Best Life Insurance Companies in Missouri

Life insurance can significantly help your loved ones by lifting the financial burden when you pass away. Several life insurance companies in Missouri offer reasonable rates and flexible coverage. Here at MoneyGeek, we identified the best life insurance companies in Missouri based on age, gender and smoking history. We rounded up the most popular and the cheapest companies available to help you determine the policy that matches your budget and needs.

tip icon

Best Cheap Life Insurance in Missouri

Through life insurance, you can help support your beneficiaries after you pass away. Take your time to learn about the different life insurance companies in your state before deciding to buy a policy.

MoneyGeek found that among the top life insurance companies in Missouri, MassMutual offers the cheapest average rates for male buyers for $250,000 in coverage, at $9.99 per month. For women, Nationwide is the most affordable company, at an average of $9.37 monthly.

The less coverage you buy, the less you’ll pay in monthly premiums. However, a low level of coverage might not be enough to cover the necessary ongoing expenses, especially if you’re supporting a young family.

In Missouri, an average person needs a life insurance policy worth $625,000. MoneyGeek determined this amount based on the cost of living, average income and other state-specific costs. Of course, getting a personalized quote is still the best way to know the exact costs needed.

For a policy worth $625,000, Nationwide has the most affordable average premium for men, at $15.83 per month. Meanwhile, Mutual of Omaha offers the cheapest premium for women at this coverage level, with an average rate of $14.03 monthly.

Best Cheap Life Insurance Companies in Missouri: Males

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $625k
  • Nationwide
    $10.63
    $15.83
  • MassMutual
    $9.99
    $16.16
  • Mutual of Omaha
    $11.03
    $16.93
  • Transamerica
    $15.09
    $28.93
  • State Farm
    $18.80
    $32.43
  • AAA
    $19.21
    $38.02
  • Progressive Life
    $22.32
    $43.16
  • Prudential
    $26.47
    $49.99
Best Cheap Life Insurance Companies in Missouri: Females

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $625k
  • Mutual of Omaha
    $11.03
    $14.03
  • MassMutual
    $9.40
    $14.19
  • Nationwide
    $9.37
    $14.75
  • Transamerica
    $13.01
    $26.16
  • State Farm
    $19.97
    $30.91
  • AAA
    $16.63
    $32.31
  • Progressive Life
    $19.62
    $39.52
  • Prudential
    $19.34
    $46.51

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Missouri using average buyer profile statistics in Missouri, including average age of 31, average weight of 200 pounds for males and 159 pounds for females, and an average coverage need of $625,000.

What Is the Average Cost of Life Insurance for Companies in Missouri?

Policy rates can change based on gender. Male and female life insurance quotes vary in Missouri. Because women have a longer life expectancy than men, they are more likely to acquire low-cost premiums.

Let’s consider a $250,000 policy coverage. To get this coverage, females must pay an average monthly premium of $16.67, while males will have to pay a monthly premium of $19.04 on average.

For a policy worth $625,000, average policy costs increase from $19.04 to $35.87 per month for men, a difference of roughly $16.83. For women, rates rise from $16.67 to $32.25 on average, an increase of about $15.58 monthly.

Most Popular Life Insurance Companies in Missouri

Before buying life insurance in Missouri, think about the company's financial stability and ability to pay claims. Larger companies with a greater market share are generally more stable.

To calculate a company’s market share, divide its number of premiums written by the total number of policies written in the state. In Missouri, the top three most popular life insurance companies control about 22.16% of the market. With an 11.24% market share in the state, Northwestern Mutual is the most popular.

Most Popular Life Insurance Companies in Missouri

Scroll for more

swipe icon
  • Company
    Market Share
  • Northwestern Mutual
    11.24%
  • State Farm
    5.81%
  • Lincoln Financial
    5.11%
  • Prudential Financial Inc.
    4.58%
  • New York Life
    3.91%
  • Pacific Life
    3.26%
  • MassMutual
    3.08%

Life insurance market share data for Missouri is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Missouri?

Age is one of the most important factors to consider when determining the cost of life insurance policies. A younger buyer looking for affordable life insurance quotes in Missouri will find lower rates because their age qualifies them as a low-risk individual. The following are the least expensive options for young people in this state, on average:

  • Transamerica: $13.09 per month
  • Mutual of Omaha: $14.99 per month
Best Life Insurance Companies for Young People in Missouri

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $13.09
  • Mutual of Omaha
    $14.99
  • MassMutual
    $15.35
  • AAA
    $16.50
  • Prudential
    $17.53
  • Nationwide
    $18.59
  • State Farm
    $21.48
  • Progressive Life
    $21.53

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Missouri who is 5 ft 10 inches and 170 pounds that purchases a 20-year term contract at the average coverage need of $260,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Missouri?

If you’re a senior looking for life insurance companies in Missouri, you may find that policies offered to you tend to get more expensive. You may still find affordable policies by lowering your coverage since you may no longer need to cover for adult dependents.

For this analysis, we considered a policy value of $77,000. At the very least, this coverage amount will include final burial expenses and other costs.

Based on MoneyGeek’s study, the best average life insurance quotes in Missouri for seniors include:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Missouri

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Transamerica
    $74.49
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Missouri who is 5 ft 10 inches and 200 pounds that purchases a 10-year term contract at the average coverage need of $77,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Missouri?

Life insurance quotes depend on your overall general health. The healthier you are, the cheaper policy rates will be offered to you. Whether or not you smoke is also a determining factor. Because smokers have a higher risk profile, life insurance companies in Missouri charge higher premiums for them than non-smokers. If you’re a smoker but with otherwise good health, you may still be able to find relatively reasonable life insurance quotes in Missouri.

The most affordable policies you can purchase if you’re a smoker are, on average:

  • MassMutual: $107.12 per month
  • State Farm: $108.34 per month
Best Life Insurance Companies for Smokers in Missouri

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $107.12
  • State Farm
    $108.34
  • Nationwide
    $109.99
  • Mutual of Omaha
    $115.56
  • Transamerica
    $119.76
  • Progressive Life
    $167.04
  • Prudential
    $167.28
  • AAA
    $208.34

Rates were determined by analyzing quotes for a 31-year-old male smoker in Missouri who is 5 ft 10 inches and 200 pounds that purchases a 20-year term contract at the average coverage need of $625,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Missouri Life Insurance Laws You Should Know

When you're ready to get life insurance, do your homework on the company or hire an independent broker to help you weigh your options. Also, take note of these life insurance laws and use them to your advantage.

  • The “free look period” is essentially a chance to try out a policy without having to pay anything. During this time, remember to address all the questions that are unclear to you. Under this law, you are entitled to a full refund if you decide that it’s not the right match.
  • The grace period is the amount of time you get beyond the due date to make up for any missed payments, which is normally no more than 30 days. Customers are protected under this regulation because service providers are prohibited from canceling plans due to late payments.
  • Allowable timelines to settle a claim is another law in favor of the buyer as it requires providers to resolve a claim within 30 days of receiving death paperwork. If the provider does not pay by the deadline, the amount outstanding will be subject to interest.
  • The contestable period is a right given to providers to contest a claim if they believe it is fraudulent. They have the authority to adjust the amount of a claim or even refuse coverage after additional investigation.

Methodology

MoneyGeek used per capita income from the U.S. Bureau of Economics, average mortgage debt and average age to determine the recommended life insurance coverage amount in Missouri. Apart from these factors, life insurance rates could change depending on each buyer’s personal and financial situation. You might require more or less coverage depending on your circumstances.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


sources