Best Life Insurance Companies in Mississippi

Purchasing life insurance is one of the most important financial decisions you can make, especially if your family depends on you for their financial needs. If you’re searching for life insurance companies in Mississippi, you have to consider different factors when determining how much coverage to buy. To help you evaluate your options, we analyzed the best life insurance companies in Mississippi. We also determined their average rates and found the cheapest life insurance quotes in Mississippi to help you find an affordable policy that suits your needs.

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Best Cheap Life Insurance in Mississippi

MoneyGeek found that among the top life insurance companies in Mississippi, MassMutual offers the cheapest rates for male and female buyers. Life insurance coverage of $250,000 requires an average $9.99 monthly premium for men and $9.41 on average for women.

It may be tempting to opt for a low monthly premium, but these policies typically have low coverage as well. It might not be enough to cover the necessary ongoing expenses, especially if you’re supporting a young family. When comparing life insurance quotes in Mississippi, it’s best to consider other factors beyond just the average monthly cost in the state.

In Mississippi, an average person needs a life insurance policy worth $519,000. MoneyGeek determined this amount based on the cost of living, average incomes and other state-specific costs. Of course, getting a personalized quote is still the best way to know the exact costs needed.

Best Cheap Life Insurance Companies in Mississippi: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $519k
  • MassMutual
    $9.99
    $14.41
  • Mutual of Omaha
    $10.84
    $14.88
  • Transamerica
    $14.03
    $26.30
  • AAA
    $19.21
    $32.47
  • Progressive Life
    $22.00
    $34.14
  • State Farm
    $22.90
    $34.34
  • Prudential
    $26.47
    $55.22
Best Cheap Life Insurance Companies in Mississippi: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $519k
  • Mutual of Omaha
    $10.84
    $12.47
  • MassMutual
    $9.40
    $12.79
  • Transamerica
    $12.20
    $18.39
  • AAA
    $13.07
    $20.20
  • State Farm
    $16.64
    $22.53
  • Progressive Life
    $18.41
    $29.64
  • Prudential
    $18.97
    $40.21

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Mississippi using average buyer profile statistics in Mississippi, including average age of 30, average weight of 213 pounds for males and 168 pounds for females, and an average coverage need of $519,000.

What Is the Average Cost of Life Insurance for Companies in Mississippi?

Policy rates can change based on gender. Male and female life insurance quotes vary in Mississippi. Because women have a longer life expectancy than men, they are more likely to have low-cost premiums.

Let’s consider a $250,000 policy coverage. Women pay an average monthly premium of $15.73 to obtain this coverage, while men will have to pay a higher average monthly premium of $20.11.

Of course, a higher monthly premium is required to reach the recommended life insurance coverage level of $519,000. Life insurance in Mississippi offering $519,000 of coverage costs an average of $25.82 for women and $34.73 for men.

Most Popular Life Insurance Companies in Mississippi

Consider the company's financial stability and ability to pay claims before purchasing life insurance in Mississippi. Larger companies with a larger share of the market are usually more stable.

The market share of a company is calculated by dividing the number of premiums written by the total number of policies written in the state. The top three most popular life insurance companies in Mississippi control approximately 20.67% of the market. Southern Farm Bureau Life Insurance is the most popular life insurance company in the state, with an 8.02% market share.

Most Popular Life Insurance Companies in Mississippi

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  • Company
    Market Share
  • Southern Farm Bureau Life Insurance
    8.02%
  • State Farm
    6.62%
  • New York Life
    6.03%
  • Northwestern Mutual
    4.61%
  • Primerica
    4.04%
  • Lincoln Financial
    3.83%
  • MassMutual
    3.66%

Life insurance market share data for Mississippi is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Mississippi?

When it comes to determining the cost of life insurance policies, one of the most important factors to consider is your age. Younger buyers looking for affordable life insurance quotes in Mississippi will find lower rates because their age qualifies them as low-risk individuals. For young people in the state, the least expensive options are, on average:

  • MassMutual: $14.57 per month
  • Mutual of Omaha: $18.74 per month
Best Life Insurance Companies for Young People in Mississippi

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  • Company
    Monthly Cost
  • MassMutual
    $14.57
  • Mutual of Omaha
    $18.74
  • Nationwide
    $20.04
  • State Farm
    $23.81
  • AAA
    $27.72
  • Transamerica
    $29.31
  • Progressive Life
    $30.36
  • Prudential
    $39.24

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Mississippi who is 5 ft 10 inches and 181 pounds that purchases a 20-year term contract at the average coverage need of $210,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Mississippi?

Seniors tend to pay higher monthly premiums because their age qualifies them as high-risk individuals. In Mississippi, we calculated the least expensive options based on a policy coverage of $100,000. Because senior buyers are less likely to have adult dependents, they often only need to cover their own final expenses.

On average, the cheapest life insurance companies in Mississippi for seniors include:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Mississippi

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $61.64
  • State Farm
    $65.08
  • Progressive Life
    $71.39
  • AAA
    $72.34
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Mississippi who is 5 ft 10 inches and 213 pounds that purchases a 10-year term contract at the average coverage need of $63,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Mississippi?

Because smokers have a higher risk profile, life insurance companies in Mississippi charge higher premiums to smokers than non-smokers. If you’re a smoker, you may still be able to find relatively reasonable life insurance quotes in Mississippi.

The most affordable policies you can purchase if you’re a smoker are, on average:

  • MassMutual: $86.45 per month
  • Mutual of Omaha: $95.09 per month
Best Life Insurance Companies for Smokers in Mississippi

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  • Company
    Monthly Cost
  • MassMutual
    $86.45
  • Mutual of Omaha
    $95.09
  • State Farm
    $111.76
  • AAA
    $154.00

Rates were determined by analyzing quotes for a 30-year-old male smoker in Mississippi who is 5 ft 10 inches and 213 pounds that purchases a 20-year term contract at the average coverage need of $519,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Mississippi Life Insurance Laws You Should Know

When you're ready to get life insurance, conduct your research on the company or employ an independent broker to examine your options. You should also familiarize yourself with Mississippi’s life insurance laws. Let’s take a look at some common glossary terms from the state’s statutes.

  • The "free look period" is essentially a risk-free insurance policy trial period and an opportunity for you to ask all of the questions you may have regarding your policy. This law gives you the right to a full refund if you don't think it's the proper fit.
  • The grace period is the period of time you have to make up for any missed payments after the due date, which is usually no more than 30 days. This law protects customers by prohibiting service providers from canceling plans due to late payments.
  • Allowable timelines to settle a claim is another buyer-friendly rule that compels providers to handle a claim within 30 days after receiving death paperwork. If the provider does not pay within this deadline, they must pay interest on the amount owed.
  • The contestable period is for providers to contest a claim if they find it questionable. After further inquiry, they have the authority to change the amount of a claim or even refuse coverage. The contestable period typically runs for two years.

Methodology

MoneyGeek calculated the recommended life insurance coverage amount in Mississippi using per capita income from the U.S. Bureau of Economics, along with the state’s average mortgage debt, personal debt and age.

Aside from these factors, life insurance rates may vary and you may require more or less coverage depending on your personal and financial circumstances.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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