Kemper Life Insurance, with headquarters in Chicago, Illinois, is a major US insurer. In addition to life insurance, it also offers other types of coverage for people and corporations. Kemper was originally founded in 1919, but its modern incarnation dates back to the 1990s. Listed on major stock exchanges, Kemper is a Fortune Global 500 firm that has amassed assets addition of $8 billion and employs approximately 6,000 people. Through its network of over 20,000 individual representatives and brokers, they are able to provide insurance to over 6 million customers. Dozens of the parent company's affiliates operate in the insurance market.
Pros Explained
Existing No-Med-Exam Policies
Kemper Life Insurance does not need a medical checkup for policy purchases. You can find out whether you qualify with just a few questions about your health.
Same-Day Decision Coverage
If you apply for and are accepted by Kemper Life Insurance, you may get coverage the very same day.
Cons Explained
Few Online Policy Details
Kemper's website is not only hard to browse, but it also provides very little information regarding the program itself. In addition, there is a lack of useful learning tools, such as a coverage estimator.
Numerous Customer Grievances
According to the NAIC complaint Score, Kemper has a very high amount of complaints for a city its size.
There Are No Advertised Riders
Kemper does not detail the insurance riders available for purchase on its website. They say several riders may be added to the lifetime policy, but they don't specify what those riders are.
Few Kinds of Policies
Only term and whole life insurance, as well as the last expense policy, are available from Kemper Life, and not all coverage options are offered in all states. Please see a representative or local Kemper branch for details.
Ratio of Complaints
Kemper's size is a common point of criticism, and this is one of the industry's main drawbacks. We found that out of 92 life insurance firms, only four had more concerns than Kemper. We used information from the NAIC Complaint Rankings to get a sense of how customers felt about the business. This is how it operates: The complaint score is determined by comparing the total number of complaints to the corporation's size. A complaint index of 1.0 indicates that the company receives the typical amount of complaints for its size. A greater than 1.0 index indicates that the company received more complaints than was typical, while a lower than 1.0 index indicates that the company had fewer complaints than was typical. Kemper's grievance indices for the three most recent years were 3.63, 6.13, and 3.70 for 2021, 2020, and 2019. This is a huge red flag indicating the firm is having serious problems with client satisfaction & service since the number of complaints they get is well over what would be normal for a firm of their size.
Third-Party Ratings
The A (Excellent) financial strength grade given to Kemper Life by AM Best indicates that the company is very well-equipped to fulfill its policyholder responsibilities, including the payment of claims. AM Best is indeed a credit rating firm that assigns ratings to businesses based on their balance sheets, debt levels, and other financial metrics. Nonetheless, this is AM Best's third-highest rating. Several of our top life insurance providers have earned the highest possible rating from AM Best, an A++.
Policies Available
A no-medical-exam policy is available among Kemper's life insurance offerings. It's important to remember, however, that not every product is sold in every state. Acquire in touch with a broker in your area to get a price and more information about the insurance they provide.
Term Life Insurance
Coverage under a term life insurance policy lasts for a certain amount of time. This kind of policy often offers fixed, unchanging premiums and a predetermined payout in the event of the policyholder's death within the policy's term. The majority of plans for term life insurance do not have a cash value component, but permanent life insurance does. The death benefit is the most important part of any life insurance policy, even a term policy. Coverage levels from $25,000 up to $250,000 are available from Kemper under their term life insurance plan.
Whole Life Insurance
Whole life insurance gives lifelong coverage. The premiums are fixed, the death benefit is certain, and there is a cash value element. The cash value component of your premium is invested. To get cash while you're still alive, you may either take a withdrawal or get a loan against your cash worth.
Final Expense Insurance
Burial insurance, also known as last expenditure insurance, is a kind of insurance that offers a modest death benefit to help cover the cost of final costs, such as a burial or cremation. In the event that you have been declined for regular life insurance due to a preexisting ailment, you may want to look into last expense insurance as an alternative. Even though Kemper's death benefit plan is promoted as a certain issue, you will be questioned about a few health conditions that might make you ineligible for coverage. The coverage is not available to those who have a terminal illness, are hospitalized, or are in a comparable position. Three-to-80-year-olds may buy the coverage.
Available Riders
It is unclear from the Kemper website what kinds of life insurance riders are available. The only thing you can add to your entire life policy is a rider, and the company only specifies that. Top-quality waiver riders, terminal disease riders, long-term care riders, kid-term riders, and assured insurability riders are all quite prevalent. Get in touch with a Kemper representative to find out what options are available to you.
