30-Day Grace Period

• Kansas allows a 30-day grace period on all life insurance premium payments. What this means is that you have 30 days from the date you miss your premium payment to make a payment on your life insurance policy. The insurance company cannot cancel your policy during this time.
  
  

Guaranty Association

• Kansas Life and Health Insurance Guaranty Association protects you if the insurance company becomes insolvent. The Guaranty Association provides you with a guarantee of up to $300,000 of death benefit proceeds per insured individual. The state also guarantees up to $100,000 of cash surrender value of any life insurance policy.
  
  

Fraud and Suicide

• A misstatement of your medical history may result in policy termination. Life insurance companies are not required to honor misstatements of these kinds. A misstatement of age may simply result in a repricing of the death benefit. Suicide within the first two years of the policy will result in the death benefit not being paid out. Instead, a refund of premiums will be issued to your beneficiaries.
  
  

Creditor Protection

• All death benefits and cash value proceeds of the policy are exempt from creditors. The only exception to this is if the policy was purchased within the last year. This means that normally, creditors cannot come after you for the payment of debts by forcing a liquidation of your life insurance policy. They also cannot normally take your policy's death benefit to satisfy a debt.