Life Insurance

Missouri Life Insurance Policies

Losing a loved one is one of the most painful experiences anyone can undergo. And, even though it often comes without warning, life has to go on. You want to make sure that your loved ones only deal with emotional pain and not financial strains. Having a life insurance coverage with BIMA is the best way to provide financial needs to your loved ones when you are no longer around.

Despite being optional, life insurance policies in Missouri are regulated by the state statutes. For instance; you get a 30-day grace period on late payments, a free-look period to decline a policy, and guaranteed death benefits and cash value even if your insurance provider goes bankrupt. Also, your insurance provider must pay claims within 60 days.

There are two forms of life insurance that you can take advantage of. They include:

Term life

Term life coverage offers temporary protection. When the insured passes away within the stipulated time, the beneficiary receives a specified death benefit. Term life insurance is popular for its flexibility, affordability, and fixed premium rates. This will work for those seeking short-term financial goals or those on a tight budget but still need insurance. Additionally, at the maturity of the term-life coverage, you can convert this policy to permanent life insurance.

Permanent life

Permanent life insurance is purposed to last the insured's whole life. This policy accumulates cash value over time, which the insured can access during the policy's life. Also, beneficiaries receive tax-free death benefits. You can opt for fixed premium payments with the whole life insurance or a more risky yet flexible option with the universal life insurance. This is the best option for long-term financial security.

There are several misconceptions about how life insurance works in Missouri. Talk to an agent at BIMA to help you understand what coverage meets your specific needs. Take the first step to securing your loved one's financial future by contacting us today.

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