Life Insurance in Missouri
Purchasing life insurance today is one smart move you can make as a Missouri resident to be sure that your loved ones will always be protected, even if you are not there to take care of them.
Life insurance at its most basic level is a contract between you and a life insurance company to pay a sum of money to your beneficiaries in the event of your death. This can help them cover your final expenses and help them make up for the lack of your income.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Missouri was ranked 39th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 77.73 years. With this in mind, people living in Missouri may want to consider their life insurance options.
Missouri life insurance specifics
The insurance industry in Missouri is regulated by The State Insurance Code of Missouri. The state uses this code to regulate claims and provide certain provisions to protect Missouri life insurance consumers. These provisions include:
- Grace Period
A grace period is allowed on all late payments under the Missouri state insurance code. If you miss a premium payment for any reason, all Missouri life Insurance providers must give you one month to bring the account current before the insurer can cancel the policy for non-payment. - Free Look Period
According to the Missouri state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period that you don’t want to keep it, you can cancel the policy for a full refund. Check your life insurance policy terms for how long your Free Look Period will last, as the length of time will vary based on your insurance provider.
Missouri life insurance state resources
Missouri Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers.
http://www.insurance.mo.gov/
Missouri Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Missouri, even in the event that a life insurance company becomes insolvent.
http://www.mo-iga.org/
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
www.standardandpoors.com/en_US/web/guest/home
www.moodys.com
