10 Best Life Insurance Companies in Missouri


Life insurance companies in Missouri can help you find a policy to protect your loved ones.

Key Terms

  • Life Insurance covers the expenses that arise when somebody passes away.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your dependents and loved ones should you pass unexpectedly.
  • Missouri life insurance companies can help you find a life insurance coverage policy to suit your needs and budget.

Missouri is known as the Show-Me State and is located in the central region of the United States. It’s bordered by Iowa to the north, Illinois to the east, Arkansas to the south, and Kansas to the west. With a population of 6.1 million people, it’s the 19th-most populous state. The largest city in Missouri is Kansas City which has a population of 507,928 residents. The state capital is Jefferson City which has a population of 42,838.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Missouri is approximately 75.1 years which is significantly lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Missouri have been heart disease, cancer, and Covid-19. The homicide rate in Missouri is around 14.0 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Missouri, the 90th percentile income is currently $93,080. The median income in the state is approximately $38,130. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Missouri, this works out to around $930,800 – $1,861,600 dollars for most people.

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How life insurance works in Missouri

Life insurance is easy to understand. Basically, you pay a premium, and the insurance company promises to pay a lump sum to your beneficiaries if you die. It’s like most other types of insurance, in the sense that you are insuring against an unlikely but catastrophic event.

There are three main types of life insurance that you may want to consider: term life insurance, whole life insurance, and universal life insurance. Term life insurance pays a benefit to your beneficiaries if you die during the term of the policy. The term is typically 10, 20, or 30 years, and the benefit amount is fixed. If you die after the term expires, your beneficiaries do not receive anything.

Whole life insurance pays a benefit to your beneficiaries whenever you die, regardless of when that is. You pay a higher premium for whole life insurance than for term life insurance because the insurer knows that it will have to pay a benefit eventually. Whole life insurance also has a cash value that builds up over time. Depending on your policy, you may be able to borrow from this cash value or pay your premiums with it.

Universal life insurance is another type of whole life insurance that has some flexibility built into it. With universal life insurance, you can adjust your premium up and down as needed, and you can also adjust the death benefit amount up or down without having to cancel and reapply for a new policy.

Nearly everyone should purchase term life insurance. When in doubt, your best bet will be to consult with an independent insurance agent. A independent licensed insurance agent will be able to help you understand your options and find the best policy for your needs and budget.

In the state of Missouri, the Missouri department of insurance can answer any faqs you have about rules aroundenrollment periods and annuities. A life insurance agent who works for a life insurance agency can help you consider different life insurance products and find a life insurance plan that provides you the right coverage amount for the right period of time.

10 Biggest life insurance companies in Missouri

Missouri life insurance companies ranked by premiums written in the state.

RankCompany NameMissouri
Premiums Written
Missouri
Market Share
1Northwestern Mutual$297,091,2429.10%
2New York Life$203,085,7846.22%
3Metropolitan$186,282,0245.71%
4Prudential$162,137,1204.97%
5Lincoln National$144,487,0584.43%
6State Farm$136,176,1024.17%
7Minnesota Mutual$114,961,7233.52%
8Mass Mut Life Ins$87,486,2622.68%
9Pacific Life$80,507,2172.47%
10Hartford Fire & Cas$69,588,5472.13%

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How much life insurance do you need in Missouri?

The 90th percentile salary in Missouri is approximately $93,080. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In Missouri that works out to around $930,800 – $1,861,600. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Missouri life insurance laws

There are a few unique features with respect to Missouri Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • Free look period: For Missouri  life insurance policyholders, there is a free look period mandated by law of at least 10 Days. This means that your purchase of a life insurance policy can be refunded without penalty if you decide to terminate your policy within this period
  • Grace period: This is the amount of time, after a premium payment is due, to make the payment to maintain your coverage. In Missouri, insurers are required to provide policyholders with a grace period of up to 30 days.
  • Timely claims settlement: In Missouri, life insurance companies are required to pay claims promptly. Most claims are settled within 30 days, if not sooner. Failure to settle the claims on time can result in the insurance provider facing fines.
  • Contestable period and incontestability: In Missouri, this is the two-year period during which your insurance provider can dispute the claim application for discrepancies or misinterpretations. After these two years, the policy’s coverage is becomes incontestable.

It is important to have life insurance because it provides financial protection for your family in the event of your death. If you are the primary breadwinner for your family, life insurance can replace your income and help your family maintain their standard of living. It can also pay for final expenses, such as funeral costs and outstanding debts. Life insurance can give you peace of mind knowing that your loved ones will be taken care of financially if you are no longer there to provide for them. It is one of the most important investments you can make in your family’s future.

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Joshua Holt

Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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