Updated: May 22, 2024
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Life insurance provides financial support to your beneficiaries if you pass away. With the number of life insurance companies in Overland Park, shopping around and comparing rates can help you find the best policy for your needs.
MoneyGeek’s evaluation of the best life insurance companies in Overland Park based on buyer age, gender and lifestyle can help you select the ideal lender for you and your dependents.
BestLife InsuranceOverland ParkBest Life Insurance Companies in Overland Park, KS, for 2023
Your gender and your policy’s coverage impact the cost of your life insurance. For a policy with a coverage limit of $250K, MassMutual is the most affordable life insurance provider for men and women in Overland Park. Men pay an average of $14 per month, while women pay $12 per month for policies from this insurer.
A policy with a $250K coverage limit is inexpensive, but it may not provide enough coverage for your beneficiaries. A good life insurance benchmark is the state’s recommended coverage amount, which takes into account state-specific factors like average income, average personal debt and average age. In Kansas, the state’s recommended coverage amount is $661K.
For the recommended coverage amount of $661K in Kansas, MassMutual offers the cheapest life insurance for men at $23 per month, while Nationwide offers the cheapest policy for women at $17 per month.
Cheapest For | $250K Coverage | $661K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
Men in Overland Park pay 37% more than the average cost of life insurance in Kansa. Meanwhile, women in the city pay 23% more than the state average.
It’s evident that gender impacts the cost of life insurance. In Overland Park, men pay approximately $25 per month for a policy with a coverage limit of $250K, while women only pay $20 per month for the same policy.
Rates also change when you select a policy with the state’s recommended coverage amount, in this case $661K. On average, men in Overland Park pay $23 per month, while women pay $17 per month for the recommended coverage amount in Kansas. This amount is based on per capita income from the U.S. Bureau of Economic Analysis, age, average personal debt and average mortgage debt.
Furthermore, the length of your policy will affect the cost of your life insurance. For a 10-year term policy, regardless of coverage amount, men and women in Overland Park pay $34 per month and $26 per month, respectively.
| Nationwide | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $23 |
| MassMutual | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $23 |
| Mutual of Omaha | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $24 |
| Transamerica | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $37 |
| State Farm | Rates for $250K Coverage$25 | Rates for $926K Coverage (Recommended) $46 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $18 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $32 |
| State Farm | Rates for $250K Coverage$24 | Rates for $926K Coverage (Recommended) $38 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Overland Park 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.
Your gender is crucial in determining the cost of your life insurance. Women usually pay less than men because they have a longer average life expectancy. According to a study, men die earlier than women because they pursue riskier jobs, avoid seeking medical help and are less socially connected throughout their lifetime.
Studies show that men are more likely than women to purchase life insurance. Regardless of working status, women are significant contributors to their households and could safeguard the financial future of their beneficiaries through life insurance.
Based on market shares of 10%, 6% and 5%, the three most popular life insurance companies in Kansas are Northwestern Mutual, New York Life and State Farm, respectively. Kansas’s seven most popular life insurance companies comprise approximately 37% of the market share.
Below, MoneyGeek provided Kansas’s most popular life insurance companies and their market shares.
| Northwestern Mutual | Market Share10% |
| New York Life | Market Share6% |
| State Farm | Market Share5% |
| Lincoln Financial | Market Share5% |
| Iowa Farm Bureau Federation | Market Share4% |
A company’s market share is the portion of the market it controls in its specific industry. In terms of life insurance, a company with a high market share has sold more policies than other providers in the industry.
To evaluate market share in the state, MoneyGeek used each company’s total written premiums that were included in the 2020 S&P Global data reports.
The average cost of life insurance in Overland Park for young adults is between $22 and $34 per month. MoneyGeek found that the following two providers offer the best rates for young people in the city:
In the table below, you can review additional life insurance quotes in Overland Park for young people.
| Mutual of Omaha | Monthly Cost$22 |
| MassMutual | Monthly Cost$22 |
| Transamerica | Monthly Cost$24 |
| Prudential | Monthly Cost$26 |
| Nationwide | Monthly Cost$29 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Overland Park who is 5 feet 10 inches and 172 pounds that purchases a 20-year term contract at the average coverage need of $280K. We chose a 20-year term to provide a more extended coverage period for a younger buyer.
Young adults, aged 25 and under, can purchase life insurance at a more affordable rate than older adults. This is because the cost of life insurance increases as you age and become more prone to specific medical issues. Hence, buying life insurance while you're young is one of the best ways to save money on a policy.
The cost of life insurance in Overland Park for seniors ranges from $52 to $110 per month. Based on our research, the following two companies offer the most affordable life insurance to seniors in the city:
Below, you’ll see more of the best and most affordable insurance providers in Overland Park for seniors.
| MassMutual | Monthly Cost$52 |
| Mutual of Omaha | Monthly Cost$59 |
| Nationwide | Monthly Cost$60 |
| State Farm | Monthly Cost$70 |
| Progressive Life | Monthly Cost$95 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Overland Park who is 5 feet 10 inches and 202 pounds that purchases a 10-year term contract at the average coverage need of $84K.
Seniors spend more on life insurance premiums because their policies are likely to outlive them. Although insurers charge seniors higher rates, they can still save money by opting for a low-coverage policy. Typically, seniors don’t need as much coverage since their beneficiaries are financially-capable adults. The coverage in their policy only needs to cover expenses such as burial costs, estate taxes, etc. As such, MoneyGeek’s sample coverage amount for seniors — $84K — is significantly less than that for other groups.
For people who smoke in Overland Park, the average cost of life insurance is between $108 and $197 per month. Based on our findings, the following insures offer the cheapest life insurance for smokers in Overland Park:
The table below illustrates the rates of the other cheapest insurers in the city for people who smoke.
| Nationwide | Monthly Cost$147 |
| MassMutual | Monthly Cost$148 |
| State Farm | Monthly Cost$148 |
| Mutual of Omaha | Monthly Cost$162 |
| Transamerica | Monthly Cost$162 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Overland Park who is 5 feet 10 inches and 202 pounds that purchases a 20-year term contract at the average coverage need of $661K. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide more extended coverage as rates for smokers increase as you age.
Insurance companies view smokers as high risk since they’re more prone to long-term adverse health conditions. Consequently, they charge smokers higher premiums. However, it’s still possible to find cheap life insurance for smokers. MoneyGeek also recommends buying a longer-term policy of at least 20 years to avoid paying significantly higher rates as you age.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Remember that each buyer is unique and may need more or less coverage depending on their circumstances.
About Mark Fitzpatrick
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.
