Missouri Life Insurance

SaveOnLifeInsuranceNow allows consumers to get no exam life insurance online, coverage from $5,000 – $1 million. Life insurers invest approximately $60 billion of their assets in Missouri’s economy and employ approximately 16,000 people in Missouri. 500 life insurance companies have a license to offer cheapest term life insurance products in Missouri. 30 life insurers are domiciled in the state.

3 million Missouri residents are covered by individual life insurance policies and have $510 billion in death benefit coverage, with $88,000 being an average policy coverage amount per person. Group life insurance coverage amounts to $220 billion. Annuity, dividends and death benefits paid to Missouri residents in 2008 totaled $7 billion.

Missouri Life Insurance Regulations

Each state has its own set of company and agent licensing requirements, product filing rules, etc. Chapter 376 of the Missouri Revised Statutes controls claims procedures and policy requirements in Missouri. The average claims settlement period can not exceed 60 days of receiving proof of loss. Purposeful misrepresentation on a life insurance application or policy can be considered fraud by life insurer. If discovered by a life insurance company, it can result in policy cancellation. Death by suicide is recognized as a valid claim in Missouri.

Missouri Health Facts

Missouri ranks 38 out of 50 states in terms of life expectancy. the life expectancy at birth is 75 years. The major causes of death in the state are cancer and heart disease. The data was taken from the American Human Development Report (2008-2009).

The total population in the state is 6 million people. 16% of Missouri residents are uninsured. The average annual income is $47,000. More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

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Missouri Department of Insurance

Financial Institutions & Professional Registration

301 West High Street, Room 530

P.O. Box 690

Jefferson City, Missouri 65102

Web site: http://www.difp.mo.gov/

Phone: (573) 751-4126

Consumer Hotline: (800) 726-7390