Life insurance in Mississippi

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The state of Mississippi is 31st largest in population, with just over 3 million inhabitants. Mississippi has the lowest per-capita income of any state in the nation, but also the lowest living costs. Interestingly, the state also rates the highest when it comes to charitable contributions.

There are 542 life insurers licensed to do business in Mississippi, and of these, 15 are domiciled in the state. According to the American Council of Life Insurers, Mississippi residents have $160 billion in death benefit coverage in 2006. They own 2 million individual life insurance policies, with coverage averaging $52,000 per policyholder. Group life insurance coverage amounts to $40 billion.

Contacting the Mississippi Insurance Department

Consumers need only go to Mississippi's Insurance Department website to find all the ins and outs about doing business with a life insurance company in Mississippi. They can check to see if a company's license is up-to-date, if any complaints have been made against a particular company, or if there are any general news alerts. They also provide a complaint form.

If you do end up in a situation where your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Mississippi Life & Health Insurance Guaranty Association, which was created by a statute in 1978. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Mississippi's Title 83. These regulations cover every step in the life insurance process from how companies become licensed to how they must conduct their business.

Mississippi Offices Responsible for Life Insurance