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|
*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|
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.
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
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
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.