Life insurance provides your beneficiaries with financial support when you pass away. MoneyGeek reviewed average rates for life insurance companies in St. Louis, Missouri, across different buyer profiles and insurance providers, to help you find the best insurer for your needs.
Best Life Insurance Companies in St. Louis, MO
Updated: May 22, 2024
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BestLife InsuranceSt. Louis, MOBest Life Insurance Companies in St. Louis, MO, for 2022
Most Popular in Missouri - Northwestern Mutual
Best for Young People - Transamerica
Best Cheap Life Insurance in St. Louis
For a policy with a coverage amount of $250K, MassMutual offers the cheapest life insurance in St. Louis for male buyers at $10 per month, while Nationwide has the best rates for female buyers at $9 per month.
A $250K coverage limit costs less but offers fewer benefits for your loved ones after you pass away. The higher state-recommended coverage limit of $625K, which accounts for average cost of living, age, income and personal debt, would provide more coverage for your dependents.
The cheapest insurer for Missouri’s recommended coverage limit of $625K for men is Nationwide, at $16 per month, while Mutual of Omaha is the cheapest for women, at $14 per month.
Cheapest Life Insurance Companies for Males and Females in St. Louis
Cheapest For | $250K Coverage | $625K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | Nationwide | Mutual of Omaha |
Life Insurance Costs in St. Louis for Men and Women
The average cost of life insurance varies by gender. According to MoneyGeek’s research, the cost of a $250K-coverage life insurance policy for both men and women is less than 1% higher in St. Louis than the average cost of life insurance in the state of Missouri.
MoneyGeek determined average life insurance rates in St. Louis for male and female buyers based on the coverage level and duration of the policy. We found that men pay an average of $19 per month for $250K of coverage, while women only pay $17 per month.
For the state-recommended coverage limit of $625K, average rates increase to $36 per month for male buyers and $32 per month for women.
The average cost of premiums also varies significantly depending on the duration of coverage. For a 10-year term policy, regardless of the coverage amount, the average monthly rates for men and women are $24 and $21, respectively.
Average Monthly Life Insurance Rates in St. Louis: Men
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $29 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $33 |
Average Monthly Life Insurance Rates in St. Louis: Women
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $26 |
| State Farm | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $31 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in St. Louis using average buyer profile statistics, including the average age of 31, the average weight of 200 pounds for males and 159 pounds for females, and an average coverage need of $625,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Gender is one of the main factors that determine life insurance rates. Women pay lower premiums than men because they live longer. According to research, men often die earlier than women because they take more risks and are more prone to life-threatening health conditions, like heart disease.
Although women have a longer life expectancy than men, studies show that they are less likely to get life insurance coverage. However, women should consider purchasing coverage because they provide valuable economic support, whether they’re working full time or staying home.
Most Popular Life Insurance Companies in Missouri
According to MoneyGeek’s findings, Northwestern Mutual, State Farm and Lincoln Financial are the most popular insurance companies in Missouri, with respective market shares of 11%, 6% and 5%.
The seven best insurance companies in St. Louis, Missouri, comprise 37% of the market segment share in the state. These companies are listed, alongside their market shares, in the table below.
Most Popular Life Insurance Companies in Missouri
| Northwestern Mutual | Market Share11% |
| State Farm | Market Share6% |
| Lincoln Financial | Market Share5% |
| Prudential | Market Share5% |
| New York Life | Market Share4% |
MONEYGEEK DICTIONARY
An insurance company’s market share refers to the percentage of insurance policies it has sold in comparison to other insurers within the same industry. Insurers with a higher market share are more popular than their counterparts. MoneyGeek obtained companies’ market share data from the state’s total premium included in the 2020 S&P Global Data reports.
Cheapest Life Insurance for Young People in St. Louis
In St. Louis, young people pay between $13 and $22 per month for life insurance coverage. According to MoneyGeek, the following companies offer the cheapest life insurance in St. Louis for young buyers:
- Transamerica: $13 per month
- Mutual of Omaha: $15 per month
A complete list of the most affordable life insurance policy providers for young people in the city is available in the table below.
Best Life Insurance Companies for Young People in St. Louis, MO
| Transamerica | Monthly Cost$13 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$15 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$18 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Missouri who is 5 feet 10 inches tall and weighs 170 pounds with a 20-year term contract at the average coverage need of $260K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Buyers who are age 25 and under pay less for life insurance coverage in St. Louis. Because the cost of premiums increases as you get older, we recommend that you purchase a life insurance policy when you’re young to save money.
Cheapest Life Insurance for Seniors in St. Louis
Older buyers in St. Louis can purchase life insurance from $39 to $80 per month. As per MoneyGeek’s analysis, the following companies offer the cheapest life insurance for seniors in St. Louis:
- MassMutual: $39 per month
- Mutual of Omaha: $44 per month
The following table lists the best life insurance companies in St. Louis alongside their respective rates for seniors.
Best Life Insurance Companies for Seniors in St. Louis, MO
| MassMutual | Monthly Cost$39 |
| Mutual of Omaha | Monthly Cost$44 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$52 |
| Progressive Life | Monthly Cost$70 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in St. Louis who is 5 feet 10 inches tall and weighs 200 pounds with a 10-year term contract at the average coverage need of $77K.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors are riskier to insure than young buyers because their policies will likely outlive them. Consequently, insurers typically charge seniors more for life insurance.
However, seniors can still get affordable life insurance by purchasing a policy with low coverage. Older buyers typically have financially independent beneficiaries, so they only need enough coverage for funeral expenses and arrangements. Considering this, MoneyGeek analyzed rates for seniors for a lower policy limit of $100K.
Cheapest Life Insurance for Smokers in St. Louis
If you’re a smoker, you’ll pay between $108 and $210 per month for a life insurance policy in St. Louis. Based on MoneyGeek’s research, the most affordable life insurance companies in St. Louis for smokers are:
- MassMutual: $108 per month
- State Farm: $109 per month
The following table lists the best life insurance companies in St. Louis for smokers and their average rates.
Best Life Insurance Companies for Smokers in St. Louis, MO
| MassMutual | Monthly Cost$108 |
| State Farm | Monthly Cost$109 |
| Nationwide | Monthly Cost$111 |
| Mutual of Omaha | Monthly Cost$116 |
| Transamerica | Monthly Cost$121 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in St. Louis who is 5 feet 10 inches tall and weighs 200 pounds with a 20-year term contract at the average coverage need of $625K.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smokers typically pay more for life insurance because they’re more likely than other adults to develop health-related issues. However, buyers can still secure cheap coverage for smokers from several companies within the city. If you smoke, we recommend purchasing a longer-term (20-year) policy since rates spike significantly as you age.
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Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
sources
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed May 26, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed May 26, 2022.
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed May 26, 2022.
- S&P Global. "2020 Annual Report." Accessed May 26, 2022.