Mississippi Life Insurance

Mississippi life insurance laws, like those in the majority of states, affect policyholders mostly at the time of a claim. Nevertheless, it's a good idea to learn the basics of your state's laws, in order to make more informed coverage decisions.

This page:

  • Introduces life insurance regulations in place in Mississippi.

  • Describes the life insurance claims procedure in Mississippi.

  • Explains the protection of the Mississippi Guaranty Association.

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Mississippi life insurance regulations (summary)

The insurance industry in the State of Mississippi is regulated under Title 83 of the Mississippi Code. Under these codes, claims procedures and policy requirements are regulated by the state as a way of protecting you, the consumer.

Claims procedures in Mississippi vary. Your insurance policy should contain a description of how your insurance company handles claims.

If you misrepresent yourself purposely on the insurance application or policy, it can be considered fraud and you could be prosecuted accordingly. If you omit information or if the application is not accurately completed, the company has a right to investigate any claim received within two years after the policy is issued. If they find that information was omitted or not accurately completed, they can rescind the policy and return all premiums, at their discretion.

In Mississippi misstatement of age does not invalidate your life insurance policy. In these instances, the death benefit is recalculated to reflect the insured's correct age.

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If you are ready to apply for term life insurance, or if you just want a quick online quote, visit Netquote now.
If you are not sure about what type of life coverage you want, you can also try Insurecom. They will put you in touch with agents who can answer any questions that you might have.

The State of Mississippi Life Guaranty Association

The Mississippi Life Guaranty Association is your protection against an insurance company's failure. However, in order to receive the protection this organization offers, you must have insurance coverage through a licensed insurance company. To find out if your insurance company is licensed, contact the Mississippi insurance hotline at 800 562 2957 or 601 359 2453.

Insurance companies in Mississippi pay fees to belong to this organization, which, in return, guarantees to pay an amount for your death benefit or cash surrender if the insurance company goes bankrupt. The death benefit protection amount in Mississippi can be up to $300,000. A policy's cash surrender amount can be up to $100,000.

Life insurance illustrations and other notes

Viatical settlements are allowed in Mississippi. Viatical settlements are agreements between the insured and a third party. The third party purchases a life insurance policy for a sum and starts paying the policy's premiums. In return, the viator becomes the beneficiary of the insurance policy and collects the death benefit upon the insured's death.

More MS life insurance help

If you want more help getting the best value life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about MS auto insurance laws and regulations, visit the state's official website of the Mississippi Department of Insurance.

For more help . . .

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

Our free life insurance course is designed to help you do just that.

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