Life Insurance in Mississippi
Mississippi, like most states, does not regulate on the life insurance policy level the way that state Departments of Insurance regulate other insurance such as health or auto. There are few, if any, state regulations that mandate life insurance coverages or how a policy has to be worded or priced.
Regulations regarding Mississippi life insurance usually come into play when a claim is filed. These rules typically have to do with payment terms and other issues surrounding the disbursement of death benefits. You should be aware of these rules as you shop for life insurance in Mississippi.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Mississippi was ranked last (50th) out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 74.91 years. With this in mind, people living in Mississippi may want to consider their life insurance options.
Mississippi life insurance specifics
Mississippi regulates its insurance industry through The State Insurance Code of Mississippi. Under the code, those purchasing life insurance in Mississippi are afforded certain protections, such as:
- Grace Period
The insurance code also requires that Mississippi life insurance companies allow a grace period on late payments after your first policy year. If you miss a premium payment for any reason, you must be given time (usually 31 days) to bring the account current before the insurer can cancel the policy for non-payment.
There are many variations among Mississippi life insurance policies relating to claim procedures, death benefit disbursements and coverages for accidental death and suicide. You should consult your policy documents for details, or speak with a licensed Mississippi life insurance agent.
Mississippi life insurance state resources
Mississippi Insurance Department
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance customers and the Mississippi life insurance industry.
Mississippi Life & Health Insurance Guaranty Association
State guaranty associations are there to provide protection and continuing life insurance coverage in Mississippi, even in the event that a life insurance company becomes insolvent.
Life Insurance Company Ratings From A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.