Best Life Insurance In Missouri

Life insurance is an essential investment for anyone who wants to secure their family’s financial future. However, with so many life insurance companies in Missouri, it can be challenging to choose the right one. That’s why we’ve done the research for you and compiled a list of the best life insurance companies in Missouri. In this blog post, we’ll take a closer look at each of these companies and what makes them stand out from the rest. Whether you’re looking for term life insurance, whole life insurance, or universal life insurance, we’ve got you covered. So, let’s dive in and find the perfect life insurance policy for you and your loved ones.

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Missouri Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Missouri

Condition Deaths in 2021
Heart Diseases 20,056
Cancer 13,555
External Causes 6,934
Lung Diseases 6,352
Nervous System Diseases 5,314

Life Insurance Laws In Missouri

Missouri’s life insurance laws are governed by Title 20 of the Missouri Code of State Regulations.

  • Insurers must provide a 10-day free look period or provide a buyer’s guide and policy summary before the insured makes the first premium payment (MO Ann. Stat. 376.706)
  • 31-day grace period (MO 376.726)
  • Interest begins to accrue on claims that take more than 30 days to settle (MO 374.191)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Montana’s life insurance laws and Nebraska’s life insurance laws are nearly identical to those of Missouri).

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Top Life Insurance Companies In Missouri

In the state of Missouri, there are several insurance companies that provide life insurance coverage to individuals and families. The top 50 companies in terms of 2022 premiums have been listed below, showcasing their rankings, company names, total premiums in Missouri for that year, and their respective market share percentages.

At the top of the list is Northwestern Mutual Group, ranking first in Missouri with $297,091,242 in premiums. This company holds a market share of 9.1%, indicating its dominance in the life insurance market within the state. Following closely is New York Life Group, securing the second position with $203,085,784 in premiums and a market share of 6.2%. Also noteworthy is Metropolitan Group, taking the third spot with $186,282,024 in premiums, representing a 5.7% market share.

Prudential Of America Group, ranking fourth, amassed $162,137,120 in premiums and holds a 5.0% market share. The fifth spot is occupied by Lincoln National Group, which collected $144,487,058 in premiums and has a 4.4% market share. State Farm Group follows closely behind with $136,176,102 in premiums, making up 4.2% of the market.

Minnesota Mutual Group, rounding out the top seven, collected $114,961,723 in premiums with a 3.5% market share. Mass Mutual Life Insurance Group, Pacific Life Group, and Hartford Fire Cas Group complete the top ten, with premiums of $87,486,262 (2.7% market share), $80,507,217 (2.5% market share), and $69,588,547 (2.1% market share) respectively.

While Northwestern Mutual Group dominates the market, it is evident that there are other significant players in the industry, such as New York Life Group and Metropolitan Group, which hold substantial market shares as well. These top 50 companies provide a variety of options for individuals and families to choose from when seeking life insurance coverage in Missouri.

Rank Company 2022 Missouri Premiums Missouri Market Share %
1Northwestern Mutual Group$297,091,2429.1%
2New York Life Group$203,085,7846.2%
3Metropolitan Group$186,282,0245.7%
4Prudential Of America Group$162,137,1205.0%
5Lincoln National Group$144,487,0584.4%
6State Farm Group$136,176,1024.2%
7Minnesota Mutual Group$114,961,7233.5%
8Mass Mutual Life Insurance Group$87,486,2622.7%
9Pacific Life Group$80,507,2172.5%
10Hartford Fire Cas Group$69,588,5472.1%
11Dai‐Ichi Life Holdings Group$62,918,0551.9%
12Mutual Of Omaha Group$61,923,6361.9%
13Sammons Enterprises Group$60,767,4481.9%
14John Hancock Group$60,543,4331.9%
15Principal Financial Group$56,252,9711.7%
16American Family Insurance Group$55,500,2931.7%
17Globe Life Group$53,793,7471.7%
18Thrivent Financial For Lutherans$52,595,7271.6%
19Aegon US Holding Group$52,396,5101.6%
20West Southern Group$48,786,7541.5%
21American International Group$47,861,7291.5%
22Meiji Yasuda Life Insurance Group$46,502,1411.4%
23Unum Group$41,528,8211.3%
24Missouri Farm Bureau Group$41,410,6151.3%
25Primerica Group$38,649,7781.2%
26Knights Of Columbus$37,909,3611.2%
27Guardian Life Group$35,514,2761.1%
28Zurich Insurance Group$34,627,3841.1%
29Shelter Insurance Group$33,204,2201.0%
30Nationwide Corporation Group$31,301,3771.0%
31Brighthouse Holdings Group$30,956,9131.0%
32Voya Financial Group$30,614,0900.9%
33Equitable Holdings Group$28,800,8670.9%
34Banner Life Group$26,135,8060.8%
35Genworth Financial Group$25,400,3730.8%
36Cuna Mutual Group$23,986,4670.7%
37Sun Life Assurance Company Of Canada Group$23,510,7890.7%
38Great West Group$22,669,1540.7%
39Penn Mutual Group$22,473,4730.7%
40Allianz Insurance Group$21,916,8440.7%
41Oneamerica Financial Partners Group$21,630,5380.7%
42National Western Life Group$20,518,4890.6%
43CNO Financial Group$20,439,3280.6%
44National Life Group$18,075,6450.6%
45Ohio National Life Group$18,067,6650.6%
46Kansas City Life Insurance Group$17,779,2170.5%
47Hopmeadow Holdings Group$17,086,6270.5%
48Sumitomo Life Insurance Group$17,016,9920.5%
49AAA Life Group$16,704,7950.5%
50American National Financial Group$15,642,5730.5%