Best Life Insurance Companies in Wichita, KS

Based on MoneyGeek’s research, MassMutual is the best overall life insurance provider for average adults and seniors in Wichita. The best life insurance provider for young people is Mutual of Omaha and the best company for smokers is Nationwide. The average life insurance premium costs around $10 per month for a $250K coverage policy or $17 per month for Wichita’s recommended coverage account.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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In the event of your passing, life insurance companies give financial support to your beneficiaries. With the number of life insurance providers in Wichita, Kansas, checking and comparing quotes will help you find the right policy that suits your needs and lifestyle.

Review and check the best life insurance companies in Wichita through MoneyGeek’s analysis of average rates based on gender, age and smoking history.

iconBestLife InsuranceWichita, KS
2023

Best Life Insurance Companies in Wichita, KS, for 2023

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Best Cheap Life Insurance in Wichita

For a $250K coverage life insurance policy in Wichita, MassMutual is the cheapest for men, at an average rate of $10 per month. The most affordable life insurance for women is MassMutual at $8 per month.

Although a policy of $250K coverage seems affordable, it may not cover all your listed beneficiaries.

A good benchmark for life insurance coverage would be the state’s recommended amount based on its cost of living, average income, average personal debt, average age and other state-specific factors. For the state of Kansas, this amount is $661,000.

With Kansas’ recommended coverage amount of $661,000, the cheapest life insurance provider for men and women is Nationwide. Policies cost $13 per month for women and $17 per month for men.

Cheapest Life Insurance Companies for Males and Females in Wichita
  • Cheapest For
    $250K Coverage
    $661K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Wichita for Men and Women

The average cost of life insurance varies depending on your gender. For example, women in Wichita pay 10% less than the average for the state of Kansas. Men in Wichita pay 0.3% less than the state average for Kansas.

Gender is one of the primary factors affecting life insurance costs. In Wichita, women pay an average of $15 per month for a $250K coverage policy, while men spend an average of $18 per month.

Keep in mind that $250K worth of coverage may not be enough. Kansas’ state-recommended coverage level of $660,000 is based on per income capita from the U.S. Bureau of Economics, average personal debt, average mortgage debt and age.

Following Kansas' state-recommended coverage amount, the average cost of a policy for women is $29 per month and $38 per month for men.

The average price for a 10-year term policy for women is $19 per month and $24 per month for men, regardless of the coverage limit.

Average Monthly Life Insurance Rates in Wichita: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $17
  • MassMutual
    $10
    $17
  • Mutual of Omaha
    $11
    $18
  • Transamerica
    $14
    $27
  • State Farm
    $18
    $34
  • AAA
    $19
    $41
  • Progressive Life
    $22
    $43
  • Prudential
    $26
    $65
Average Monthly Life Insurance Rates in Wichita: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $13
  • Mutual of Omaha
    $10
    $13
  • MassMutual
    $8
    $13
  • Transamerica
    $11
    $23
  • State Farm
    $18
    $28
  • Progressive Life
    $16
    $31
  • AAA
    $15
    $31
  • Prudential
    $17
    $43

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Wichita 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

Gender plays a vital role in identifying the cost of life insurance. Women tend to pay less than men because women have a higher life expectancy. Another study found that men statistically engage in more risky behaviors such as working dangerous jobs and are at a higher risk of developing diseases. Therefore, insurance companies tend to charge men more.

Other studies show men buy life insurance more than women. Whether or not they're their family's breadwinners or stay-at-home caretakers, women are vital contributors to their household's economy. Hence, making them ideal candidates for life insurance in Wichita, KS.

Most Popular Life Insurance Companies in Kansas

By reviewing their market share, these are the three most popular life insurance companies in Kansas:

  • Northwestern Mutual: a 9% market share
  • New York Life: a 6% market share
  • State Farm: a 5% market share.

Overall, Kansas' seven most popular companies make up 37% of the market share. We provided the most popular life insurance companies in Wichita and their market shares in the table below.

Most Popular Life Insurance Companies in Kansas

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  • Company
    Market Share
  • Northwestern Mutual
    10%
  • New York Life
    6%
  • Lincoln Financial
    5%
  • State Farm
    5%
  • Prudential
    4%
  • MassMutual
    4%
  • Iowa Farm Bureau Federation
    4%
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MONEYGEEK DICTIONARY

Learning about a company's market share tells you their percentage of sales relative to the others in the industry. The higher their market share, the more they dominate the market. The higher the market share, the more the company has sold policies compared to other providers in the industry.

The market share data in MoneyGeek's analysis is gathered from each company's total premiums written in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Wichita

In Wichita, average life insurance premiums for young adults range from $16 and $25 per month. MoneyGeek discovered that the two most affordable insurers for young people in Wichita are:

  • Mutual of Omaha: $16 per month
  • MassMutual: $16 per month.

Discover the other life insurance quotes in Wichita for young people through the table below.

Best Life Insurance Companies for Young People in Wichita, KS

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $16
  • MassMutual
    $16
  • Transamerica
    $17
  • Prudential
    $19
  • Nationwide
    $21
  • State Farm
    $23
  • Progressive Life
    $23
  • AAA
    $25

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Wichita who is 5 feet 10 inches and 172 pounds that purchases a 20-year term contract at the average coverage need of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is more affordable for adults 25 years old and younger. Policy costs increase over time as you age and become more prone to illnesses. Therefore, it’s best to consider purchasing life insurance at a young age as it’s one of the best strategies to save money on a policy. The healthier and younger you are, the more affordable it costs every month.

Cheapest Life Insurance for Seniors in Wichita

Life insurance costs usually range from $38 to $81 per month for the seniors living in Wichita. The top two cheapest life insurance companies in Wichita for seniors are

  • MassMutual: $38 per month
  • Mutual of Omaha: $43 per month

Refer to the table below for the cheapest life insurance providers in Wichita for seniors.

Best Life Insurance Companies for Seniors in Wichita, KS

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  • Company
    Monthly Cost
  • MassMutual
    $38
  • Mutual of Omaha
    $43
  • Nationwide
    $44
  • State Farm
    $51
  • Progressive Life
    $69
  • AAA
    $72
  • Prudential
    $79
  • Transamerica
    $81

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Wichita who is 5 feet 10 inches and 202 pounds that purchases a 10-year term contract at the average coverage need of $84,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay more for their insurance policies because it's more likely that the policy will outlive them as they age. However, seniors don't need as much coverage since their beneficiaries are more likely to be financially capable adults. Generally, their life insurance amounts only need to cover funeral arrangements and estate tax. Therefore, MoneyGeek’s sample policy for seniors is lower than for other groups.

Cheapest Life Insurance for Smokers in Wichita

The average cost of life insurance quotes in Wichita for smokers ranges between $107 and $196 per month. MoneyGeek found the cheapest life insurance providers in San Jose City. These are

  • Nationwide: $107 per month
  • MassMutual: $108 per month.

Check the table below to see more of the most affordable life insurance companies in Wichita for smokers.

Best Life Insurance Companies for Smokers in Wichita, KS

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  • Company
    Monthly Cost
  • Nationwide
    $107
  • MassMutual
    $108
  • State Farm
    $108
  • Mutual of Omaha
    $118
  • Transamerica
    $118
  • Progressive Life
    $164
  • Prudential
    $176
  • AAA
    $196

Rates were determined by analyzing quotes for a 30-year-old male smoker in Wichita who is 5 feet 10 inches and 202 pounds that purchases a 20-year term contract at the average coverage need of $661,000.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Because smoking brings long-term adverse health effects, insurance providers see smokers as high risk and charge them higher premiums.

Nevertheless, it’s still possible to find cheap life insurance for people who smoke. MoneyGeek highly recommends buying a longer-term policy with at least 20 years because rates increase exponentially for smokers.

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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 Analysis, 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 the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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