6 Best Life Insurance Companies of 2023 Hero Image

Our top pick for the best life insurance company of 2023 is MassMutual, which features a wide variety of policies and riders and excellent financial strength ratings.  

6 Best Life Insurance Companies of 2023

In Kansas City, individuals with family dependents and breadwinners are advised to have a life insurance plan so that in the event of their passing, the plan can help their families during financial difficulties. Debt holders and single parents should also obtain life insurance as it can cover debts and offer financial support for their children. Business owners and high-net-worth individuals are also recommended to have life insurance to protect their financial legacy and inheritance.

Residents in Kansas City can take out a loan from their life insurance if they have a permanent plan, like universal and whole life policies. These two provide a cash value component that increases and grows over time and can be accessed through tax-advantaged policy loans. The long-term cash values can pay off mortgages, supplement retirement income, and finance a college education. However, any unpaid loans from universal and whole life insurance will reduce the death benefits.

Policy buyers can visit the Missouri Department of Commerce and Insurance website to verify their insurer's license and registration status in Kansas City. They can also call consumer affairs at 800-726-7390 or visit their office at Missouri Department of Insurance, Truman State Office Building, Room 530, Jefferson City, MO 65102. In addition, individuals can check their provider's discipline records on the website to know whether they've breached insurance law.

The living benefits rider in Kansas City can be added to universal life insurance policies for those who receive care from nursing home facilities or have a terminal condition. Individuals with this coverage can request payouts for a certain annuity or equal monthly payments. The living benefits rider provides interest from the unpaid monthly benefits payment. Meanwhile, if all payments have not been made when the holder dies, the present value of the remaining bills will proceed to the beneficiary.

The Missouri Life and Health Insurance Guaranty Association will pay for the claim of the policyholders in Kansas City if their life insurance company goes bankrupt. For instance, the MOLHIGA will be responsible for the fixed portion of the $250,000 death benefit of individuals with a life insurance plan with an insolvent insurer.

Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

The details of how life insurance works depend on your individual plan, but the basics are as follows:&nbsp;<ul><li>You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments.&nbsp;</li><li>As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated.&nbsp;</li><li>Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.</li></ul>

The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.

Kansas City, MO

Best Life Insurance Companies in Kansas City