Missouri Burial Insurance: 10 Authentic Questions

Jake Irving

Jake Irving is the Founder of Policy and has contributed to articles for Synchrony Financial, GoBankingRates, Yahoo News, UpCity, Zapier, LegalZoom, and more.

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In the Show-Me State, life is glorious, from beautiful Branson to Lake of The Ozarks and up to Thousand Hills State Park. This state is truly blessed with so many beautiful things to see and do.

The item that is not always at the top of Missourian’s mind is the cost of their funeral. This can be a major financial burden for loved ones and family members who will be expected to pay these expenses.

Fortunately, this is where a senior final expense life insurance plan can be a financial lifeline for loved ones.

10 Authentic Questions About Missouri Final Expense Insurance

1. What is Missouri Burial Insurance?

Final expense, burial, and funeral insurance all refer to the same coverage. The different names are marketing terms used to describe the intent of the policy’s death benefit.

Final expense is a type of whole life insurance coverage which means each policy comes with three main features.

Price Lock: The price will never rise, meaning the payment in the first month will be the same as the last. For seniors on fixed incomes, there is not a more important feature than this. A policy is only useful if you can make the premiums to keep it active.

Coverage Lock: The death benefit will never decrease, and your coverage will never expire. Other products on the market expire when you reach a specific age. Again, if the protection is not there when needed, the coverage is useless.

Builds Cash Value: For every payment made, a portion will go towards the cash value. Over time you will be able to borrow against the policy if you choose.

2. How Does Missouri Funeral Insurance Compare to Traditional Whole Life Insurance?

There are many similarities between funeral insurance and traditional whole life insurance, but two main differences make it a great option for countless Missouri seniors.

Funeral Insurance is More Affordable: These policies have smaller death benefits making the policy less expensive. The more coverage you get, the higher the premiums will be. Funeral insurance ranges from $2,000 to $40,000 of coverage, while traditional whole life insurance plans begin at $50,000 and extend into the millions.

No Medical Exams (Simplified Underwriting): Applicants will never be asked to get a medical exam because these policies go through a simplified underwriting process, also known as Simplified Issue Whole Life (SIWL). The application consists of yes or no health questions and can be completed entirely over the phone.

3. What Can Missouri Final Expense Insurance be Used For?

There are no specific rules that dictate what the payout needs to be used for. However, the money most commonly goes towards funeral homes and other funeral expenses.

Common expenses include:

  • Burial
  • Memorial
  • Cremation
  • Inheritance
  • Medical Bills
  • Legal Expenses
  • Charity Donations
  • Remaining Balance on a Mortgage
  • Other Final Expenses & Outstanding Debt

4. What is the Cost of Burial Insurance in Missouri?

The cost of monthly premiums for Missouri senior burial insurance depends on the applicant’s age, gender, health, and coverage amount.

The quote chart below shows the price range that Missouri residents can expect to pay. The price will largely depend on what insurance policy the applicant can qualify for based on their health.

Final Expense Insurance Quote Missouri

$10,000 Death Benefit

Non-Smoking Premium Range

Age Female Male
45
$23 - $34
$27 - $47
50
$24 - $39
$31 - $56
55
$28 - $47
$36 - $61
60
$33 - $54
$44 - $68
65
$41 - $66
$56 - $91
70
$53 - $80
$75 - $106
75
$72 - $116
$100 - $150
80
$98 - $190
$140 - $232
85
$136 - $220
$193 - $312

5. What is the Oldest Someone Can Be and Still Get Coverage in MO?

Like how life insurance companies set their own underwriting guidelines, they also set their own age acceptance range. While the policy will never expire, the age upon application matters when applying for a burial policy.

Most carriers will issue funeral insurance coverage for seniors until the age of 80 or 85. However, a few select carriers will award life insurance to seniors over 85.

6. What is a Waiting Period?

A waiting period is a time restriction a provider places on your policy before paying out the full coverage amount. Not all policies have a waiting period.

If the insured passes away before the waiting period ends, the beneficiary will receive only a partial payout. The beneficiary will get the entire coverage amount if the insured passes away after the waiting period ends.

Each provider dictates the length and payout schedule during this time. However, the typical waiting period is two years from the issue date.

Many seniors can qualify for immediate coverage. The best way to get final expense coverage with no waiting period is by calling an agent that has access to many different policies. If the agent is high quality, they will recommend the perfect plan with day-one coverage whenever possible.

7. Can I Purchase Final Expense Coverage for a Sibling or Parent Living in Missouri?

Yes, you can purchase funeral insurance for a loved one, but they need to be involved in the process. You cannot take out a policy on someone without their consent. However, you can pay for someone else’s policy if there is an insurable interest.

The proposed insured must be mentally healthy to understand what they agree to and legally enter into a contract.

8. How Do I Qualify for a Final Expense Policy in MO?

If you are looking for the best coverage, start by contacting an agent with access to several life insurance companies. Knowing the basics of how final expense insurance works will help you better understand your options.

There are four plan types that Missourians can qualify for. Everyone will qualify for at least one of the following products.

  • Level: Great Health
  • Graded: Average Health
  • Modified: Past Health Concerns
  • Guaranteed Issue: Major Medical Issues

9. What is the Missouri State-Regulated Final Expense Program?

Many seniors in Missouri receive misleading mail advertising state-regulated insurance programs. This is a form of advertising sent out by life insurance agents.

All life insurance is state-regulated, so these agents are just manipulating the verbiage on these mailers. The companies these agents represent could be great providers, but moving forward with an insurance advisor who intentionally confuses and misleads, might not be who you want to work with.

10. How Do I Get a Personalized Quote for MO Burial Insurance?

The quickest way to secure a monthly price estimate is by using the quote tool on this page. A list of companies will generate and show you the different prices.

What Is The Best Burial Insurance In Missouri?

The best burial life insurance for Missourians depends on the health and age of the person. Not all insurance companies operate in every state, but the majority do business in MO, giving you plenty of policy options to choose from.

View our list of top final expense companies with state availability and accepted health conditions.

How to Find the Best Final Expense Insurance Policy for You

While the task of getting life insurance can seem overwhelming, there are really only three main things to keep in mind before committing to a Missouri life insurance policy.

Affordable: The initial amount of coverage can be adjusted to fit your budget. However, once the policy is in place, the death benefit is locked in. Ensure you can afford the premiums well into the future, as your income could fluctuate.

Full Coverage Date: Whenever possible, get immediate coverage. If you are only eligible for coverage with a waiting period, make sure that it is never more than 2-years and fully understand the waiting period details.

Financial Rating: Make sure that the insurance company you take out a policy with has a strong financial rating. Work with a provider that has a B+ rating or better from AM Best.

Missouri Funeral Cost & Statistics

Funeral costs can range over a wide variety of price points depending on many factors. The price of individual items selected throughout the process creates the largest variation in pricing. For example, a casket alone can range from $2,000 – $10,000 plus. So depending on the selections, the price can vary by several thousand dollars.

How Much Does an Average Funeral Cost in Missouri?

The average traditional burial service in Missouri costs $7,439, and the traditional cremation service is $6,080. The price estimates do not include the cost of a headstone, monument, or marker and cemetery property, plot of land, columbarium, etc.

Location Burial Cremation
Columbia
$7,913
$6,457
Eureka
$8,140
$6,740
Hannibal
$7,442
$6,200
Jefferson City
$8,695
$7,180
Joplin
$7,295
$5,960
Kansas City
$7,983
$6,485
Springfield
$6,069
$4,839
St. Joesph
$6,875
$5,505
St. Louis
$7,335
$6,043
Warsaw
$6,640
$5,375
State Average
$7,439
$6,080

Cremation Laws & Statistics in Missouri

Unlike other states, the state of Missouri has no laws regulating where you store or scatter ashes.

Missouri law does not require you to have a funeral director. If you elect not to use a funeral director, you are responsible for filing the death certificate within five days of death and prior to burial or cremation.

In 2020 just over 50% of Missouri residents chose to be cremated, with an estimated 69% by 2030. This goes along with a national upward trend in cremation rates.

Lifespan Statistics in MO

The average age at death in Missouri is 76.9, which is below the national average of 78.8.

Leading Causes of Death in Missouri

Listed below are the top 10 leading causes of death in the state as per the CDC.

  1. Heart Disease
  2. Cancer
  3. Covid-19
  4. Accidents
  5. Chronic Lower Respiratory Diseases
  6. Stroke
  7. Alzheimer’s Disease
  8. Diabetes
  9. Kidney Disease
  10. Flu/Pneumonia

Final Thoughts On Missouri Funeral Insurance

a. Missouri final expense insurance is accessible and affordable for seniors 50-85+.

b. SIWL insurance is a great option for seniors of all health ranges.

c. Contact an insurance agency that has access to many different carriers. This will assure you find the best coverage for your specific set of health circumstances and budget.