, work in harmful jobs and suffer from heart disease. As a result, insurance companies charge men higher premiums.

However, studies suggest that men are more likely than women to get life insurance. Women are vital components of their family dynamics, whether they are breadwinners or primary caregivers, which underscores why they should buy life insurance.

Most Popular Life Insurance Companies in Missouri

In Missouri, Northwestern Mutual (11%), State Farm (6%) and Lincoln Financial (5%) have the highest market shares. Together, Missouri's top seven life insurance providers make up 37% of the national market.

The following table lists the top seven life insurance companies in Missouri and their market share.

Most Popular Life Insurance Companies in Missouri
Northwestern MutualMarket Share11%
State FarmMarket Share6%
Lincoln FinancialMarket Share5%
PrudentialMarket Share5%
New York LifeMarket Share4%
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MONEYGEEK DICTIONARY

A company's market share is determined by its sales ratio compared to its competitors, which indicates how strong a company is in the market. A high market share in the life insurance industry indicates that a company has sold more policies than its competitors.

In calculating its market share, MoneyGeek used the total premiums written by each company in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Kansas City

Life insurance premiums for young individuals in Kansas City can range from $14 to $23 per month. According to MoneyGeek’s analysis, the two most affordable and best insurance companies for young people in Kansas are:

  • Transamerica: $14 per month
  • Mutual of Omaha: $16 per month

Other affordable providers for younger folks looking for life insurance in Kansas City are listed below.

Best Life Insurance Companies for Young People in Kansas City, MO
TransamericaMonthly Cost$14
Mutual of OmahaMonthly Cost$16
MassMutualMonthly Cost$16
AAAMonthly Cost$18
PrudentialMonthly Cost$19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Missouri who is 5 feet 10 inches, 170 pounds and purchases a 20-year term contract at the average coverage need of $260,000. We chose a 20-year term to provide a more extended coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

In Kansas City, adults aged 25 and younger spend less for life insurance. However, policy costs climb as people age and are more likely to get certain illnesses. In this sense, buying life insurance when you're young is one of the most cost-effective strategies. The younger and healthier you are, the lower your life insurance premiums will be.

Cheapest Life Insurance for Seniors in Kansas City

The cost of life insurance in Kansas City ranges from $41 to $85 per month for seniors. For Kansas City seniors seeking the most affordable policies, these are the best companies:

  • MassMutual: $41 per month
  • Mutual of Omaha: $46 per month

Find out more about the best and cheapest insurance companies for seniors in Kansas City in the table below.

Best Life Insurance Companies for Seniors in Kansas City, MO
MassMutualMonthly Cost$41
Mutual of OmahaMonthly Cost$46
NationwideMonthly Cost$47
State FarmMonthly Cost$55
Progressive LifeMonthly Cost$74

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Missouri who is 5 feet 10 inches and 200 pounds that purchases a 10-year term contract at the average coverage need of $77,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay greater rates because their life insurance policy is more likely to outlast them as they age. However, because a senior's beneficiaries are more likely to be financially self-sufficient, they do not require as much coverage. Instead, their life insurance policies will typically cover funeral costs, estate taxes, and other related costs. As a result, MoneyGeek's sample senior policy coverage is $100,000.

Cheapest Life Insurance for Smokers in Kansas City

Smokers in Kansas City should expect to pay a lot for life insurance, ranging from $114 to $222.

Kansas City smokers can still find good, affordable insurance. MoneyGeek analyzed life insurance companies in Kansas City, MO, and identified the following as the best life insurance companies for smokers:

  • MassMutual: $114 per month
  • State Farm: $115 per month

Check out the other life insurance providers in Kansas City that are best for smokers below.

Best Life Insurance Companies for Smokers in Kansas City, MO
MassMutualMonthly Cost$114
State FarmMonthly Cost$115
NationwideMonthly Cost$117
Mutual of OmahaMonthly Cost$123
TransamericaMonthly Cost$127

Rates were determined by analyzing quotes for a 31-year-old male smoker in Missouri who is 5 feet 10 inches and 200 pounds that purchases a 20-year term contract at the average coverage need of $625,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Since smoking has long-term health consequences, insurers identify smokers as high-risk individuals and charge them higher premiums. Despite this, low-cost life insurance for smokers exists — it’s just a matter of comparing quotes and providers. MoneyGeek also recommends purchasing a policy for at least 20 years because smoking raises your insurance premiums as you age.

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Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.


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