Missouri
Disability Insurance

Everyone deserves the opportunity to protect their quality of life and their future, and with disability insurance you can. You can think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury. We’ve laid out the cost-of-living analysis in Missouri to show you the average expenses in the state and why

How much does it cost to live in Missouri?

Home to approximately 6.124 million people, living in the state of Missouri is less costly than living in the average cost of living in the United States as a whole. According to Bureau of Economic Analysis data, goods and services in the state cost 11.2%%less than the national average. Missouri has the tenth lowest overall cost of living when compared to all other states.

There are eight metropolitan areas in Missouri. The Kansas City metro area is the most expensive in the state, with costs that are 7.1 % lower than the national average but 4.1 % more than the statewide average.

Cost of Living Parameters

Housing & Rent

On average, Missouri renters pay $809 per month, $214 less than the national average of $1,023. If you want to buy a house in the state, the typical home value is $151,600, which is dramatically less than the national median home value of $408,800.

Here are some stats on Missouri Mortgages:

  • Homeownership rate: 72.2%
  • Homeowner vacancy rate: 0.7%
  • Rental vacancy rate: 6.9%

Childcare

In Missouri, the average yearly cost of infant care is $10,041, or $837 per month. A 4-year-child old's care costs $7,014, or $584 per month. Infant care costs $1,654 per year (19.7%), which is more than what you pay for a four-year public college tuition!

Here’s a look at the annual childcare costs from infant to college:

  • Infant: $10,041
  • 4-year-old: $7,014
  • School: $10,292
  • College: $8,387

Utilities

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A Missouri resident can expect to spend up to $398 per month on apartment utilities on average.

Food & Groceries

A single adult in Missouri spends an average of $3,001 on food each year, while a family of four's annual food cost reaches $8,666. These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home.

The average price for eating out would be:

  • A basic meal with a drink at an inexpensive restaurant: $14.09
  • Fast Food Combo (Big Mac etc.): $8.35
  • Bottle of Coca-Cola: $2.04
  • Bottle of Water: $1.24

Grocery shopping in the state would cost as follows:

  • Milk (1 liter regular) $0.93
  • Loaf of Fresh White Bread (500g) $2.73
  • Rice (1 Kg) $3.81
  • Dozen Eggs $2.56
  • 4 Rolls of Toilet Paper $3.68
  • Shampoo $5.16

Transportation

Public transportation services across the state are available for all residents, making it easy to get around. However, 90.6% of commuters in Missouri drive to work, compared to 85.5% nationally. The average motorist in the state drives 12,427 miles per year. Taking average fuel economy and average gas prices into account the average motorist in the state may expect to spend $988 on gas alone in a year.

According to Insure.com, the average vehicle insurance rate in Missouri is $1,213, which is less than the national average of $1,517. According to EPI data, the average single adult in the state spends $10,080 on transportation each year.

Average Income & Taxes

The average yearly income of a single adult living in Missouri is $51,697 and the estimated state income tax is 11.98%

Most Expensive Missouri Cities to Live in

  • Wildwood
  • Chesterfield
  • Kirkwood
  • Eureka
  • Sunrise Beach

Why is disability insurance important to have in Missouri?

As shown by the above cost of living study, a steady income is required to live comfortably and worry-free. Whether you work full-time or as a freelancer, getting disability insurance is the first step towards financial stability.

What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds.

Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that 62.1% of bankruptcies were caused by medical issues. Other studies claim that over 2 million people are adversely affected by their medical expenses.

If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas as well, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, and that eventually will lead to foreclosure. Half of the foreclosures on conventional mortgages in Missouri is caused by the disability of one of the homeowners. In fact, the foreclosure rate in the state of Missouri can reach 1.14%!

A lot of people still think that the need for disability insurance is not top priority, thinking that disability rarely happens, and when it does, it’s only caused by serious accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury?

With this being said, getting private disability income insurance should be on top of your to-do list because life is unpredictable and the smallest bump can derail your life.

Does Missouri have state disability insurance?

Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, Missouri isn’t one of these states.

The Social Security Administration manages a federal government program known as Social Security disability insurance. Those who are blind or have a long-term impairment - or a developmental condition, such as autism or cerebral palsy - are eligible for benefits. In addition to some medical conditions, a person must meet several technical standards in order to qualify for SSDI compensation.

Only individuals who paid into Social Security while working are eligible for the payment. An applicant must normally have sufficient work credits or have worked for at least five years in the ten years preceding the disability claim.

However, more than 67% of those who apply for Social Security or SSI disability benefits in Missouri are denied at the initial application stage.

What qualifies as disability in Missouri?

If you have disability insurance provided by your employer, make sure to double-check the criteria in the agreement that qualify you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:

  • If you’re unable to engage in any substantial gainful activity (SGA) due to physical or mental impairment(s) which:
  • can be expected to result in death or
  • have lasted or can be expected to last for a continuous period of at least 12 months.

How can I easily get disability insurance in Missouri?

Seeking a private disability insurance policy is the easiest option in Missouri. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times, so you can go from applicant to insured in no time.

Who qualifies for disability insurance in Missouri?

Most insurances are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.

At Asteya, we offer 2 types of disability income insurance: Permanent Disability Income Insurance and Sickness & Injury Disability Income Insurance. Please visit asteya.world for more details on the eligibility of our product offering.

How much does disability insurance in Missouri cost?

Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:  

  • Permanent Disability Income Insurance: starting at $6.05/month
  • Long-Term Disability Income Insurance: starting at is $5/month

The bottom line

On average, living in the state of Missouri will cost you $1,730 per month, give or take – that’s a lot of expenses! You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with DI.

If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider while thinking about it:

Asteya’s policy is a no brainer, seeing that it is 100% digital .We don't require blood tests or doctor's appointments, unlike other insurers. We'll just ask you a few questions to determine your best policy.

You’ll be all set once your policy is in place! You'll pay your premiums quarterly, monthly, or annually for the duration of your policy.

If the unexpected happens and you need to file a claim, our team will be there to assist you in receiving the funds you require as soon as possible. When your claim is approved, you'll receive a payout that you can put toward whatever you need, such as bills, groceries, or medical expenditures.

How do I get disability insurance?

Get a quote from Asteya in seconds and go from applicant to insured in minutes