Missouri Life Insurance (MO)

The state of Missouri has some laws and regulations in effect that help to protect consumers and insurers when investing in life insurance.

Missouri Life Insurance Laws Protecting Consumers (MO)

The insurance industry in the state of Missouri is regulated by Chapter 376 of Missouri’s Revised Statutes. Life insurance consumers and companies are protected under these laws, where policy requirements and claims procedures are outlined.

A thirty day grace period for all late payments to be received is in place. A life insurance policyholder is allowed a minimum of one month to catch up on a life insurance policy without worry of a policy being terminated. As long as the correct payment is received during this window, coverage shall continue without interruption.

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Missouri Life Insurance Laws and Regulations Protecting Insurers (MO)

Protections are also in place for Missouri insurance companies:

• Suicide is not recognized as a valid claim.
• A “reasonable investigation” may be completed by an insurer before a claim is settled. Usually claims are settled within 60 days of receiving proper proof a death, but can take longer if any issues arise.
• During the first two years of a policy’s life, an insurer may terminate a policy if any fraudulent or misleading statements are found. Claim denial is an additional result of such findings.

Additional Missouri Life Insurance Regulations (MO)

If your insurance company is licensed in the state of Missouri, your life insurance policy will be backed by the Missouri Life & Health Insurance Guaranty Association. Should your insurance company become bankrupt, the Guaranty Association will help to compensate your lost policy.

Restrictions have been put into place as to the limits of compensation:

• $300,000 for a lost death benefit.
• $100,000 for lost cash surrender.

These limits hold true, no matter the number of policies held or total dollar amount.

In order to qualify for these protections, not only must your insurer be licensed in the state, but your policy premiums must be current.

Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.