Best Life Insurance Companies in Jackson

Frequently Asked Questions

• 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.