A Guide to Life Insurance in Mississippi (MS)

One of the key considerations when looking to get Mississippi Life Insurance Quotes that really work for your particular circumstances is to delve into some state specific facts. Namely what you can expect in the way of life insurance cover in Mississippi to offer you, and the different issues that you MUST bear in mind before proceeding.

In this article I aim to address various issues relating to life insurance in Mississippi, both from a consumer perspective, and also from the viewpoint of the state’s economy, and how the life insurance sector in Mississippi slots into that.

First let’s take a look at some background information about Mississippi.

 

Mississippi – A Little Background…

If you love forests then Mississippi is a great state to visit. Over half of its 48,430 square metres (approximately 170 miles wide by 340 miles long) are covered by wild trees, and the Mississippi River affords a great amount of fertility, but also the on-going threat of flooding.

Mississippi has one of the highest percentages of African Americans of any of the US States, with 37% of the total state population of 2,967,297 people (2010 US Census).

It also had the dubious honor of being rated as the worst state for litter and rubbish lining public roads and properties in 2008 by the American Society for Public Administration.

One little known fact about Mississippi is that gambling revenues are now a big contributor to the states economy. In fact, in 2009 Mississippi consumers spent $2.465 Billion on commercial casino gaming (the fourth highest of any State), raising some $326.9 million in direct tax revenue, and employing 25,739 people according to the 2010 AGA Survey of Casino Entertainment.

Mississippi was the last state to officially repeal the prohibition of alcohol in 1966, and it wasn’t until 1987 that its ban on interracial marriage was repealed from the statute books.

Mississippi is one of the poorest states in the US with a gross state product of $95.9 Billion in 2009, and a median family income of just $36,646, compared to a national average of $50,221, the lowest of any of the 50 states.  And almost $30,000 lower than the highest state, New Hampshire on $65,028.

And with an unemployment rate of 10.7% in January 2011 (US Bureau of Labor Statistics), roughly paralleling the rate in the whole of the US, but actually being the 9th highest in terms of all of the States (Nevada is the highest with 13.5% unemployment in Jan 2011), it is clear that Mississippians are facing tough times.
 


Mississippi Life Insurance – The Facts


Despite all the economic challenges that Mississippi faces, the life insurance industry in Mississippi is still a major economic contributor to The Magnolia State.

There are 495 Mississippi Life Insurance Companies who are licensed to sell life insurance in Mississippi, of whom 12 are actually domiciled in the State.

The Mississippi Life Insurance Companies provide jobs for about 5,000 people directly, and a further 4,000 people are employed in non-insurance jobs that are supported by the sector.

The raw numbers involved in Life Insurance in Mississippi are also impressive, with $190 billion worth of death benefit cover being held, and over 2 million individual Mississippi Life Insurance policies with an average of $60,000 per policy-holder.

In terms of the annual benefits that this provided, in 2009 over $2 billion was paid out to residents of Mississippi through matured endowments, death benefits, surrender values and policy dividends by Mississippi Life Insurance Companies.

And looked out from a wider perspective, the Life Insurance Companies Mississippi wide have over $25 billion invested in the Mississippi economy through stocks and bonds, property investments, services, finance and mortgages according to the American Council of Life Insurers.

 

Mississippi Life Insurance – Three Factors To Getting Good Mississippi Life Insurance Cover…

Here are three tips to help you to get life cover that really matches your particular needs:

1/ Carefully Review Your Life Insurance Requirements

Before you get any type of life insurance it is well worth reviewing your requirements so that you get a clearer idea about your particular circumstances.

Clearly, everyone will be different in terms of what they need from life insurance. And this will depend on such factors as how many people you have depending on you for financial support, whether or not you have anything else that you particularly wish to fund after your death such as a community project or charity, and whether or not you already have some existing life insurance.


2/ Carefully Review Your Finances


You need to be realistic about your current circumstances and how much you can really afford to spend on Life Insurance.

Clearly all of us would like more cover rather than less, but the reality is that you will have to pay for it, and so it is essential to be realistic and remain within any budget that you set yourself.

The cost will also depend to a great extent on whether you decide to go for Mississippi Term Life Insurance or Mississippi Whole Life Insurance.

Term life Insurance is cheaper because it has no savings component and is simply life insurance cover for a specified period of time.

Whole Life Insurance is more expensive because it does have a savings component, but in the first few years this will amount to very little, and hence it is essential that if you plan on taking out a whole life insurance policy that you don’t do so with the thought of cashing it it in a few years time.

It needs to be something that you plan on keeping if it is to end up being a good deal.


3/ When You Get Some Mississippi Life Insurance Quotes Be Sure To Check The Details Carefully


It is important that you check the details carefully when you get some Mississippi Life Insurance Quotes. You should be sure to read through the small print carefully so that you know what is being bought by you, and what the particular terms and conditions of the different policies are.

You will find that different life policies may differ quite widely in terms of the detail. And so it is well worth being clear on what those differences are before moving forward with this.


Mississippi Life Insurance – The Details…

In Mississippi there are a set of regulations called The State Insurance Code of Mississippi which govern how insurance in Mississippi of all types is regulated.

You can find the Mississippi Insurance Code Online here:

http://www.michie.com/mississippi

If you click on Mississippi > Mississippi Code of 1972 > Title 83 Insurance

Then you will find it. It is Chapter 7 within the insurance code of Mississippi which particularly deals with Mississippi Life Insurance Regulations.

You will see it if you follow the above instructions.

Clearly insurance regulations of any state will vary over time, but this should provide you with a good framework to understand how insurance is regulated in Mississippi.


Mississippi Life Insurance Resources

Mississippi Insurance Department


It is the Mississippi Insurance Department which is responsible for overseeing the regulation of Life Insurance in Mississippi.
You can find their website here:

http://www.mid.state.ms.us

This is not solely designed for consumers, but also caters for insurance professionals, licensing requirements, and information for life insurance companies. It is nevertheless a useful resource.

Mississippi Insurance Department – Life Insurance Information

There is a reasonably good consumer information section on the Mississippi Department of Insurance website, and here is the information that they have to offer for life insurance.

http://www.mid.state.ms.us/consumer/life_insurance.aspx

Independent Insurance Agents of Mississippi

This is a trade body for Independent Insurance Agents in Mississippi. This is mainly aimed at Insurance Professionals in Mississippi, but it does offer some consumer information resources.

http://www.iiaba.net/MS/default?ContentPreference=MS&ActiveTab=STATE&ActiveState=MS

 

Mississippi Life & Health Insurance Guaranty Association

In the event that a Life Insurance Company in Mississippi were to become insolvent, then it would be the Mississippi Life and Health Insurance Guaranty Association who would step into help out Mississippi life policy holders.

http://www.mslifega.org/



 

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