Missouri Life Insurance
A Missouri life insurance policy is one of the most practical steps you can take in ensuring the security of your loved ones.
By using InsureMe's free referral service, we can provide you with up to five free quotes to help you compare rates for the most affordable Missouri life insurance.
Missouri Life Insurance: Questions Answered
What is life insurance?
Life insurance policies are sold by insurance company to help meet the financial needs of your family in the event of your death.
Why do I need Missouri life insurance?
Life insurance is considered by many to be the cornerstone of sound financial planning. A Missouri life insurance policy can help protect your family in the event of your death by providing funds to pay for bills, taxes and other necessities.
What kinds of Missouri life insurance are available?
The most common types of Missouri life insurance are term and whole, or permanent.
Term life insurance provides protection for a short period of time. Terms generally last anywhere from 1 to 30 years and must be renewed. Term life is a good choice for covering debts that will be alleviated with time such as a mortgage or car loan.
It is important to note that Missouri term life insurance does not build cash value and your family may only collect a death benefit if you pass away during your term.
Whole life insurance is meant to be kept throughout your life, which means as long as you pay the premiums a death benefit will be paid. In most cases, Missouri whole life insurance policies build cash value. You may borrow against this cash value, but it must be paid back or your beneficiary will receive a reduced death benefit.
How much life insurance do I need?
Unfortunately, there is no magic formula to asses your Missouri life insurance needs.
According to the Life and Health Insurance Foundation for Education, the average American has $110,000 in life insurance coverage — roughly three times his or her gross income. However, after an analysis of all the things your Missouri life insurance needs to cover, you may find that you need upwards of 10 or 15 times your gross income.
If you have dependants, you will need to consider short term expenses when purchasing Missouri life insurance. Short term expenses include funeral and burial costs, estate tax and outstanding medical bills not covered by health insurance.
You will also need to consider long term expenses for your beneficiaries such as mortgage payments, college tuition and retirement savings for your partner or spouse.
If you do not have dependants, you will still have economic responsibilities to consider. You may want to purchase Missouri life insurance so that you will not cause financial hardship to others if you die. Or, you may want to leave money for close family and friends or make a donation to your favorite charity.
If you are a young person without dependants, you will want to purchase your Missouri life insurance as soon as possible to lock in a good rate for years to come.
How often should I review my Missouri life insurance policy?
The Insurance Information Institute (I.I.I.) recommends reviewing your Missouri life insurance policy after the following:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- Significant changes in your health or that of your spouse or partner
- Taking on the financial responsibility of aging parents or family members
- Buying a new home or refinancing your home
- Coming into an inheritance
Reviewing your policy after these life events will help you to make accurate adjustments to your Missouri life insurance policy.
What if I still have questions?
The Insurance Information Institute has a wealth of information via Internet. You may also direct questions to the Division of Consumer Affairs within the Missouri Department of Insurance at (573) 751-2640, or you may contact the American Council of Life Insurers at (202) 624-2000.
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