Mississippi Life Insurance

Mississippi’s workforce can’t afford to let their families go without their support, and that’s why millions of residents enroll in life insurance policies to protect their families. Unfortunately, navigating the often confusing sea of different types of life insurance and coverage options is tricky to say the least. The Simple Dollar has compiled a useful set of resources to help readers stay on top of their life insurance policies.

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Stats in Your State

Getting a sense of the impact of the life insurance industry can be difficult without information to guide you, so we’ve put together a number of useful charts and graphs to illustrate the depth of the industry’s impact on the Mississippi economy and the benefits it yields for residents around the state.

Life Insurance in Mississippi

The financial impact of the life insurance economy in Mississippi is impossible to ignore — with roughly $2.3 billion in death benefits and annuities payments made to residents in 2011, it serves a crucial element of income for the state’s residents, who typically put that money directly back into the local economy.

Number of Licensed Life Insurers 485
Total Life Insurance Coverage $196 billion
Average Policyholder Coverage $63,000*
Amount Paid Out in 2011 $2 billion**
Amount of Paid Annuity Benefits in 2011 $322 million
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

More than 6,000 Mississippi residents hold life insurance policies through government-administered programs, including approximately 2,900 veterans and roughly 3,300 servicemen and women.

The Life Insurance Industry: Beyond Insuring You

With roughly 10,000 indirect and direct jobs stemming from the life insurance industry, the economic impact of the life insurance industry in Mississippi is clear. Additionally, insurers invest roughly $28 billion in the local economy through bonds, grants, and investments in business.

Job creator 10,000 Mississippi jobs
Invested in Mississippi 's Economy $28 billion
Source: ACLI.com

Rules in Your State

Though Mississippi has specific regulations for homeowners insurance and homeowners’ rights, the state legal code contains little specific legislation or regulations addressing life insurance policies as they relate to consumers’ rights. The structure of life insurance companies is certainly regulated, but consumers must rely on general anti-discrimination policies and their policy contracts for consumers’ rights. If you feel your rights have been compromised, consult with an attorney, and seek assistance and guidance through the Department of Insurance.

Mississippi Insurance Laws, Bulletins, and Regulations
The Mississippi legislature’s archives can be browsed at the link above. Consumers with questions on legislation should contact the Insurance Department.

Representatives & Resources in Your State

Use the links and resources below to seek additional information and education about life insurance. The Insurance Department also provides consumer advocacy support and assistance for consumers who need to file complaints against their insurance companies.

Mississippi Insurance Department (MID)
Mississippi Insurance Department
1001 Woolfolk State Office Building
501 North West Street
Jackson, MS 39201
Get Directions
601-359-3569
MID Contact Info
Consumer Complaint Resource
Use the link above to file a formal insurance complaint against an insurer for poor claims handling practices.

MID Life Insurance Resource
The Insurance Department provides additional information at the link above for consumers who wish to learn more about life insurance and how to choose a good life insurance policy in Mississippi.

Mississippi Life & Health Insurance Guaranty Association
PO Box 4562
Jackson, MS 39296
601-981-0755
Contact Information
The Life and Health Insurance Guaranty Association provides financial backing to insurance companies, and guarantees that your insurance policy will still be in effect even if your insurer files for bankruptcy or becomes financially unstable.