Updated: May 22, 2024
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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.
BestLife InsuranceWichita, KSBest Life Insurance Companies in Wichita, KS, for 2023
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 For | $250K Coverage | $661K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
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.
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $27 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $34 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $28 |
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.
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.
By reviewing their market share, these are the three most popular life insurance companies in Kansas:
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.
| Northwestern Mutual | Market Share10% |
| New York Life | Market Share6% |
| State Farm | Market Share5% |
| Lincoln Financial | Market Share5% |
| Iowa Farm Bureau Federation | Market Share4% |
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.
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:
Discover the other life insurance quotes in Wichita for young people through the table below.
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$16 |
| Transamerica | Monthly Cost$17 |
| Prudential | Monthly Cost$19 |
| Nationwide | Monthly Cost$21 |
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.
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.
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
Refer to the table below for the cheapest life insurance providers in Wichita for seniors.
| MassMutual | Monthly Cost$38 |
| Mutual of Omaha | Monthly Cost$43 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$51 |
| Progressive Life | Monthly Cost$69 |
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.
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.
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
Check the table below to see more of the most affordable life insurance companies in Wichita for smokers.
| Nationwide | Monthly Cost$107 |
| MassMutual | Monthly Cost$108 |
| State Farm | Monthly Cost$108 |
| Mutual of Omaha | Monthly Cost$118 |
| Transamerica | Monthly Cost$118 |
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.
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.
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 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 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.
