Best Life Insurance Companies in Jackson, MS

FAQs

• Would you need additional coverage in Jackson if you automatically have life insurance as part of the employee benefits package?

  This type of life insurance typically provides limited coverage ranging from $10,000 to 20,000. It may not be sufficient, particularly if you have a young family. If your employer provides premium coverage that is enforceable even if you change jobs, you may have adequate coverage as long as you continue to pay premiums. Consider automatic insurance from your Jackson employee benefits package as a supplement to premium coverage.

• Are all life insurance in Jackson protected by law if the insurer goes out of business?

  The protection is only valid in Jackson up to certain dollar limits per person, which are $300,000 for death benefits and $100,000 for cash-value benefits. This means that regardless of how many different types of life insurance policies you purchase from the defunct insurance company, you will only be paid up to these limits. The Mississippi Life & Health Insurance Guaranty Association provides the coverage.

• Can you still purchase life insurance in Jackson if you have recently been diagnosed with multiple sclerosis?

  Yes, it is possible; however, you may have to pay higher premiums for less coverage. Multiple sclerosis progresses on a spectrum; in some cases, it worsens slowly over time, while in others, it worsens quickly. As a result, even if you have recently received a diagnosis, you can still find coverage in Jackson because insurers will consider your risk and statistical data. However, the sooner you obtain life insurance, the more options you will have.

• Can you combine term-life insurance with cash-value insurance in Jackson?

  Yes, depending on your financial objectives, you can combine term life insurance and cash-value insurance in Jackson. Term life insurance provides the most coverage per dollar value and can provide adequate protection during critical periods of your life. However, once the term expires, you are no longer eligible for benefits. If you no longer require additional coverage, you may elect not to renew your term life insurance. If you choose to renew, your premiums will be higher than before.

• What kinds of riders should you consider when buying life insurance in Jackson?

  When purchasing life insurance in Jackson, an accelerated death rider can provide coverage if you are diagnosed with a terminal illness. There is also a rider for premium waiver that allows you to stop paying premiums if you become disabled. Some riders to consider are those for accidental death, long-term care, and disability, which can take effect once these events occur.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.