Best Life Insurance Companies In Missouri For 2024

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 For Seniors In Missouri

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

Best Life Insurance Companies For Young Adults In Missouri

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

Best Life Insurance Companies In Missouri For smokers

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

Cheapest Life Insurance Companies In Missouri

*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:

Average Cost Of Life Insurance In Missouri

Average Cost Of Life Insurance In Missouri For Females

*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

**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.