Life Insurance
Mississippi Life Insurance
Some people equate life insurance with tragedy and death. In truth, life insurance is for the living. You pay a relatively small premium to an insurance company in exchange for their promise to pay your beneficiaries a specified death benefit in the event of your death. You may find it ironic that a financial need arising from death can be alleviated by a financial resource that is created after death. That’s why life insurance, although something no one hopes to ever need, is indeed for the living. It’s also a vital issue we can help you investigate in greater detail to ensure your family’s financial future will be protected.
Types of Mississippi Life Insurance
Level Premium Term Life Insurance
Level premium term policy provides the convenience of having a constant level of affordable life insurance coverage for the set of the duration of the policy. It’s a simple plan and keeps you insured for the period of time you purchase.
Depending on your age, you may purchase 10, 15, 20, 25 or 30 year level premium term policies. Issue age 0-70. Once the initial policy expires you have the option to renew the policy. During the renewability phase of the policy your rates will be based on your age and health at time of renewal. You may also convert the policy to one of our Universal life insurance policies before age 65.
Return of Premium Term
If you are looking for a policy that combines good life insurance protection the opportunity of getting your cash back, Return of Premium (ROP) term life insurance may be right for you. Available as a 20-year level term plan, this option is ideal for individuals who want and need protection and peace of mind but think they will outlive their policy.
With our ROP Term, if you are living and the policy is in force at the end of the 20-year period, all your base premiums and policy fees are returned to you. If you cancel before the term expires, you could still receive a percentage of the premium you have paid.
Whole Life
If you need coverage for final expenses and burial cost, our Whole Life Insurance policy helps pay those costs. We have several plans to choose from including plans for hard to place risks on a simplified issue basis.
Universal Life
Want your cash accumulation value to earn interest and give you even greater flexibility? Then, choose Universal Life. Subject to policy provisions, you can increase or decrease your death benefit, vary your premiums and temporarily suspend your premium payment.
Optional Benefits
When it comes to your life, we can help you prepare for the unexpected. In addition to our policy choices, you can add these optional benefits to most plans to tailor them to your family’s needs – for a low cost.
Waiver of Premium Benefit (WP) provides for payment of all premiums becoming due during the total disability of the insured. Policy benefits and values will not be reduced as a result of any premium waived. Waiver of Monthly Deduction (WMD) Benefit provides for the waiver of all “monthly deductions” becoming due after six consecutive months of total disability and during the total disability of the insured.
Accidental Death Benefit (ADB) provides for the payment of a specified amount in addition to the sum insured, upon death of the insured resulting from accidental bodily injury, provided death occurs within 90 days from the date of the accident.
Children’s Term Rider (CTR) Level term insurance on each insured child until the policy anniversary nearest the child’s 25th birthday or rider expiry.
Guaranteed Renewability Benefit is available only on Level Premium Term and Return of Premium plans. This benefit must be added at time of issue cannot be added to existing policies.
This benefit provides for the renewal of the Level Premium Term or Return of Premium policy for the same number of years as the original policy, regardless of health conditions, at the time the original term period.
Example: A 10 Year Level Premium Term policy can be renewed for another 10-year period at the end of the first 10 years. A 20 year Return of Premium policy can be renewed at the end of the 20 years.
The premium at time of renewal for the new Level Premium Term or Return of Premium policy will be at the insured’s attained age.
What is the best Mississippi life insurance policy to have?
The best life insurance policy to have is the one you can afford and is in force when you die! Avoid any agent that tells you his one type of life insurance policy is the best for all situations! There is no such thing! Each person needs are different and should consult with an agent to figure out which policy best suits their needs.
Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. Past performance is no guarantee of future results. Diversification does not ensure against loss.
This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice to your situation.
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