Mississippi Life Insurance
- Mississippi life insurance policyholders are entitled to several consumer protections, including a late payment grace period. Know your rights under state law.
Life insurance policies and the companies that sell them are regulated at the state level, so your rights as a policyholder or beneficiary vary depending on where you live. If you're a policyholder or are shopping for a plan, understanding Mississippi life insurance laws and the state's available resources may make it easier to choose and maintain the right coverage, so your loved ones will be protected if you die.
Mississippi Life Insurance Rules and Specifics
Life insurance entities in Mississippi are licensed and regulated by the Mississippi Insurance Department. Laws are outlined in Title 83 of the Mississippi Code, which details the rights and responsibilities of companies, policyholders and beneficiaries, including:
- A 10-day free look: Mississippi consumers have 10 days to try out their coverage before being locked in to their signed contract. During this time, if a policyholder isn't satisfied with their plan for any reason, they may cancel with no penalty and receive a full refund.
- A 31-day grace period: Policyholders who miss a premium payment have 31 days to bring their account current without risk of cancellation or benefit reduction. This grace period doesn't apply to the initial premium payment.
- Interest accrual on death benefits: In Mississippi, interest begins to accrue on a policy's death benefit starting at the time of death and ending on the date the claim is paid.
Life Insurance Resources in Mississippi
The Mississippi Insurance Department offers numerous resources to help state residents with questions and complaints about life insurance and annuities. The department has a toll-free consumer help line and a comprehensive website where interested parties can find:
- Consumer alerts
- Company information
- Educational publications
- A policyholder bill of rights
- An online complaint form
- Links to additional resources
Consumers may also visit the department's Jackson-based office for in-person assistance.
Consumers who need additional assistance with specific insurance-related issues may find help through the following channels channels:
- Mississippi Life & Health Insurance Guaranty Association: Mississippi residents who purchased a policy from a state-licensed life insurance company that's subsequently gone out of business may receive continuing coverage through the guaranty association. Policyholders may be entitled to up to $300,000 of coverage in lost death benefits for each policy purchased and up to $100,000 in cash surrender value.
- NAIC life insurance policy locator service: Beneficiaries who can't find a deceased loved one's policy information may submit a search request through the NAIC's policy locator service. If a participating company has the policy information, they'll submit it directly to the beneficiary or other authorized party.
- AM Best: AM Best provides financial information and credit ratings for life insurance entities so consumers can assess whether a company is creditworthy before purchasing a policy. The agency looks at each company's balance sheet, operating performance and other risk-management factors.