Best Life Insurance Companies In Missouri For 2024

My research has shown that MassMutual is the best life insurance company in Missouri.

min read
Updated: 19 March 2024
Written by
Bob Phillips
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If you live in Missouri and have been putting some thought into purchasing life insurance, you’re probably in hopes that it will be a quick, simple and affordable process that you can get done with a minimum of fuss and bother. My aim is to expedite this undertaking for you by doing research that will help you to locate and buy life insurance, saving you both time and money.

While conducting my research into life insurance carriers in Missouri, I learned that the best life insurance overall in the state is MassMutual. This decision wasn’t made on just market share or price, but also by the company’s other strengths including better than average coverage, top customer service, and low prices.The way I look at it, all of those factors make MassMutual a wise choice for anyone who wants high quality life insurance at an affordable price.

Life insurance is among the top most important purchases you’ll ever make. If you don’t have adequate life insurance in place, your family may not be able to have the lifestyle you want for them. Making sure that there is enough   life insurance brings peace of mind, security, and protection for your loved ones, and shows your commitment to them, too.

Best Life Insurance Companies In Missouri, 2024

mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
nationwide-icon-logo
Best for Smokers - Nationwide
Best Life Insurance, Missouri 2024

Compare The Best Life Insurance In Missouri

To help you in reviewing the leading life insurance providers in Missouri, the table below shows my preferred companies across a few important areas.

Overall Rating Best For A.M. Best Rating J.D. Power Rating Online Experience Get A Quote
MassMutual
4.8

Best Overall

A++

780

9.7

Instant Quote
Transamerica
4.7

Young Adults

A

740

9.8

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

801

9.7

Instant Quote
State Farm
4.8

Best For Customer Service

A++

839

9.5

Instant Quote
MassMutual
4.8

Best For Cheapest Life Insurance

A++

780

9.7

Instant Quote
Nationwide
4.6

Best For Smokers

A+

791

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

I took multiple elements into consideration, such as: customer service ratings, online user experience, product offerings, and cost. Since I have quite a few years of experience as an insurance sales agent, I went into this effort with an advantage. That experience, combined with the years I spent interacting with agents from different insurers, provided me with an edge that was helpful in the process. It provided me with insights into various insurance products, as well as services that are major parts of the insurance industry.

34

Quotes Analyzed

15+

Years of Experience

14

Brands Reviewed

30+

Research Hours

The Best Life Insurance Companies In Missouri


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

My in-depth research led me to the conclusion that MassMutual was well suited to receive the title of “Best Overall” because of its numerous strengths. It offers a broad selection of highest quality insurance products, such as universal life, whole life, and term life—at competitive rates. MassMutual policies have an impressive line-up of riders that you can add to your policy, too.

MassMutual’s sales agents are well trained with inclusive knowledge of life insurance, and they only represent MassMutual’s insurance products. These agents are sometimes referred to as “career agents” due to their exhaustive knowledge of the company’s life insurance products, making them well qualified to answer questions from consumers. This is a big help to policyholders, or those shopping around, who have questions about life insurance.

MassMutual’s financial strength was another key point in my ratings. The company has gotten the highest rating possible from AM Best (A++ Superior) due to its strong and stable financial standing, as well as its ability to pay claims.

The award of Best Overall is a reflection of MassMutual’s commitment to offering a varied selection of insurance products, in addition to an expertly trained sales and service team. This award was not based solely on price, although its rates are competitive. MassMutual might not have the brand recognition or market share that some of the competition does, but it’s nevertheless an esteemed insurance provider in Missouri.

Benefits & Drawbacks

Benefits
  • Top-notch financial ratings
  • Varied product portfolio with numerous riders
  • Most affordable rates in Missouri
Drawbacks
  • Unable to purchase whole life products online
  • J.D. Power rating is lower than that of certain major competitors
  • Can solely make purchases through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Mutual of Omaha has been serving the life insurance needs of senior citizens for over a century. America’s older age group puts their faith in Mutual of Omaha, not because of its famous television show “Mutual of Omaha’s Wild Kingdom,” but due to the excellent training its agents get on how to address the life insurance needs of the senior age market.

The company is well known for its line-up of senior life insurance products, especially two that were  designed especially for older people with health issues. One of these is a guaranteed-issue policy that does not require an applicant to undergo a medical examination or access to medical records, which makes it a top choice for seniors with serious health problems including cancer, heart disease, or stroke.

The other product is a simplified-issue policy that, while this one does require a medical history, does not require a medical examination. This policy is appealing to seniors with minor medical issues such as hypertension (high blood pressure) or Type II Diabetes.

Benefits & Drawbacks

Benefits
  • Seniors in Missouri enjoy competitive rates
  • Well-trained agents offer seniors peace of mind
  • The company boasts strong financial stability
Drawbacks
  • Faces a higher ratio of complaints compared to certain competitors
  • Presence of fewer agents in Missouri compared to many other major insurers

Best Life Insurance Companies For Seniors In Missouri

Company Monthly Cost
MassMutual $40.02
 Mutual of Omaha $45.04
Nationwide $46.01
State Farm $53.03
Progressive Life $71.02

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica knows its strengths, and one of those strong points is offering low cost life insurance for young adults. This company realizes that a lot of younger people are careful with their financial outlays, even more so when it’s an intangible product such as life insurance.

For this reason, Transamerica strives to keep rates within the budgets of a group that wants to maximize life insurance coverage with a minimum investment of cash.

Transamerica also understands that for this young group of consumers, doing business online is something they’re accustomed to and familiar to them. The company has ensured that their own website is designed to be fast, smooth and easy to navigate.

Young adult consumers expect an online experience that’s user-friendly with crystal clear, concise information they can move through quickly and efficiently. Transamerica’s website provides that experience, making it possible for visitors to access the site with a minimum of fuss and bother. Transamerica believes strongly that everybody, regardless of their age or financial circumstances, deserves the protection and security provided by life insurance.

Life insurance companies may find marketing to a younger group of consumers more than a little challenging. This is probably because a lot of young adults don’t yet realize the importance of purchasing life insurance.

This younger group are marrying and starting families later than in the past, so they have a tendency to put off getting life insurance until they move on into this stage of their lives. Companies like Transamerica put the focus on marketing life insurance to this group because it’s a good move financially.

In a nutshell, younger policyholders have lower mortality rates, which means higher profits for the life insurance company.

Of the companies I reviewed for this project, Transamerica ranked lowest in customer service. This might be because Transamerica uses only independent insurance agents for sales and/or service. Some independent agents, working alone with no supervision, probably have room for improvement in both of those areas. This could account for the low ratings in customer service.

Benefits & Drawbacks

Benefits
  • Purchase term life insurance conveniently online
  • Policy face amounts can reach up to $10 million
  • Qualifying applicants can secure up to $2 million without a medical exam
Drawbacks
  • The minimum term life insurance face amount available is $25,000
  • Customer service satisfaction scores are lower than those of competitors

Best Life Insurance Companies For Young Adults In Missouri

Company Monthly Cost
Transamerica $17.01
Mutual of Omaha $18.02
MassMutual $19.03
Nationwide $24.02
Progressive Life $27.03

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a long established, reputable company with many local sales and service offices, making customer service convenient for its policyholders. The company’s slogan: “Nationwide is on your side,” is true for smokers living in Missouri who are in the market to purchase life insurance at a reasonable rate.

Nationwide’s rates for smokers might be a little higher than its competitors, but I believe that it’s still a good choice for smokers simply due to its competitive rates, easy access to agents and local offices, and  excellent customer service.

Benefits & Drawbacks

Benefits
  • Nationwide policies are sold by an extensive network of trained agents
  • Provides a full complement of life insurance products
  • Maintains many offices located throughout Missouri
Drawbacks
  • No option for online applications for life insurance products
  • Purchase can only be made through a Nationwide agent

Best Life Insurance Companies In Missouri For smokers

Company Average Monthly Cost
MassMutual $159.05
State Farm $161.01
Nationwide $170.01
Transamerica $178.03
Mutual of Omaha $169.04

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Powers, a leading marketing research firm in the US, has been doing business for more than 50 years. This prestigious firm has long recognized State Farm as a life insurance company with stellar customer satisfaction rankings.

These excellent ratings reflect the company’s commitment to great customer service. This won’t be surprising when you think that State Farm has more agents in the field than any other insurance companies in the United States.

State Farm is frequently acclaimed for its superior customer service, and it’s an area that is much appreciated by policyholders. State Farm also stands out above its competitors by having numerous local offices where policyholders can meet in person with local agents to get the assistance they need.

State Farm is renowned for its superlative customer service and fast claims process. Claim processing is a key factor in life insurance, and most especially so when a family is mourning, dependent on a life insurance company for help that’s both timely and compassionate.

Benefits & Drawbacks

Benefits
  • Boasts a significantly lower number of customer complaints than the industry average
  • Holds top financial ratings for claims-paying ability
  • Maintains the highest number of agents providing service compared to any other insurer
Drawbacks
  • Policies can only be purchased from State Farm agents
  • Offers a limited number of available riders

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, with Missouri’s leading life insurance products, offers the sound financial footing that consumers look for, along with cost effective premiums. Other insurers might offer low price term life insurance, but MassMutual’s rates are your best choice if you are looking for high quality at a low price.

While it isn’t a good idea to select your life insurance on cost alone, you need to know that MassMutual has the most budget friendly rates for Missouri residents. MassMutual is typically better known for its professionalism than its low prices, but the company is endeavoring to expand its market share in Missouri, and is using aggressive price strategies to attain this objective.

Benefits & Drawbacks

Benefits
  • MassMutual policies are sold by an extensive network of trained agents
  • Provides a full complement of life insurance products
  • Ranks as the least expensive among those evaluated for life insurance in Missouri
Drawbacks
  • No option for online applications for life insurance products
  • Purchase can only be made through a MassMutual agent

Cheapest Life Insurance Companies In Missouri

Company Average Monthly Cost
MassMutual $10.02
Nationwide $12.01
Mutual of Omaha $12.03
Transamerica $14.01
State Farm $21.04

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker

How To Find The Best Life Insurance Company For You

If you call Missouri home and want to purchase life insurance, you should realize that when it comes to life insurance coverage, there is no one-size-fits-all. Insuranceopedia understands that everybody’s situation is unique to them alone.

I kept this in mind when I was reviewing insurance companies and handing out virtual awards for the different categories. What might be the ideal coverage for your neighbor might not be at all best for you. That’s why it makes sense to shop around before buying. To ensure getting the best life insurance for your particular needs, I advise you to follow these three steps:

  1. First of all, you should determine the amount of life insurance coverage you’ll need. A lot of  insurance companies have “life insurance calculators” available on their websites that can help you figure how much will be adequate for your needs.
  2. Select 3 companies that seem like a good fit for your situation, and then make comparisons between them. Comparing life insurance is wise, but don’t make the mistake of comparing only prices and nothing else. You will need to compare coverage, customer reviews, financial strength, and more important details. Low premiums are important, but low premiums won’t be any help to your family if your life insurance company can’t pay a claim.
  3. When you’ve narrowed your choices down to one insurance company, you can submit an application for coverage, provided the insurance company will accept online applications, and most will. Too many life insurance shoppers don’t go on to become life insurance buyers, telling themselves they’ll get it later. But, the thing about life insurance is that by the time it’s needed, it will be too late to get it. Later will be too late. Your family’s future security and financial well-being is up to you, so it’s important not to postpone buying life insurance.

Largest Life Insurance Companies In Missouri

There are many life insurance companies operating in Missouri. Here are the five largest, measured by market share:

Company Market Share
New York Life 9.79%
State Farm 7.60%
Northwestern Mutual 6.81%
Primerica 3.87%
Southern Farm Bureau Life Insurance 3.70%

Average Cost Of Life Insurance In Missouri

Average Cost Of Life Insurance In Missouri For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $12.03 $15.02
Mass Mutual $10.01 $15.02
Nationwide $12.03 $20.02
Transamerica $14.04 $17.01
State Farm $21.05 $31.03

*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker

Average Cost Of Life Insurance In Missouri For Males

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $10.02 $19.01
Nationwide $11.04 $18.02
Mutual of Omaha $12.04 $20.05
Transamerica $14.02 $34.03
State Farm $26.02 $41.04

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Missouri

The price of life insurance in Missouri is influenced by a number of factors, including:

  • Age
  • Health status
  • Smoking habits
  • Gender
  • Credit score
  • Riders added to your policy

It’s not extraordinary for males to have more expensive life insurance premiums than females because on the average, men tend to have shorter life spans than women. This is more or less the way it works with insurance premiums for smokers.

Male and female smokers almost always pay higher rates for life insurance because they have shorter life spans on average than nonsmokers. Insurance providers in Missouri may look at other factors, also, such as your credit score or health status, when they’re calculating your premiums. If you add riders to your policy, a child rider perhaps  or a disability waiver of premium, this will also cause more costly rates.

How Much Life Insurance Do You Need In Missouri?

The amount of life insurance that will be adequate depends on your unique situation.  Homeowners, for example, typically need more life insurance than those who rent. Those with dependents ordinarily need more coverage, too.

Life insurance agents are likely to advise you to purchase coverage of ten to twenty times your annual wages to make sure there’s adequate coverage for your family. For instance, if your yearly income is $75,000, you may need coverage ranging from $750,000 to $1.5 million in order for your loved ones to live comfortably.

Missouri Life Insurance Laws To Know

If you’re planning to buy life insurance in Missouri, you might find it helpful to become familiar with the state’s guidelines that were put in place to protect policyholders. These laws include:

Contestable Period

Life insurance companies in Missouri may deny paying a claim if it is discovered that the policyholder furnished false or misleading information on their application, within the first two years of the policy’s effective date. But, once two years have elapsed the insurer cannot contest the application because of any errors or discrepancies.

Free Look Period

After you receive your life insurance policy, you’ll have ten days to review it. If you decide that you don’t want the policy within this ten day period, you can return it without incurring a penalty, and receive a full refund for any premiums you have paid.

Grace Period For Missed Payments

If you miss a payment, Missouri law allows you a thirty day grace period. During this time, you’ll be able to make the payment without losing your insurance.

Time Allowable To Settle A Claim

Beneficiaries must file a claim with the insurance company in order to receive benefits. Once the claim has been filed, life insurance companies in Missouri must pay the claim within thirty days.

Guaranty Fund Protection

If your insurance company goes bankrupt, Missouri’s Guaranty Association will cover up to $300,000 of your death benefits and as much as $100,000 of your policy’s cash surrender value.

FAQs

Is life insurance more expensive in Missouri?

No, it’s similar to the rates in other states across the country. companies who charge higher rates might do so because they have paid out more claims than were anticipated.

What is the average monthly cost of life insurance in Missouri?

Life insurance rates for the average 30 year old man in Missouri are around $10.99 monthly for $250,000 of coverage. The same coverage amount for a 30 year old female in Missouri will cost about $9.50 monthly.

How much per month is a million-dollar life insurance policy in Missouri?

According to my research, MassMutual has the best rates for a 10 year term life policy of $1 million in Missouri, with a premium of around $25 per month.

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