Mississippi Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

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You need to make certain that the life insurance policy you purchase adequately meets the needs of the people you will leave behind. However, because you’ll pay for it for years, you shouldn’t just pick an amount that will sufficiently support your family despite the loss of your income; you should also ensure you can keep making your premium payments. This is why it’s important to know how much insurance companies might charge you. 

In the tables below, you’ll see premium projections for residents of Jackson, Mississippi. You can use them to come up with a price range of what you can afford.

Estimated Monthly Premiums
Jackson, MS 39201
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

These numbers prove that buying at an earlier age can make a huge difference in your overall life coverage costs. As you can see, the older groups for both men and women pay more than double than their younger counterparts. And even without smoking habits, purchasing cover in your 40s will still lead to drastically higher premiums.  

The higher death benefit for a shortened term

Say you want a $500,000 value policy that you’d only have to pay for 20 years. Your premiums may look like any of these:

Estimated Monthly Premiums
Jackson, MS 39201
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

Again, you’ll notice that even though you’d only keep your insurance for 20 years, you’d still pay a lot more when you buy a policy in your older years. For a policy with these features, males in their 30s would only pay an average of a little less than $40 a month, while those in their 40s would pay an average of about $95 a month. For the younger female group, their monthly premiums average at $31.42, while their older peers pay a higher average of $77.79.

More life insurance help

In short, getting term life insurance while you’re still young will help you secure better rates. More importantly, though, you should first establish that this specific type of life coverage is most appropriate for you and your family. You should also include the Mississippi Insurance Department in your list of must-know contacts as they can help you verify whether an insurer is licensed or not.