Life insurance rates depend on personal factors like your health and medical history, along with the type of policy you want and the amount of coverage you need — but where you live won’t actually affect what you pay for life insurance.
That’s why our picks for the top life insurance companies in Mississippi are similar to our picks for the overall best life insurance companies. But, while location doesn’t affect the cost of life insurance, it can affect company availability and local laws and regulations.
Policygenius rating | Best for … | AM Best score | Number of complaints | Cost | |
|---|---|---|---|---|---|
4.9/5 ★ | Overall, cheapest, term life | A+ | Fewer than average | $ | |
5.0/5 ★ | Young adults | A | More than average | $ | |
4.9/5 ★ | Whole life | A++ | Fewer than average | $$$ | |
4.8/5 ★ | Pre-existing conditions, marijuana users | A | Fewer than average | $ | |
4.8/5★ | No-medical-exam life, guaranteed universal life | A+ | Fewer than average | $ | |
4.6/5 ★ | Smokers | A | More than average | $ | |
4.1/5 ★ | Seniors | A+ | Fewer than average | $$ |
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance company in Mississippi: Legal & General America
The best life insurance company in Mississippi is Legal & General America, which also does business as Banner Life and William Penn in some states. We like Legal & General America’s low average rates, even for applicants with certain health conditions.
We also like Legal & General America’s customer service. According to the National Association of Insurance Commissioners, Legal & General America gets around 60% fewer complaints than expected for the industry, which points to happier policyholders.
Cheapest life insurance company in Mississippi: Legal & General America
Legal & General America has cheap life insurance rates, but remember that your location doesn’t actually affect the cost of life insurance. Legal & General America just has affordable rates in general.
You can find an affordable policy by comparing life insurance quotes from different companies before you buy and getting coverage while you’re still young, since rates go up as you age.
Best term life insurance in Mississippi: Legal & General America
The best company for term life insurance in Mississippi is Legal & General America. While most insurance companies offer terms up to 30 years, Legal & General America offers 40-year terms and policy limits up to $65 million.
Term life insurance is the best and most straightforward option for many people. You just pick how long you want your coverage to last (the term) and the amount you want your loved ones to receive when you die (the death benefit). If you die during the policy term, your family will be protected.
Best no-medical-exam life insurance in Mississippi: Pacific Life
The best company for no-medical-exam life insurance in Mississippi is Pacific Life, which offers no-med policies worth up to $3 million in coverage. Pacific Life also accepts no-med applicants as old as 70.
A no-medical-exam life insurance policy works like a normal term life policy, except it cuts out the medical exam part of the application process. It’s usually only available to younger applicants, or people with clean health histories, but if you qualify you may be approved for a policy in as little as one phone call.
Best whole life insurance in Mississippi: MassMutual
The best whole life insurance company in Mississippi is MassMutual, thanks to its high financial strength ratings (it earned an A++ from AM Best). Financial stability is important when it comes to whole life insurance because a whole life policy lasts until you die, not the end of a term.
A whole life policy acts as both a life insurance policy and an investment account. It includes both a death benefit and a cash value component that collects interest over time, and you can tap into it while you’re alive.
Best guaranteed universal life insurance in Mississippi: Pacific Life
Pacific Life is the best guaranteed universal life insurance company in Mississippi. It’s got good financial strength ratings (A+ from AM Best), and you may be able to qualify for a policy up to age 80.
Guaranteed universal life insurance might be a fit for you if you want the stability of permanent life insurance at lower rates than whole life.
Best life insurance for seniors in Mississippi: Prudential
The best life insurance company for seniors in Mississippi is Prudential, which accepts applicants up to age 70. Prudential even offers coverage to applicants with certain age-related pre-existing conditions.
Best life insurance for young adults in Mississippi: Brighthouse Financial
Brighthouse Financial is the best life insurance company for young adults in Mississippi. You may be able to qualify for up to $3 million in coverage from Brighthouse Financial without a medical exam, making it a good option for new parents.
Best life insurance for pre-existing conditions in Mississippi: Lincoln Financial
The best life insurance company in Mississippi if you have a pre-existing medical condition is Lincoln Financial. That’s because you may still be able to find coverage from Lincoln Financial if you have a common pre-existing condition, like a past heart attack, asthma, epilepsy, and more.
Best life insurance for marijuana users in Mississippi: Lincoln Financial
Lincoln Financial is the best life insurance company for marijuana users in Mississippi. Lincoln Financial won’t classify you as a smoker if you use cannabis, so you’ll avoid higher rates. You may qualify for affordable rates even if you use marijuana up to six times a week.
Although it’s marijuana isn’t legal in Mississippi, you should be honest about any marijuana use when you apply for life insurance — or you risk your insurance company denying a future claim.
Best life insurance for smokers in Mississippi: Corebridge Financial
The best life insurance company for smokers in Mississippi is Corebridge Financial, since it lets you reapply for cheaper rates a year after quitting smoking (other insurance companies require two years or more before you can qualify for cheaper rates).
How is life insurance different in Mississippi?
Living in Mississippi may affect certain rules and regulations about life insurance, even if location doesn’t affect your rates. [1]
Contestable period: The contestable period in Mississippi is two years. If your life insurance company finds out during this period that you misrepresented yourself on your application, it can refuse a claim or cancel your policy.
Free look period: Under Mississippi’s free look law, you have 10 days from when you buy a policy to cancel it for a full refund.
Grace period: Mississippi has a grace period of 31 days. That means that if you miss a payment, you have 31 days to catch up before your insurance company can cancel your policy.
Guaranty Fund protection: If your life insurance company goes bankrupt, Mississippi’s Guaranty Association will cover up to $300,000 of your death benefits and $100,000 of your policy’s cash surrender value.
Time to settle a claim: Life insurance companies have 30 days to settle a claim after getting proof of death before they have to start paying interest on a death benefit.
Largest life insurance companies in Mississippi
Here are the 10 largest life insurance companies in Mississippi. [2]
Company | Market share in Mississippi |
|---|---|
Southern Farm Bureau | 6.05% |
New York Life | 6.05% |
Northwestern Mutual | 5.69% |
MassMutual | 5.16% |
State Farm | 5.05% |
MetLife | 4.07% |
Prudential | 3.51% |
Globe Life | 3.49% |
Primerica | 3.17% |
Lincoln Financial | 3.03% |
What happens if a life insurance company goes bankrupt in Mississippi?
Your life insurance company probably won’t go bankrupt, but if it does, the Mississippi Guaranty Association will cover up to $500,000 of your policy’s death benefits and up to $500,000 of its cash surrender value as long as you continue paying your premiums.
How to find a lost life insurance policy in Mississippi
You can use the Life Insurance Policy Locator Service from the National Association of Insurance Commissioners to find a lost life insurance policy in Mississippi, but only if you’re connected to the person whose policy you’re looking for.
Average life insurance rates in Mississippi
We found that the average life insurance rates in Mississippi for a healthy 35-year-old buying a $500,000, 20-year term life insurance policy is $27 per month ($307 per year) for women and $32 per month ($373 per year) for men — but your exact life insurance rates will depend on factors that are specific to you.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
20 | Female | $15 | $23 | $34 |
Male | $19 | $29 | $48 | |
30 | Female | $15 | $23 | $37 |
Male | $18 | $29 | $49 | |
40 | Female | $22 | $35 | $61 |
Male | $25 | $43 | $75 | |
50 | Female | $44 | $78 | $139 |
Male | $57 | $102 | $188 | |
60 | Female | $108 | $194 | $355 |
Male | $149 | $268 | $500 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 09/01/2024.
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