Kansas Life Insurance (KS)

The state of Kansas has laws and regulations in place to help financially protect consumers and insurers.

Kansas Life Insurance Laws Protecting Consumers (KS)

• The state of Kansas’ insurance industry is regulated under Chapter 40 of the Kansas Statutes. This chapter oversees the policy requirements and claims procedures, protecting you, the consumer.

• One such regulation is a 30-day grace period for a payment to be made. This allows life insurance policyholders one month to get caught up on a late payment without worry of their policy being canceled by the insurer.

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Kansas Life Insurance Regulations Protecting Insurers (KS)

Laws are also put into place to protect insurers, as well. Some of these laws include:

• Misstatements or fraudulent findings found on an application for coverage or on a policy itself within the first two years of the policy’s life can result in complete termination of the policy by the insurer. No claim will be settled, but a refund of payments will be given. Any age misstatements will simply result in a recalculation of death benefits.

• During the first two years of a life insurance policy, Kansas law does not consider suicide to be eligible for a death benefit. Such a claim will result in only a refund of payments.

Most Kansas life insurance policyholders are offered some protection incase their insurance company were to become bankrupt by the Kansas Life & Health Insurance Guaranty Association. Compensation for a lost death benefit will not exceed $300,000 per insured individual under this benefit, and $100,000 for a net cash withdrawal. These limits remain in force, no matter the number of policies held by the insured.

To be eligible for this protection, your life insurance provider must be licensed in the state of Kansas and your policy premiums must be up to date.

Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.