KANSAS CITY LIFE ANNOUNCES A POTENTIAL NATIONWIDE SETTLEMENT IN COST OF INSURANCE CLASS ACTION LITIGATION

Core Viewpoint - Kansas City Life Insurance Company ("KCL") has entered into a settlement agreement to resolve claims related to the cost of insurance rates in certain universal life and variable universal life policies, agreeing to pay $45 million to approximately 88,000 policyholders [1][2]. Summary by Sections Settlement Agreement - The proposed nationwide Settlement Agreement is subject to preliminary and final court approval, with KCL agreeing to pay $45 million to settle claims from around 88,000 policyholders [2]. - The settlement aims to resolve all current and potential claims regarding the cost of insurance rates for various universal life and variable universal life policies issued and administered by KCL since January 1, 2002 [3]. Ongoing Litigation - The settlement will also address claims from ongoing cases, including van Zanten and Vittetoe v. KCL, Sheldon v. KCL, and others, as well as claims from any policyholder with a Class Policy not involved in existing litigation [4]. Court Proceedings - Settlement proceedings for the Sheldon litigation will occur in the 16th Circuit Court, Jackson County Missouri, while other claims will be handled in the United States District Court for the Western District of Missouri [5]. Company Position - KCL does not admit any liability or wrongdoing in entering the Settlement Agreement and will continue to defend against any actions if the settlement is not approved [6]. - The CEO of KCL stated that the settlement is intended to eliminate future uncertainty and legal expenses, benefiting policyholders, the company, and shareholders [7].