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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.
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.
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.
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. What if you purchased a 30-year term life policy in Mississippi at age 50? You'd be more likely than not to pass away before 80 years of age, the end of the term.
On the other hand, what if you were 30 years old and purchased a 30-year term life policy? You'd be be well under Mississippi’s life expectancy of 75 years old when the policy term ended. And 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 - 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 - Women live longer than men on average. So they pay less for insurance than a similar man would. In Mississippi, the percentage of the population that’s female is 51.4%. 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.
Health History - Most of us have one or two minor health issues. But if you have a serious illness or a family history of such illnesses it can impact your rates.
There are conditions like heart disease or cancer which can make your premiums a lot higher. In some cases, a pre-existing condition can make you ineligible altogether. That's why it’s important to get life insurance before something serious happens.
Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance. This is especially relevant in Mississippi, where skiing and hunting are common recreational activities.
Marital Status - 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. 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.
Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job. The most common job in Mississippi, proportionally, is an upholsterer.
Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So smokers pay much more for life insurance. 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.
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. Obese or seriously overweight people have a lower life expectancy. This means an increased probability of their policy being paid out. Obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers. So overweight and obese individuals can expect to pay higher rates.
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.
|Rank||Cause of Death||Total Deaths||Death Rate||State Rank||US Death Rate*|
|3||Lower Respiratory Disease||1,755||54.3||8th||42.1|
|6||Alzheimer's Disease||925||30.0||10th (tie)||23.5|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|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%|
|6||New York Life Insurance Group||$133,279||4.6%|
|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%|
Source: A.M. Best (Ratings as of 9/1/2015)
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.
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:
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