Best Life Insurance Rates in Mississippi

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Compare Life Insurance Quotes in Mississippi

Mississippi is famous for its delicious food, like fried chicken, tamales, BBQ, and of course, fried catfish. What’s more, the first Coca-Cola was bottled in Vicksburg and the teddy bear was created in Sharkey. And, Mississippi has long been considered the most religious state. Nowadays, Mississippi has the #1 rates of obesity and heart disease, #2 rates of diabetes and cancer deaths, and the #3 highest rate of gun deaths in the country. These, plus the lowest life expectancy of any state, may result in higher average life insurance rates in Mississippi.

Mississippi  Life Insurance Quotes

Obesity has become a major health concern throughout the US. With an adult obesity rate of over 35 percent, Mississippi is the country’s most obese state. This makes it hard for a lot of its residents to find affordable life insurance.

That’s what we’re here for. QuoteWizard can connect you to multiple companies that will provide you with life insurance coverage that fits your unique needs.

Life Insurance Rate Factors in Mississippi

Below are the major factors that affect life insurance rates.

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal.

Life expectancy at birth in Mississippi is 75.0 years, the lowest of any state. The life expectancy at birth for the US overall is 78.9 years. So, if you purchased a 30-year term life  policy in Mississippi at age 50, you would be more likely than not to pass away before 80 years of age, the end of the term.

On the other hand, if you were 30 years old and purchased a 30-year term life policy, you would be well under Mississippi’s life expectancy of 75 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Mississippi, the death rate from injury due to firearms is 17.8 per 100,000 deaths, the third-highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Mississippi, the percentage of the population that’s female is 51.4%, and the percentage that’s male is 48.6%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Mississippi residents that used QuoteWizard last year.

 
         
 
   
56%Female
   
44%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Mississippi that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
57%Healthy
   
32%Major
   
11%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Mississippi, where skiing and hunting are common recreational activities.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Mississippi in 2009, the rate of marriage for people over 15 was 36.6 per 1,000 people, the rate of divorce was 23.6 per 1,000 people, and the rate of widowhood was 13.2 per 1,000 people.

Marriage status of Mississippi residents that used QuoteWizard last year.

 
         
 
   
60%Single
   
40%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Mississippi, proportionally, is an upholsterer.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 24.8% of Mississippi adults smoked cigarettes – about 560,000 adults.

Percentage of QuoteWizard users in Mississippi that indicated that they smoke last year.

 
         
 
   
89%Don't Smoke
   
11%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Mississippi was 35.1%. This makes Mississippi the most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Mississippi  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 7,715 240.0 1st 169.8
2 Cancer 6,527 197.0 2nd 163.2
3 Lower Respiratory Disease 1,755 54.3 8th 42.1
4 Accidents 1,692 55.6 6th 39.4
5 Stroke 1,500 47.2 4th 36.2
6 Alzheimer's Disease 925 30.0 10th (tie) 23.5
7 Diabetes 1,071 32.9 2nd 21.2
8 Influenza/Pneumonia 769 24.3 1st 15.9
9 Kidney Disease 731 22.8 2nd 13.2
10 Suicide 388 13.0 30th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Mississippi Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Lincoln National Corp. $202,429 7.0%
2 Prudential Financial Inc. $177,714 6.1%
3 Jackson National Life Group $169,390 5.7%
4 American International Group $165,122 5.7%
5 MetLife Inc. $145,537 5.0%
6 New York Life Insurance Group $133,279 4.6%
7 AEGON $88,813 3.1%
8 Southern Farm Bureau Life Insurance $81,813 2.8%
9 Manulife Financial Corp. $76,561 2.6%
10 Voya Financial Inc. $66,608 2.4%

Financial Strength Ratings of Top Mississippi Life Insurers

Source: A.M. Best (Ratings as of 9/1/2015)

  • Lincoln National Corp.: A+
  • Prudential Financial Corp: A+
  • Jackson National Life Group: A+
  • American International Group: A
  • MetLife.: A+
  • New York Life Insurance Group: A++
  • AEGON: A+
  • Southern Farm Bureau Life Insurance: A+
  • Manulife Financial Corp: NR
  • Voya Financial Inc.: A
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Rating Guide

Mississippi  Life Insurance Regulations

Insurance in Mississippi is governed by the laws defined by Title 83 of the Mississippi Statutes, as outlined by the State of Mississippi.

This legislation is used to regulate claims and provide certain protections to Mississippi consumers, for example:

Incontestability Clauses: In Mississippi, the first two years of an insurance policy are treated differently than in many other states. Within the first two years, an insurance company is prohibited from cancelling a policy for any reason. However, if a claim is filed within the first two years, the company has the right to review the claim for any misrepresentations or inconsistencies. If they do find any errors or omissions, the company has the right to void the claim entirely, and not pay at all. After the two-year period ends, the insurance company must pay the claim, regardless of problems with the original application.

No Free Look Period: A “free look period” is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can cancel the policy for any reason for a full refund. Mississippi is one of only a few states that does not require this by state law. That said, many insurance companies still provide a free look period of one to two weeks on most insurance policies.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Mississippi insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Mississippi Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the MLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(601) 981 – 0755
Address:
Mississippi Life & Health Insurance Guaranty Association
PO Box 4562
Jackson, MS 39296

Mississippi Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Mike Chaney
Insurance Hotline:
(800) 562 – 2957
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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