Life Insurance in Missouri

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Buying Life Insurance in Missouri is Easier Than You Think!

“Nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Life is famously unpredictable. And although Mr. Franklin’s famous quote about our inevitable demise is true, there’s still uncertainty surrounding the when. That’s why life insurance exists. We never know when we might go, and the best thing we can do for those we love is to be prepared in the worst-case scenario. 

If you’re thinking about life insurance, and are wondering if it’s right for you, you’ve come to the right place.

What are the Advantages of Life Insurance?

Insurance is reassurance. If you have anyone in your life who may be financially affected by your death, be it funeral costs, sudden loss of income, or inheritance of debt, life insurance can help ease their burden.

Beyond that, if the benefits are more than enough to cover any initial costs, the money act as a part of an inheritance. Larger payouts could act as paying off a mortgage, or part of a college savings for your children.

No one should have to stress over money when dealing with the loss of someone close to them. Life insurance eases that financial burden.

Unsure about whether life insurance is right for you? Read more about the benefits here!

What Does Life Insurance Cover?

Life insurance coverage can be different from policy to policy, but in general, we will be looking at two categories: What the beneficiaries can use the money for, and what causes of death are covered. 

Beneficiaries can usually use the money any way they need to. This could include:

  • Paying off debts
  • Education costs
  • Daily expenses
  • Care for dependents
  • Funeral or medical costs
  • And more

Life insurance policies usually cover deaths caused by: 

  • Natural causes
  • Accidents
  • Homicide (except if the beneficiary played a role)
  • Suicide (if covered, usually only after a period of time after purchasing the policy, i.e. 2 years)

Life insurance will not cover you if your plan is expired, you die committing a crime, you die during an exclusionary activity (i.e. you’ve lowered your premiums by specifying that you won’t be covered if you die during high-risk sports), or if you’ve committed insurance fraud. 

Want more information on life insurance in Missouri? Check out the Missouri Department of Insurance!

The Cost of Life Insurance in Missouri

Everyone’s life is different, and some of these differences can impact life insurance rates. Depending on what type of coverage you want, how much you’d like the beneficiaries to receive, and your lifestyle, you may be paying more or less than the average Missourian. In Missouri, rates generally fall around $50 per month, coming in at around $590-$600 a year. 

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What Factors Affect Life Insurance Premiums in Missouri?

As with any type of insurance, some factors can affect the cost of life insurance. Common causes of price changes in life insurance in Missouri are:

Age — With a longer life expectancy and less risk, younger shoppers often enjoy lower premiums. Many life insurance policies don’t change premiums—meaning that if you buy life insurance while you’re young, you enjoy the lower rates so long as you hold that policy. As you get older, the price of starting life insurance will almost always rise.

Sex — With a longer life expectancy (and therefore more years to pay premiums) women often receive slightly lower rates than men.

Health HistoryNot only your personal health history, but your family health history can play a role in how much you pay for life insurance in Missouri. Many policies require a health examination before they’ll determine your rates, though there are companies that offer plans with no exam. Often, these cost more.

Hobbies — Don’t worry. You’re not going to see a spike in your life insurance rates if you enjoy painting over knitting. But you might if you frequently participate in high-risk activities. If you’re a lover of skydiving, motorcycle racing, mountain climbing, or other extreme sports and high-risk hobbies, you may find you have higher rates than your friends who prefer reading and playing chess.

Smoking HistorySmoking comes with health risks, and life insurance companies aren’t a big fan of health risks. If you smoke, expect to see higher premiums.

Policy TypeTerm life insurance usually costs less than Permanent/Whole. However, other policy types within Whole insurance have their own rates.

Bundling — You can often save on life insurance if you bundle it with other insurance plans like homeowners or auto insurance!

Curious what rates are available to you? G&G Insurance can help you find a quote in no time!

Happy Family

What are the Differences Between Term and Whole Life Insurance?

The two most basic categories of life insurance are Term and Whole (also called Permanent).

With Term life insurance, you choose a plan that covers you for a set time like 10, 20, 30 years, etc. If you die during that time, the insurance policy is carried out. If, however, you are still living when the policy expires, you are no longer covered and no benefits are paid. 

Whole life insurance has no expiration date. It lasts your entire life with a guaranteed payout when you pass. It also involves investing and can be used as a temporary loan service—though this can affect how much is provided upon your death. 

Term life insurance is less expensive than whole life insurance, but it comes with fewer benefits. If you’re wondering which option is better for you, give us a call! We’d be happy to talk it through with you. 

Where Do I Start? A Step-By-Step Guide to Buying Life Insurance!

  1. Decide what type of life insurance policy you need: Term or Whole.
  2. Add up your current monthly expenses, planned future expenses, and estimated funeral costs to help determine how much money your loved ones would need if you unexpectedly passed. Then multiply this by the number of years you wish to provide for them. This gives you a good estimate of desired coverage.
  3. Research various policies available to you. G&G Independent Insurance allows you to search over 50 companies at once! 
  4. Speak with an advisor and purchase your plan! Our agents can help you with any questions you may have. We’ll help you find a plan that works for you.

 

Also, check out our Things to Know Before Shopping for Life Insurance!

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