Finding the Best Life Insurance in Missouri

Trying to figure out which life insurance company is right for you in Missouri can feel overwhelming. With so many options to choose from, how do you know you’re getting the best deal? As a Missouri resident myself, I’ve done the research to find the top life insurance companies in our state based on price, financial strength, policy options, and more.

In this comprehensive guide, I’ll walk you through everything you need to know to find the perfect life insurance policy for your needs and budget as a Missourian. Whether you’re looking for term, whole, no medical exam, or final expense insurance, I’ve got you covered.

Factors That Affect Life Insurance Rates in Missouri

While life insurance rates are mostly based on personal factors like your age health and lifestyle, your location can also play a small role. Here are a few things that may impact what you’ll pay for coverage in Missouri specifically

• State regulations – Rules like grace periods and free look periods vary by state and can influence costs, Missouri has a 30 day grace period for late payments

• Cost of living – Missouri has a relatively low cost of living compared to national averages, which may allow for lower premiums.

• Competition – With over 200 life insurance companies licensed in the state, competition helps keep rates affordable.

• Taxes – Missouri taxes life insurance death benefits the same as federal taxes, avoiding extra costs.

• Health and lifestyle – Rates can be 2-3x higher for tobacco users versus non-smokers in Missouri. The state has a 19.6% smoking rate.

While your personal situation has more impact, where you live can subtly influence the options and pricing you’ll see from life insurance companies.

Top Life Insurance Companies in Missouri

Based on pricing, financial strength ratings, customer satisfaction, types of policies offered and more, here are my picks for the top insurers providing coverage to Missouri residents:

1. Legal & General America

With an A+ rating from AM Best and affordable rates even for smokers and people with health conditions, Legal & General America stands out as the best overall life insurance company in Missouri.

Key perks:

• Term lengths up to 40 years
• Coverage for marijuana users
• Competitive pricing for diabetics
• Policies available if you’ve had a stroke
• Children’s life insurance rider option

2. Lincoln Financial

Lincoln Financial shines for applicants with pre-existing conditions thanks to flexible underwriting. They also offer some of the lowest rates for daily marijuana users.

Key perks:

• Covers diabetes, even with complications
• Offers preferred rates to some marijuana users
• Policies for certain mental health disorders
• Availability after recent heart attack or cancer
• Multi-life discounts when bundling policies

3. MassMutual

With high ratings for financial strength, products, and customer service, MassMutual is my choice for the best whole life insurance in Missouri. Their dividends lead the industry too.

Key perks:

• Whole life, term, and universal policies
• Strong dividend payments on whole life plans
• Policies guaranteed up to age 121
• Coverage for mild depression and anxiety
• Family and group coverage options

4. Prudential

Prudential wins for the best life insurance for seniors over 60 in Missouri thanks to their lenient health guidelines and no-exam option.

Key perks:

• No medical exam policies to $1 million
• Covers conditions like atrial fibrillation and COPD
• Accepts more health issues than competitors
• Plan for up to $2 million coverage
• Term lengths up to 40 years

5. Brighthouse Financial

With completely digital, no medical exam life insurance and low rates for young adults, Brighthouse Financial rounds out my top picks.

Key perks:

• No medical exam policies from $100k-$2 million
• Low pricing for applicants 18-50 years old
• Fast digital application process
• Decisions in as little as 24 hours
• Term lengths from 10-30 years

No matter what you’re looking for in life insurance protection, one of these highly rated companies is likely to have an option that fits your needs in Missouri.

Average Cost of Life Insurance in Missouri

Wondering what kind of budget you’ll need for life insurance? Here are the average monthly premium costs in Missouri based on a 20 year $500,000 policy for a healthy 35-year-old:

• For men – $30.79
• For women – $25.76

Of course, your specific rates will depend on personal factors like age, health, lifestyle, and the policy amount you choose. I always recommend getting quotes from multiple insurers, since costs can vary significantly.

What Happens if a Life Insurer Goes Bankrupt?

The regulations in Missouri make it very rare for a life insurance company to go bankrupt. But if the worst somehow happened, the Missouri Life and Health Insurance Guaranty Association (MO-LHIGA) provides protection.

Here’s how MO-LHIGA would help:

• Covers $300,000 in death benefits if your insurer is insolvent
• Provides up to $100,000 in cash surrender value
• Also covers up to $300,000 for health insurance claims

So while bankruptcy is extremely unlikely, it’s reassuring to know your benefits have backup protection.

How Can I Find a Lost Life Insurance Policy?

If you think a loved one had a life insurance policy but aren’t sure where, here are some options to locate it in Missouri:

• Check with MO-LHIGA’s life insurance policy locator
• Contact previous employers that may have provided group life insurance
• Search the Missouri unclaimed property fund
• Look for bank lock boxes or files at home
• Request a policy locator service from insurers

Getting professional help from a licensed life insurance agent can also make a big difference in tracking down a lost policy.

Key Missouri Life Insurance Laws to Know

Understanding some of the protections and benefits provided by Missouri life insurance laws can help you make the most informed decision:

• 30 day grace period for late payments before the policy lapses
• 10 day free look period to review a new policy and cancel for any reason
• 2 year contestability period where the insurer can contest claims for intentional misrepresentations

Knowing your rights as a Missouri policyholder gives you confidence from the start.

Find the Best Life Insurance Company for You

There are lots of great life insurance options available to residents of the Show Me State. By understanding the policies, protections, and average costs, you can shop for coverage wisely. I recommend comparing customized quotes to find the perfect fit.

While costs and financial ratings are important, make sure you also look for a company that provides an easy application process and helpful support if you ever need to file a claim. If you’re not sure where to start, an independent agent can offer guidance specific to your situation.

With a little research, you’ll be able to find life insurance coverage from a top Missouri provider that gives both you and your loved ones financial peace of mind. The value in knowing you did the groundwork to get the right policy for your needs is absolutely priceless.