Types of Life Insurance in Missouri

Life insurance is like no other, it can enable your loved ones to maintain the same standard of living they’ve grown to know as well as enable you to leave behind a legacy. It’s important to know that there are three main types of life insurance. Let’s take a look at the three types of life insurance.

Term Life Insurance

This type of insurance is designed to supplement your existing life coverage, generally for a set amount of years and at the end of the term the term has ended and so has the death benefit.

When considering term remember that after a period of time the coverage stops. Some policies can give you the ability to convert the term policy to a permanent policy. Remember if you convert your policy later in life you may pay higher rates and go though exams and applications.

A unique and often overlooked type of term policy is Return of  Premium, this type of coverage can provide you a return  of the premiums you paid at the end of the term. Some companies even give you the ability to stop paying premiums at different points during the term if you want to just keep the amount of coverage they offer as their paid up amount.

Whole Life Insurance

Whole life insurance is normally considered a standard type of life insurance coverage. When you buy Whole Life Insurance your death benefit will normally stay with you for as long as you live. These types of policies will normally have a fixed premium amount now and in the future. These policies can also gain you a cash value and overtime could be worth money!

Two special types of whole life are Children’s Whole Life and Final Expense Whole Life.


Universal Life Insurance

Universal life insurance is a mix between the first two types of life insurance. This type of coverage will normally cover you for a set amount for your entire life as long as you make sure you pay the correct amount of premium each year.

The death benefit here will normally stay the same over the lifetime of the policy. Some policies can give you the ability to add or remove death benefit over time as your needs change.

These policies will also gain a cash value over time that can help keep your premium low as you get older. Like whole life, these policies collect a cash value over time and in some cases provide loans from the accumulated cash value.


Knowing what types of life insurance are available to you will ensure you make purchase that meets your needs now and in the future. Millennium Brokers works with multiple reputable life insurance companies who offer many types of these policies. We are here to guide you to the correct policy to ensure peace of mind, to start a quote for life insurance click the following link.

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Are you ready to save time, aggravation, and money? The team at Millennium Brokers is here and ready to make the process as painless as possible. We look forward to meeting you!

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