Kemper Life Insurance Review

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Kemper Life is not one of our top rated life insurance companies. You can check out our list of the best life insurance companies for what we think are better options.


Benefits explained

  • Customers can ignore medical exams: Kemper Life offers guaranteed issue whole life insurance policies. You can purchase a policy, regardless of your medical history, without going through a medical exam.
  • In person assistance available: Some Kemper Life policies are sold by agents at your home, which means they will come directly to your home to discuss your insurance options.


Disadvantages Explained

  • High level of complaints from policyholders: Kemper and its subsidiaries have received more complaints than is typical for their size. For people who value responsive customer service, this issue is a major drawback.
  • Online quote not available: While other insurance companies allow you to get quotes online, Kemper does not offer this option. For details on its policies and rates, you need to work with an agent.
  • Premiums above average: Since most of Kemper’s policies are sold at home, they have higher operating costs. As a result, they also have higher than average premiums.

What would you like to know

In 2021, Kemper Corporation manages over 6.2 million policies.


Packages available

Through Kemper Life and its subsidiaries, Kemper offers four different life insurance plans. Online quotes are not available, so you should contact Kemper and request to be put in touch with an agent.

Temporary Life

For those who want inexpensive term coverage, term life insurance can be a good option. You have coverage for a specific period of time and your beneficiaries receive a death benefit if you die during that period. Kemper offers terms of 10, 20 or 30 years.

All the life

Unlike term life insurance, whole life insurance gives you permanent coverage. They also have a savings component that can build up cash value. You can tap into the cash value if you need money for your retirement, a large expense, or a sudden emergency.

Kemper has three whole life insurance policies:

  • All the life : Kemper’s whole life insurance policies have level premiums and are available to people of all ages.
  • Whole life guaranteed issue: Guaranteed issue policies allow you to get life insurance even if you have been denied coverage in the past. Plus, your premiums are guaranteed to never increase.
  • Whole life with limited salary: With a limited pay whole life insurance policy, you pay premiums for a set period, say 20 years. After this period ends, the policy is released and you are no longer required to make payments.


Jumpers available

While insurance companies often have a variety of endorsements that you can add to your policy to customize your coverage, Kemper does not have optional endorsements. Kemper’s policies provide basic coverage, but they don’t allow you to get coverage for family members or add accelerated benefits.


Customer service

While many companies have robust websites and customer portals, the Kemper Corporation site is very rudimentary. You cannot get a quote, make a payment, or change your beneficiaries online. However, you can download the forms you need for these processes.

The company does not have any educational material either. Other companies offer life insurance calculators to help you determine the amount of coverage you need, in-depth articles explaining the different types of lie insurance available, and other tools.

To get a quote for a life insurance policy, you need to contact an agent. To get started, you need to fill out a form with your details and an agent will contact you.

Current policyholders can get help by contacting their agent or by calling 800-777-8467.


Complaints index

The National Association of Insurance Commissioners (NAIC) collects all complaints that consumers submit about insurance companies. Based on companies’ market shares, the NAIC creates complaint ratios that reflect the number of complaints companies receive relative to their size.

The industry standard is 1.0. If a business has a ratio greater than 1.0, it has received more complaints than the NAIC expected for a business of its size. Likewise, a score below 1.0 means the company has received fewer complaints than usual.

Kemper Life’s complaint rate is significantly higher than the National Complaints Index. Reserve National Life Insurance Company, the company that underwrites some of Kemper’s life insurance policies, had a complaints ratio of 4.42 in 2020.

Because the complaint rate was so high, we researched customer complaints to see what the biggest issues were. The majority of complaints concerned the handling of claims and service to policyholders. Customers have reported problems getting responses from the company, unnecessary delays, and denial of claims.

To note

Since 2018, Kemper’s complaint rate has been well above average. Its complaint rates in 2018, 2019 and 2020 were all above 1.7.


Third party evaluations

The Kemper Corporation has a good reputation in the insurance industry.

In 2021, AM Best, a credit rating agency that issues opinions on corporate financial stability, upgraded Kemper’s rating from “A-” to “A” (Excellent). AM Best said the change was based on Kemper’s very strong balance sheet, operational performance, business profile and corporate risk management. A high rating from AM Best indicates that the company is reliable and able to pay contractual claims.

Neither Kemper nor Reliable Life Insurance Company were included in the JD Power 2020 US Individual Life Insurance Study. The study evaluated and ranked 24 best life insurance companies based on their available policies, customer service, and cost.


Cancellation policy

As is generally the case with life insurance companies, Kemper clients can take advantage of a free 10-day consultation period. For 10 days after receiving your policy documents, you can review your plan and decide to cancel it without penalty.

After the free consultation period expires, Kemper’s cancellation policies vary depending on the type of coverage you have. With term life coverage, you can cancel at any time, but you won’t be reimbursed. If you have a whole life insurance policy, you may be eligible for a cash value.

To cancel your policy, contact your insurance agent.


Price

Most of Kemper’s policies are issued through its Kemper Home Service division, and agents visit customers in their homes to discuss their insurance needs, sell policies and collect premiums. Because the in-home service model is more expensive, Kemper’s premiums tend to be higher than the industry average. As of 2020, the average policy issued by Kemper has a face value of $ 5,800 and a monthly premium of $ 24.

Like other companies, Kemper requires you to select “male” or “female” when you complete an insurance application. Being non-binary will not prevent you from being eligible for life insurance. However, you should be aware that most insurers have yet to update their underwriting processes to reflect gender awareness, and their application processes can be outdated and restrictive.


Competetion

Kemper sells multiple insurance policies, but its high number of consumer complaints and above-average premiums are significant downsides. If you’re looking for a well-rated insurance company with more competitive prices and a better reputation for customer service, consider Northwestern Mutual, our choice for the best whole life insurer.

While Kemper sells term and whole life policies, Northwestern Mutual has more options. It sells 12 insurance plans, including term, full, universal and variable universal policies. It also has several riders that you can add to your policy to customize your coverage, including waiver of premium and accelerated care benefits.

When it comes to customer service, Northwestern Mutual has a clear advantage over Kemper. The company’s complaint rate was 0.05 in 2020, significantly lower than the national complaints index.

Northwestern Mutual was also ranked by JD Power as the fourth best individual life insurance company in the 2020 U.S. Individual Life Insurance Study, ahead of 20 other companies.

Kemper North West Mutual
Market share Not applicable Largest in the United States, 8.6%
Number of packages 4 12
Dividends for 2020 Not applicable $ 6 billion expected
Wellness Program Discounts / Smoking Cessation Incentives Not applicable Not applicable
Method of service Agent Agents and advisers
AM Best grade A (Excellent) A ++ (Superior)
Price ranking Above average Mean
Trend in complaints 4.42 (very poor) 0.05 (Excellent)

Final verdict

While Kemper sells guaranteed issue policies and offers door-to-door service, its high number of complaints and expensive premiums should make you think twice before purchasing a policy from the company.

There are many other insurance companies that offer convenient quote options, solid educational materials, and more competitive rates. When looking for a business, check out their AM Best ratings, complaint rates, and customer service options to make an informed decision.



Methodology

Our life insurance company reviews are based on a quantitative approach that analyzes each insurer on its stability and reliability, customer service, claims experience, product line diversity and cost. We compare the terms of each type of policy offered, including available coverage amounts, optional endorsements and premium payment options, with those of other major life insurance companies. Finally, we look at how the business is rated by third party organizations to determine its reliability and overall reputation.

Investopedia requires that writers use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers where applicable. You can read more about the standards we follow to produce accurate and unbiased content in our editorial policy.



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