No one plans to have a heart attack tomorrow, to contract a deadly illness next week or to be in an accident this coming summer. Life in Missouri can be unpredictable (one reason we love it here, right?). That's why purchasing a life insurance policy to care for the loved ones we leave behind is so vital.
Before you search for life insurance quotes, however, careful research will help you decide what policy and coverages are best for you.
Simply stated, traffic fatalities are the leading cause of death for Missouri residents age 10 to 25. And according to the Centers for Disease Control, the leading causes of premature death in Missouri (heart disease, stroke, diabetes and cancer) are on the rise.
A life insurance policy will be there for your family members and loved ones when you no longer can be.
Most people don't start seriously thinking about buying a life insurance until they start a family and settle down in one of Missouri's great neighborhoods. At about the age of 30, most people realize they are not indestructible and they have real financial responsibilities.
It’s not too late at the age of 30, 40 or 50 or even later to buy life insurance that will protect your dependents from financial hardship or provide for them in retirement. However, the longer you wait, the higher your premiums will climb. Buying life insurance today can lock in a premium at a more affordable rate than it will be tomorrow.
The financial needs of your dependents as well as your financial plans should determine whether you should purchase whole life or term life insurance. Most Missouri insurance companies offer life insurance policies that can meet multiple financial objectives. So how do you decide which type is right for you and those you love?
Generally speaking, you have two options: term life insurance or permanent life insurance. Consider their differences:
Term life insurance:
Permanent life insurance: This long-term policy includes an investment component and can cover retirement expenses in addition to providing a death benefit. You have several options, including whole and universal life insurance.
Whole life insurance:
Universal life insurance:
Many people opt for life insurance policies designed to specifically cover the costs their family would pay to host their own funeral. With the average funeral in Missouri costing between $8,000 and $10,000, this type of insurance can protect your loved ones from going into debt in order to put you at rest:
Funeral insurance policies include the following:
Deciding which life insurance policy to purchase requires a bit of math. You will need to calculate a budget for your family in the event that you die before your time and cannot provide for them. Here are some figures:
The policy you choose will be unique to your financial situation and needs.
Like any type of insurance sold in Missouri, the cost of your life insurance premium will depend on the coverage you choose (whole versus term) and a number of additional factors:
The average cost of life insurance for a 30-year-old male who smokes is very different from the average cost for a 30-year-old non-smoking female.
Finding the most affordable yet comprehensive life insurance for Missouri residents is what the knowledgeable Trusted Choice® independent insurance agents do best. Your agent can help you to plan for your family's future and to start sleeping easy knowing you can provide for your family long after you're gone.
Contact an agent near you for insurance quotes that match your needs and budget.