Kansas City Life Insurance Company

Kansas City Life Insurance Company is a public insurance company established in 1895 and located in Kansas City, Missouri. The company's 1,400 agents market individual life, annuity and group products through agencies located in 48 US states and the District of Columbia. Variable life, variable annuities, mutual funds and other investment options are offered through a subsidiary, Sunset Financial Services.

Kansas City Life Insurance Company
Public
Traded asNASDAQ: KCLI
IndustryInsurance & Finance
Founded1895
HeadquartersKansas City, Missouri, US
Key people
R. Philip Bixby, President & CEO
Number of employees
500
Websitewww.kclife.com/

The Kansas City Life Group of Companies:

  • Kansas City Life Insurance Company
  • Old American Insurance Company
  • Sunset Life Insurance Company of America
  • Sunset Financial Services Inc.

About

Kansas City Life Insurance Company was established in 1895 in Kansas City, Mo. It currently offers term, whole life, and universal life products, including indexed universal life and variable universal life.

History

Originally chartered as Bankers Life Association on May 1, 1895, the Company was founded by Major William Warner, President; J.H. North, Vice President; and S.E. Rumble, Secretary. Rumble conceived the idea of forming a life insurance company in the "heart of America." At the time, Kansas City was known as the Athens of the West and was the second largest city in the western half of the United States; only San Francisco was larger.

The Kansas City Life Insurance Company name was adopted in 1900. The Company began issuing policies in small amounts from an office in the Scheidley Building, located at Ninth and Main Streets in Kansas City, Mo.

In 1897, the Company moved to the Navajo Building, then the Rialto Building, where it remained until 1924 when the Company moved to its present location. The Home Office sits on approximately five acres of land purchased for $200,000. Built for $1 million, the building was dedicated on Aug. 1, 1924. The building was one of the first designed by Wight and Wight architects, who later designed Kansas City City Hall, Jackson County Courthouse in Kansas City, Nelson-Atkins Museum of Art, and more. The Company also owns residential real estate by the Home Office. These purchases began in the late 1960s as part of the Penn Valley Redevelopment Project.

Like most life insurance companies, Kansas City Life has been involved in a handful of legal issues and lawsuits regarding non payment of death claims and disputes of benefit distributions over the years.

11/18/2019 Kansas City Life Co. client filed a class-action lawsuit accusing the life insurance provider of charging fees in excess of the limits outlined in its contract on 01 of October 2018. Plaintiff J. Gregory Sheldon bought a Flexible Premium Variable Life Insurance Contract Nonparticipating policy from Kansas City Life in December 2000. In addition to a death benefit, the policy provides an interest-bearing component that accumulates value over time.[1]

6/22/2019 After obtaining a judgment of $34 million for suing State Farm for overcharges in 2018, Stueve Siegel Hanson LLP and Miller Schirger, LLC filed lawsuit against Kansas City Life Insurance Co, alleging the company “systematically overcharged” clients.[2]

1/5/2017 Michelle Tran, Plaintiff sued KANSAS CITY LIFE INSURANCE COMPANY, a business entity for denial of her spouse's death claim. The insured lied about his health on the insurance application and the judge ruled in favor of the Company.

1/19/1996 The personal representatives of Leora Pearl Pelter, deceased, brought suit on behalf of the Pelter estate against Kansas City Life Insurance Company claiming breach of a life insurance contract on the life of Mrs. Pelter’s husband. The Court of Civil Appeals reduced the punitive damages award against Kansas City Life from $10,000,000.00 to $500,000.00, but affirmed the judgment against Kansas City Life in all other respects.

References
  1. "Class-action suit: KC Life overcharged on policy fees". www.bizjournals.com. Retrieved 2020-03-14.
  2. https://www.kansascity.com/news/business/article231725243.html
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