Best Life Insurance In Mississippi

Life insurance is an essential investment for anyone who wants to secure their family’s financial future. However, with so many life insurance companies in Mississippi, it can be challenging to choose the right one. That’s why we’ve done the research for you and compiled a list of the best life insurance companies in Mississippi. In this blog post, we’ll take a closer look at each of these companies and what makes them stand out from the rest. Whether you’re looking for term life insurance, whole life insurance, or universal life insurance, we’ve got you covered. So, let’s dive in and find the perfect life insurance policy for you and your loved ones.

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Mississippi Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Mississippi

Condition Deaths in 2021
Heart Diseases 11,801
Cancer 6,737
External Causes 3,726
Lung Diseases 3,551
Nervous System Diseases 2,785

Life Insurance Laws In Mississippi

Mississippi’s life insurance laws are governed by Title 83 of the Mississippi Code.

  • 10-day free look period (MS 83-7-51)
  • 31-day grace period for all payments after the first one (MS 83-9-5)
  • Death benefits start to accrue interest from the time of the insured’s death (MS 83-7-6)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Missouri’s life insurance laws and Montana’s life insurance laws are nearly identical to those of Mississippi).

Would you ever sneak out to avoid paying a dinner bill?

So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Mississippi

In Mississippi, the life insurance industry is thriving, with several companies dominating the market. A table showcasing the top 50 companies by 2022 premiums in the state provides valuable insight into the leading players in the Mississippi life insurance market.

At the top of the list is Sammons Enterprises Group, which garnered $111,827,995 in 2022 Mississippi premiums, giving them a significant 7.2% market share. This marks their position as the leading life insurance company in the state, potentially due to their robust offerings and competitive pricing.

Following closely behind is Mass Mutual Life Insurance Group, with $93,159,091 in premiums, securing a market share of 6.0%. Their strong presence and reputation in Mississippi likely contribute to their success in attracting a substantial portion of the state’s life insurance premiums.

New York Life Group also holds a notable position in the Mississippi market, ranking third with $92,883,145 in premiums and a market share of 6.0%. With their long-standing presence in the industry and a solid customer base, it’s no surprise that New York Life remains a trusted choice in the state.

The Southern Farm Bureau Life Insurance Company takes the fourth spot, accumulating $86,928,226 in 2022 premiums, amounting to a 5.6% market share. As a locally focused insurer, the company’s dedication to serving Mississippi’s residents plays a significant role in its success in the state.

State Farm Group follows closely, ranking fifth with $71,456,491 in premiums and a 4.6% market share. Known for its widespread reach and comprehensive insurance offerings, State Farm has established itself as a trusted brand in Mississippi.

The Metropolitan Group secures sixth place with $59,627,998 in premiums and a 3.9% market share, demonstrating their prominence in the state. Their unique product offerings and competitive pricing likely contribute to their success in the Mississippi market.

Prudential Of America Group takes the seventh spot, with $52,651,964 in premiums, capturing a 3.4% market share. Renowned for their diverse range of insurance products, Prudential remains a strong competitor in the market.

The Northwestern Mutual Group ranks eighth, attracting $51,537,786 in premiums, resulting in a 3.3% market share. Their emphasis on financial planning and their personalized approach to insurance has helped solidify their position in Mississippi.

Globe Life Group follows closely behind,

Rank Company 2022 Mississippi Premiums Mississippi Market Share %
1Sammons Enterprises Group$111,827,9957.2%
2Mass Mutual Life Insurance Group$93,159,0916.0%
3New York Life Group$92,883,1456.0%
4Southern Farm Bureau Life Insurance Company$86,928,2265.6%
5State Farm Group$71,456,4914.6%
6Metropolitan Group$59,627,9983.9%
7Prudential Of America Group$52,651,9643.4%
8Northwestern Mutual Group$51,537,7863.3%
9Globe Life Group$49,302,8303.2%
10Lincoln National Group$49,070,2673.2%
11Primerica Group$45,792,7073.0%
12Minnesota Mutual Group$43,283,4922.8%
13Mutual Of Omaha Group$34,327,6492.2%
14Unum Group$34,256,9472.2%
15Aegon US Holding Group$32,649,9622.1%
16Dai‐Ichi Life Holdings Group$31,060,2342.0%
17Kemper Corporation Group$26,422,7221.7%
18John Hancock Group$23,740,9641.5%
19Guardian Life Group$23,468,9581.5%
20American International Group$23,123,7271.5%
21Cuna Mutual Group$20,441,2951.3%
22Wilton Re Group$15,416,8731.0%
23Alfa Insurance Group$14,132,0500.9%
24Nationwide Corporation Group$14,021,1470.9%
25Pacific Life Group$13,676,1220.9%
26Penn Mutual Group$13,588,0710.9%
27Woodmen World Life Insurance Soc$13,345,4520.9%
28Brighthouse Holdings Group$13,259,3100.9%
29Modern Woodmen Of America$13,043,2200.8%
30Equitable Holdings Group$11,863,0600.8%
31Lincoln Heritage Life Insurance Company$10,698,4860.7%
32Genworth Financial Group$10,676,7040.7%
33Security National Group$10,645,1350.7%
34West Southern Group$10,284,2210.7%
35Hartford Fire Cas Group$9,720,7440.6%
36Sun Life Assurance Company Of Canada Group$9,427,7810.6%
37Banner Life Group$9,062,5900.6%
38American National Financial Group$9,010,0120.6%
39Shelter Insurance Group$8,772,5030.6%
40Industrial Alliance Group$8,697,9820.6%
41Tiptree Financial Group$8,687,7730.6%
42CNO Financial Group$8,247,9230.5%
43Aflac Group$8,111,8190.5%
44Principal Financial Group$7,994,1510.5%
45Independent Order Of Foresters US Br$7,543,3530.5%
46Oneamerica Financial Partners Group$6,971,9220.5%
47Global Atlantic Group$6,800,4450.4%
48Voya Financial Group$6,645,5920.4%
49National Guardian Life Insurance Group$6,538,1350.4%
50Directors Investment Group$6,409,4330.4%