It's best to be as prepared as you can in life, and life insurance is a case in point. Few of us consider that we may meet an untimely end, but buying Mississippi life insurance can ensure that you and your family are prepared for such a reality. Getting the right policy in place can provide peace of mind and can help ensure that your loved ones will be able to continue their current lifestyle even without your income.
If you aren’t sure which kind of policy is best for you, contact an independent insurance agent in our network. These agents have access to multiple insurance companies and can find a policy that meets your needs and budget. You’ll also have access to competitive Mississippi life insurance quotes, ensuring that you get the best rates for the policy you choose. It only takes a moment to find an independent agent right in your area.
Top Causes of Death
- #1: Heart disease, with 8,637 deaths annually on average
- #2: Cancer, with 6,065 deaths annually on average
- #3: Accidents, with 1,936 deaths annually on average
- #4: Stroke with 1,622 deaths annually on average
- #5: Chronic lung disease: 1,473 deaths annually on average
In Mississippi, life expectancy for men is age 71.26 compared to a U.S. average of 75.96. Life expectancy for women is age 78.33 compared to the U.S. average of 81.17.
Who Needs Mississippi Life Insurance?
Since life insurance isn’t required, it’s easy to go for a long time without coverage. Many people consider it a luxury item. However, when you consider that a life insurance policy can be very affordable, and can provide complete income replacement for your family upon your passing, it is a wise and important purchase. If you’re young and have no dependents or financial debt, you can probably wait to purchase life insurance. However, keep in mind that life insurance is the most affordable when you are young and healthy.
If you have a growing family and multiple investments, it’s a good time to start thinking about coverage options. If you’re still on the fence about purchasing life insurance, talk with an independent agent. It’s an easy way to understand the intricacies of a life insurance policy as well as the many options available to you.
How to Find the Right Coverage
Finding the coverage you need involves several important steps:
- Assess your family's needs for replacement income, in the event that you are no longer around to provide for them. Be sure to include:
- End of life and funeral expenses
- Your family's regular living expenses
- The cost of putting your kids through school
- The costs involved in paying off debt such as credit cards and your home mortgage
- Compare life insurance policy types. For example, review the basic differences between term life insurance and permanent life insurance, and the coverage options for each.
- Compare Mississippi life insurance quotes for the coverage type and amount you want.
A local independent agent in our network can help you with each of these steps in the life insurance evaluation process. As with most insurance products, there are basic life insurance products and then there are those that progressively more inclusive. The best thing about Mississippi life insurance is that there’s something for everyone. If you need to save money, this is one product where you can easily find affordable coverage.
What Is Term Life Insurance?
Term life insurance is affordable and can fulfill your family's needs. Term life can be purchased in small or large increments, and for the length of time you choose.
Here is the process of choosing term life insurance:
- Select a term. Choose coverage for an amount of time that will cover the period in which your family will be most at risk without your income. This period can range from 5 to 30 years.
- Choose a death benefit amount. The death benefit can be as little as $5,000 and as much as $1 million. Of course, a 5 year $5,000 policy will cost less than a 30-year $1 million policy, but it’s easy to customize your coverage.
If you die within the policy period, benefits will be distributed to your named beneficiaries. Those funds can be used to pay for funeral expenses, mortgage payments, debt repayment, college funding, and other needs. Note that if you outlive your policy, you and your family will not receive benefits from your term life policy. It only pays benefits upon the death of the policyholder. This is one of the reasons some people choose to buy permanent life insurance instead.
What Is Permanent Life Insurance?
Permanent life insurance lasts your entire lifetime. Your permanent policy remains valid until you die or up to age 100. Similar to a term life insurance policy, you select a death benefit, but this policy also has an investment component. While it increases your premium, the extra savings and tax-preferred status of the cash value account can be an attractive feature for those seeking to diversify a retirement portfolio. There are two forms of permanent life insurance:
- Whole life insurance: This policy has predictable premiums and rates of return on your cash investment account, but it can also mean that your savings grow at a slower pace than you may want.
- Universal life insurance: If you want more control over your investment strategy, this policy allows for greater flexibility. However, if the market isn’t doing well, your account may suffer. On the plus side, if the market does well, your account’s performance will reflect that as well.
Choosing a permanent life insurance policy is a matter of deciding which type of policy is best for you and then selecting the size of policy that meets both your family's needs and your retirement planning goals.
Choosing the Best Life Insurance For You
Both permanent and term life insurance policies have pros and cons, so it’s important to know what you’re looking for in a policy. If you’re budget-minded, a term life insurance may be best right now. You can always switch to a permanent life insurance option later. If you want the extra investment component, a permanent Mississippi life insurance policy can get you extra cash benefits. An independent agent in our network can help you learn everything you need to know to make an informed decision about your life insurance. And once you make your choice, your agent can help you compare Mississippi life insurance quotes and choose the best policy for you.
Find a local member agent and get the personal assistance you need today.