Missouri Life Insurance

Life insurance can be one of the most important investments a person can make, particularly if their family needs support and assistance following an unforeseen catastrophe. Providing for one’s family is important, but preparing for an uncertain future is just as necessary.

To help readers keep track of the various types of life insurance in Missouri and to learn more about how the industry works, we’ve pulled together a number of resources to keep you informed about various options in that state. Read on to get a better understanding of the industry and how you can take care of your life insurance needs quickly and easily.

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Stats in Your State

Understanding the scope and scale of the life insurance industry is hard for most people outside the industry, but The Simple Dollar has compiled key data points to illustrate the influence of the industry on a state level. Use the graphs below to get a better sense of the industry’s importance in Missouri.

Life Insurance in Missouri

As of 2011, Missouri residents had half a trillion dollars invested in life insurance policies, with annual death benefits and annuities totaling roughly $9 billion in payments that year.

Number of Licensed Life Insurers 505
Total Life Insurance Coverage $520 billion
Average Policyholder Coverage $99,000 per life insurance policyholder*
Amount Paid Out in 2011 $8 billion**
Amount of Paid Annuity Benefits in 2011 $1 billion
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

Roughly 16,000 Missouri residents are covered under life insurance policies managed by government-administered programs. The majority of those policyholders are part of the U.S. servicemen and women, and a significant minority are veterans and disabled veterans.

The Life Insurance Industry: Beyond Insuring You

The life insurance industry in Missouri is responsible for roughly 42,000 jobs in the state, as well as nearly $70 billion in investments statewide. Most residents are unlikely to consider the impact and benefit of life insurers throughout Missouri and the U.S. in general.

Job creator 42,000 jobs created
Invested in Missouri 's Economy Invested in Missouri’s Economy $69 billion invested in Missouri’s economy
Source: ACLI.com

Rules in Your State

The provisions and regulations listed below apply directly to life insurance companies and their business practices, and relationship with consumers. To get familiar with how the law is structured, read through the links below and don’t hesitate to contact the Department of Insurance for guidance if needed.

Life & Accident Insurance Standards : This regulation sets forth specific standards for life and accident insurance policies and companies.

Life & Accident Insurance Specific Regulations: These regulations apply generally to life and accident insurers, and cover everything from corporate structure to claims payments.

General Provisions for All Insurers: Unfair Trade Practices

The Department of Insurance has set forth general unfair trade practices that apply to all insurers. The link above directs to the specific section of the legal code, while the links below lay out the specific unfair acts and practices:

Representatives & Resources in Your State

The resources below will help insurers better understand life insurance and learn more about how their local government oversees and regulates the industry. To get in touch with local agencies or for consumer advocacy support, follow the links below.

Missouri Department of Insurance
PO Box 690
Jefferson City, MO 65102-0690
573-751-4126
Contact Information
Complaint Resource
Use the complaint resource link to contact the Department of Insurance to file a specific complaint.
Life Insurance Information
The Department of Insurance has listed relevant life insurance information and tips at the above link.

Missouri Insurance Guaranty Associations
994 Diamond Ridge, Suite 102
Jefferson City, Missouri 65109
Get Directions
573-634-8455
Contact Information
The Insurance Guaranty Association provides financial support to insurers throughout the state, and backs up your policy in case your specific insurer fails or becomes financially unstable.