Missouri Insurance Industry is regulated by Chapter 376 of the Missouri Revised Statutes. These statutes and regulations outline how the claims process should be handled by the insurer and the consumer.

You can read the entire Statute and Regulations at:

Chapter 376 of the Missouri Revised Statutes

Title 20 – Department of Insurance, Financial Institutions and Professional Registration

Please find the below highlights regarding the Missouri law for some of the more common issues seen in life insurance denial cases.

Reasonable Investigation Period: Life insurance companies are allowed time to reasonably investigate the claim. In most cases, this means they have to settle within 60 days of making the claim. However, the settlement period can be stretched out to months, or even years, in some cases.

2-Year Contestability Period: Inaccurate policies or incomplete life insurance applications can only be discovered and investigated by an insurer during the first two years of coverage. A life insurance policy cannot be canceled after it has been in force for two years so long as premiums were paid. On the other hand, if the life insurance company finds errors or omissions in the original life insurance applicaotin they may choose to void the policy and you might be prosecuted for fraud.

Missed Premium Payments: In Missouri there is a 30-day grace period whereby a life insurance policy cannot be canceled due to a late payment. So long as payment is received within that 30-day period, the insurer cannot cancel the life insurance policy

Privacy with Insurance Companies: It does not exist. Missouri grants insurance companies full control of the information they obtain about policy holders. That means, they can release your information to other institutions.

Life Insurance Benefits Guaranteed: In Missouri your life insurance policies are backed by the Missouri Life and Health Insurance Guaranty Association. In the event your life insurance company goes out of business, you can make a claim with the Guaranty Association to pay out on your policy. The guarantee is limited to $300,000.00 maximum for lost death benefits and $100,000.00 for lost cash surrender.