Notice of
ANNUAL MEETING OF STOCKHOLDERS
April 18, 1996
and
PROXY STATEMENT
KANSAS CITY LIFE INSURANCE COMPANY
3520 Broadway
Kansas City, Missouri
KANSAS CITY LIFE INSURANCE COMPANY
3520 Broadway
Kansas City, Missouri
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
April 18, 1996
The Annual Meeting of Stockholders of Kansas City Life Insurance Company
will be held in the Company's Home Office, 3520 Broadway, Kansas City,
Missouri, on April 18, 1996, at 9 a.m., for the following purposes:
(1) To elect five (5) directors for three (3) year terms.
(2) To transact such other business as may properly come before
the meeting.
The close of business at 4:15 p.m., March 11, 1996, has been fixed as the
date of record for determining stockholders entitled to vote at the meeting, or
any adjournment thereof, and only stockholders of record on said date are
entitled to vote at the meeting. The stock transfer books of the Company will
remain open. All stockholders are urged to attend the meeting in person or by
proxy. If you do not expect to attend the meeting, you are requested by
Management to date, fill in, sign and return the enclosed proxy promptly. A
postage-paid return envelope is enclosed for your convenience. Your attention
is directed to the Proxy Statement printed on the following pages.
/s/ C. John Malacarne /s/ W. E. Bixby
Vice President, General Counsel Vice Chairman of the Board
and Secretary and President
March 27, 1996
KANSAS CITY LIFE INSURANCE COMPANY
Kansas City, Missouri
PROXY STATEMENT
The enclosed proxy is solicited by and on behalf of the Board of Directors
of Kansas City Life Insurance Company (hereinafter called the "Company"), for
use in connection with the Annual Meeting of Stockholders on April 18, 1996, at
the principal office of the Company, 3520 Broadway, Kansas City, Missouri. The
matters to be considered and acted upon at such meeting are (1) to elect five
directors for a term of three years, and (2) to transact such other business as
may properly come before the meeting or any adjournment thereof. Management
does not intend to bring before the meeting any business other than the
matters set forth above and knows of no other matters that may be brought
before the meeting. However, if any other matters properly come before the
meeting, or any adjournment or adjournments thereof, including procedural
matters arising during the course thereof, the persons named in the enclosed
proxy will vote the proxy according to their judgment on such matters, insofar
as such proxies are not limited to the contrary.
Shares represented at the meeting by properly executed proxies in the
accompanying form will be voted at the meeting, and, where the stockholder
giving the proxy specifies a choice by means of the ballot space provided in
the form of proxy, the shares will be voted in accordance with the
specification so made. If no directions are given by the stockholder, the proxy
will be voted in the manner specified on the accompanying form of proxy. Any
proxy delivered pursuant to this solicitation is revocable by the person
executing the proxy at any time before it is exercised.
The Company has authorized 18,000,000 shares of $2.50 Par Common Stock. As
of February 29, 1996, 3,063,635 shares are held as Treasury Stock and
6,184,705 are issued and outstanding. Each outstanding share of stock is
entitled to one vote, and stockholders of record as of the close of business on
March 11, 1996 shall be the stockholders entitled to vote at the meeting. In
election of directors, stockholders have cumulative voting rights under
Missouri Law. This means each stockholder has a number of votes determined by
multiplying the number of shares he is entitled to vote by the number of
directors to be elected. This total number of votes may be voted for one
nominee or distributed among several nominees.
Condensed Financial Review and Annual Report
This proxy statement follows the Company's condensed Financial Review for
the fiscal year 1995 previously mailed to stockholders in February, 1996. The
regular Annual Report for 1995 is enclosed herewith.
Election of Directors
It is the intention of the persons named in the enclosed proxy form to vote
such proxy for the election of nominees for directors, listed hereafter, for
the term indicated. If for any reason the nominee shall become unavailable for
election, the persons named in the enclosed proxy will vote for such
substituted nominee or nominees as are selected by the Board of Directors
pursuant to the Company's Bylaws.
Shares of
Record and Bene-
Served as a ficially Owned
Principal Director as of
Nominee Occupation since February 29, 1996
The following schedule sets forth the names of the directors nominated by the
Board of Directors for three year terms together with certain additional
information:
W. E. Bixby, III President, Old American **** 176,399
Insurance Company 2,129(2)
Kansas City, Missouri 165,035(3)
1,886(5)
Webb R. Gilmore Partner, Law 1990 20
Firm of 200(6)
Gilmore & Bell
Kansas City, Missouri
Nancy Bixby Hudson Investor **** 165,783
Lander, Wyoming
Daryl D. Jensen Vice Chairman of 1978 24
the Board and President 6,968(2)
Sunset Life Insurance
Company of America
Olympia, Washington
C. John Malacarne Vice President,
General Counsel
and Secretary 1991 10
5,459(2)
The following schedule sets forth the names of the directors elected on April
21, 1994 for three year terms together with certain additional information:
J. R. Bixby Chairman of the 1957 1,484,611(1)
Board
Robert Philip Bixby Senior Vice President, 1985 175,989
Operations 5,439(2)
165,035(3)
8,232(4)
Richard L. Finn Senior Vice President, 1983 12
Finance 6,008(2)
Warren J. Hunzicker, M.D. Retired, former 1989 150
Medical Director
Kansas City, Missouri
Larry Winn, Jr. Retired, former 1985 166
Representative
U. S. Congress
Prairie Village, Kansas
Shares of
Record and Bene-
Served as a ficially Owned
Principal Director as of
Occupation since February 29, 1996
The following schedule sets forth the names of the directors elected April 20,
1995 for three year terms together with certain additional information:
W. E. Bixby Vice Chairman of 1966 1,156,659
the Board and President 23,864(2)
David D. Dysart Retired, former 1972 9,000
Executive Vice
President
Sunrise Beach, Missouri
Jack D. Hayes Senior Vice President, 1995 1,000
Marketing 227(2)
Francis P. Lemery Senior Vice President 1985 708
and Actuary 6,968(2)
Michael J. Ross Chairman of the 1972 300
Board and President
Jefferson Bank & Trust
Company
St. Louis, Missouri
(1) Includes 900 shares owned by the spouse of Mr. J. R. Bixby.
Beneficial ownership of these shares is disclaimed.
(2) Approximate beneficial interest in shares held by the Trustees
of Kansas City Life Insurance Company Employee Benefit Plans.
Participants may instruct the Trustees how to vote their shares.
(3) Shares in the Walter E. Bixby Descendants Trust. W. E. Bixby,
III and Robert Philip Bixby are two of three Trustees who share
voting and investment power. Sale of these shares is restricted
by the terms of the Trust.
(4) Shares as to which Mr. Robert Philip Bixby is Custodian for
minor nieces and nephews under the Missouri Uniform Gifts to
Minors Law.
(5) Shares as to which Mr. W. E. Bixby, III is Custodian for his
minor nephew under the Missouri Uniform Gifts to Minors Law.
(6) Shares in the Webb R. Gilmore Revocable Trust. Mr. Gilmore,
as Trustee has voting and investment power.
Information Regarding Management and Directors
The table below sets forth, for the three highest paid officers of the
Company, and for each director whose aggregate direct remuneration exceeded
$100,000: (1) the amount paid by the Company during 1995 as base salary; (2)
all other direct remuneration paid during the year; (3) the employee benefits
accrued during the year; and (4) the estimated annual retirement benefits for
said named individuals, (the Base Salary, Estimated Retirement Benefits and
other Employee Benefits shown for Daryl D. Jensen are an obligation of Sunset
Life, a subsidiary, for his services as President):
Benefits Accrued Estimated Annual
or Set Aside During Benefits Upon
Aggregate Year Retirement
Principal Direct Retire- Other Retire- Other
Occupation or Remunera- ment Employee ment Employee
Name Employment tion* Plan Benefits Plan Benefits
J. R. Bixby Chairman of the $184,000 ** $*** $ 202,242 ***
Board
W. E. Bixby Vice Chairman of 577,752 ** 39,678 292,950 ***
the Board and President
Robert Philip Bixby Senior Vice 214,618 ** 16,926 129,444 ***
President,
Operations
Richard L. Finn Senior Vice 260,852 ** 19,338 139,878 ***
President,
Finance
Jack D. Hayes Senior Vice 270,140 ** 15,549 48,412 ***
President,
Marketing
Daryl D. Jensen Vice Chairman of 222,702 ** 17,619 135,156 ***
the Board and President
Sunset Life Insurance
Company of America,
a subsidiary
Francis P. Lemery Senior Vice 259,648 ** 19,338 148,908 ***
President
and Actuary
C. John Malacarne Vice President, 213,284 ** 16,188 123,792 ***
General Counsel
and Secretary
*The amount reported herein as aggregate direct remuneration includes bonuses,
directors' fees, payments from subsidiaries for services as an officer or
director, and amounts expended by the Company and reported as taxable income
to the officers and directors for the use of Company owned or leased
automobiles, Company facilities, tickets to sporting events and insurance made
available to them. Certain expenses including medical examinations, business,
civic club dues, and tickets to civic events are reimbursed or provided to
officers, directors and employees and other fringe benefits which are believed
to constitute ordinary and incidental business expenses, which are paid or
reimbursed by the Company in the interest of facilitating job performance and
minimizing the work-related expenses incurred by such persons, are not
included and are not reported as income to them. The Company does not consider
such benefits to be excessive or unusual.
**The method of funding is an aggregate method and does not provide annual cost
accruals for individual participants.
***None.
The amount shown for Estimated Annual Benefits Upon Retirement for
J. R. Bixby are actual benefits.
By order of the Board of Directors
/s/ C. John Malacarne
Vice President, General Counsel
and Secretary
March 27, 1996
