Best Life Insurance Companies in St. Louis

Frequently Asked Questions

• Are there any tax advantages associated with the living benefits of a permanent life insurance policy in St. Louis?

  Yes. The cash value accumulated under a permanent life insurance policy in St. Louis is tax-deferred. This means that policyholders are not liable for taxes on the cash value's growth until they make a withdrawal. Policy owners have the option to utilize loans or withdrawals against the cash value to cover various expenses, such as funding college tuition or making a down payment on a home.

• How do life insurance rates in St. Louis vary between men and women?

  In St. Louis, the average monthly premium for a $250,000 life insurance policy is $19 for men and $17 for women. However, when opting for the recommended coverage amount of $625,000 in Missouri, the average monthly rates rise to $36 for men and $32 for women. Additionally, average premium costs can fluctuate significantly based on the length of coverage.

• Which life insurance policy can help St. Louis beneficiaries pay off mortgages?

  A mortgage cancellation life insurance policy in St. Louis offers protection to policyholders' loved ones if they pass away unexpectedly. It is important for potential buyers of this insurance to be cautious and not accidentally acquire it through unsolicited offers. The reason for this is that there are policies available that lack flexibility and primarily cover the mortgage itself rather than providing benefits directly to the policyholder and beneficiaries.

• What are the two basic types of term life insurance policies in St. Louis?

  In St. Louis, term life insurance policies generally fall into two primary categories: level and decreasing terms. Under a level-term policy, the death benefit remains consistent throughout the policy's duration. On the other hand, the death benefit decreases gradually over time, while the premium usually remains unchanged in a decreasing-term life insurance policy.

• Is cash value an additional benefit under a traditional whole life insurance policy in St. Louis?

  No, cash value serves as an alternative benefit available to St. Louis life insurance policyholders. It is generated through the combination of premium payments and investment returns. As an alternative benefit, policyholders can use the cash value they have accumulated throughout their lifetime to cover diverse expenses, including educational or retirement income costs.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.