Missouri Life Insurance

Missouri life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

  • Briefly describes Missouri life insurance regulations.

  • Explains the protection of the Missouri Guaranty Association.

  • Links to more information about life insurance in Missouri

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Missouri life insurance rights and regulations

The insurance industry in Missouri is regulated under Chapter 376 of the Missouri Revised Statutes. These statutes outline claims procedures and policy requirements for the benefit of consumers and insurers alike.

Under one such law, life insurance companies are legally entitled to the "reasonable investigation" of a claim before settling. In most cases, this means an insurer will settle within 60 days of receiving proof of loss (usually a medical or police report). However, if there are any questions as to the identity of a policy's beneficiaries, the settlement period can become quite long.

Missouri insurance law also outlines rules regarding truth in application. Purposeful misrepresentation on a life insurance application or policy can be considered fraud and prosecuted accordingly.

Inaccuracies or ommisions on a policy or application can be discovered and investigated by an insurer during the first two years of coverage. Their discovery can result in policy cancellation and the denial of claims.

Unlike many states, Missouri does usually recognize death by suicide as a valid claim, even during the first two years of coverage. However, such a claim may be denied if the insurer can show that the insured contemplated suicide before the policy's purchase.

Missour law does not require that insurance companies release information at their policyholders request. However,most insurers will comply with a written and signed request.

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If you are ready to apply for a Missouri term life insurance policy, or if you just want a quick online quote, visit Netquote now.
If you are not sure about what type of life coverage you want, you can also try Insurecom. They will put you in touch with agents who can answer any questions that you might have.

The Missouri Life Insurance Guaranty

The Missouri Life and Health Insurance Guaranty Association will help protect you against an life insurance company's failure. Life insurance companies in Missouri pay fees to belong to this organization, which, in turn, agrees to make some compensation for lost policies should an insurer go bankrupt.

However, there are restrictions on this protection. In Missouri, the compensation for lost death benefits is limited to $300,000, and the compensation for lost cash surrender is limited to $100,000. These limits hold even in the event multiple policies with a higher total amount of coverage.

And in order to qualify for this protection, your insurer must be licensed in the state of Missouri. To check the status of an insurer, you can contact the Missouri Department of Insurance at (573) 751-4126 or 1-800-726-7390.

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Apply for a quote with confidence at Netquote
(for Missouri term life insurance), or Insurecom.
Your insurer will be licensed in Missouri.

More MO life insurance help

If you want more help getting the best value on your MO life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about MO life insurance laws and regulations, visit the state's official website at the Missouri Department of Insurance.

For more help . . .

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

Our free life insurance course is designed to help you do just that.

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