Largest Companies in Mississippi: Life Insurance Rates

When life throws something unexpected your way, you need an insurance company

that’s got your back and helps you and your family. The most important decision is to select the insurance company. If you are living in Mississippi and looking for the best insurance company in Mississippi, you are at the right place. No matter if you are looking for coverage for your car, home, health, or any other thing, we are here to help you find the top-rated insurance companies in Mississippi that will give you affordable rates and the best coverage.  

Top Insurance Companies in Mississippi, US

There are some top, well-known national insurance companies in Mississippi. And the other are also the strong local companies. Let’s have a look at the  top and most important insurance companies to consider while buying an insurance policy;

1. State Farm
2. Blue Cross & Blue Shield of Mississippi
3. Allstate
4. Southern Farm Bureau
5. Liberty Mutual
6. Progressive
7. GEICO
8. New York Life
9. MetLife
10. Aflac

These insurance companies provide coverage to both individuals and businesses, and they also have many types of coverage, like life, health, auto, and home insurance. 

Let’s have a detailed look at these companies.

State Farm

State Farm is one of the biggest insurance company in Mississippi and the most trusted one as well. This company is giving strong financial backing, and it also has a huge range of coverage options. This company is popular because of its large local agent who provides personal services and helps customers understand their policies. 

Blue Cross & Blue Shield of Mississippi

This is the leading health insurance company in the state. This insurance company only focuses on the Mississippi residents, and it also has a strong connection with the local hospitals and their doctors. People trust Blue Cross and Blue Shield for the best coverage and their helpful programs. 

Allstate 

Allstate is a well-known national insurance company. This company offers a lot of policies, including home insurance, life insurance, and auto insurance. Their customer service is very strong, and this will make this company a popular choice among people. Allstate has many local agents in Mississippi who help customers choose the right coverage and understand their options.

Southern Farm Bureau Life Insurance 

This insurance company has deep roots in Mississippi and the southern U.S. The company is providing the best services to the residents of Mississippi through their local agents, who will clearly understand their needs. 

Liberty Mutual 

Liberty Mutual is a large insurance company that offers the best coverage options for life, auto, home, and more. The company also gives a simple claim process, and they have the ability to customize policies to fit the different needs of the customers. 

Progressive

Progressive is famous for affordable car insurance, but it also has policies for life and home insurance. This company is considered one of the top because they have online tools and they let the customer compare the prices and customize their plans. They have competitive rates and discounts, so people prefer to choose Progressive. 

GEICO

GEICO is one of the largest auto insurance companies. The company is known for its low prices and its fun advertisements. This company is mainly focused on car insurance, but it also offers life insurance through partners.

New York Life

This is one of the oldest life insurance companies in the country, from 1845. The company is known for its strong financial reputation, and it also offers affordable coverage options for the long term.  Many people in Mississippi trust New York Life for whole, term, and retirement-focused life insurance plans.

MetLife 

MetLife is a major global insurance company that offers life, dental, vision, and disability coverage. In Mississippi, it is a popular choice for both individuals and employers who want group insurance benefits. MetLife is respected for its flexible policy options and strong financial foundation.

Aflac

Aflac is the best for supplemental insurance. The company will give you coverage for accidents, cancer, and other short-term disabilities. In Mississippi, Aflac is especially popular in workplace benefits, and people love its fast claim payments and simple process.

Life Insurance Rules in Mississippi

Even though where you live does not change your life insurance rates but if you are living in Mississippi, this will affect some important rules and protections. Here are a few things you must know;

Contestable Period (2 Years)

In Mississippi, your insurance company has two years to review your application. During this time, if they find out you gave false information, they can cancel your policy or deny a claim.

Free Look Period (10 Days)

If you buy life insurance and you have changed your mind, you have only 10 days to cancel the policy, and you will get a full refund.

Grace Period (31 Days)

If you miss a payment, you have 31 days to pay it before your policy can be canceled. This gives you extra time to catch up without losing coverage.

Guaranty Fund Protection

If your insurance company shuts down, the Life and Health Insurance Guaranty Association in Mississippi will still protect you. They can pay up to $300,000 in death benefits and up to $100,000 in cash value from your policy.

Claim Payout Time (30 Days)

After receiving proof of death, life insurance companies in Mississippi have 30 days to pay the claim. If they take longer, they must start paying interest on the amount owed

Market Share of the Largest Companies in Mississippi

According to NAIC, the market share of the insurance companies depends on the type of insurance they offer.

Auto Insurance Market Share

• State Farm: 24.5%
• Southern Farm Bureau: 17.2%
• Progressive: 12.8%
• Allstate: 10.6%
• GEICO: 9.9%

Homeowners Insurance Market Share

• State Farm: 29.1%
• Allstate: 15.7%
• Farm Bureau: 14.3%
• Liberty Mutual: 8.2%
• USAA (military families): 7.9%

Health Insurance Market Share

• Blue Cross & Blue Shield of Mississippi: 55%+
• UnitedHealthcare: 15%
• Others: 18%

The ranking of these companies remains consistent, but the share percentage slightly varies from year to year.

Who Has the Best Insurance Rates in Mississippi?

There are some companies that are consistently giving the best prices for the policies. When it comes to finding the best insurance rates in Mississippi, your profile plays a major role.

Best Auto Insurance Rates

• GEICO: Best for low-mileage and safe drivers
• State Farm: Offers discounts for bundling and a good driving history
• Progressive: Strong option for high-risk drivers

Best Home Insurance Rates

• Southern Farm Bureau: Popular among Mississippi homeowners for local service
• State Farm: Broad coverage and robust claims process
• Allstate: Offers flexible deductibles and bundling discounts

Best Life Insurance Rates

• Aflac: Offers supplemental coverage in Mississippi
• New York Life: Known for strong financial ratings and diverse product lines

Why Is Insurance So High in Mississippi?

In Mississippi, there is a common question people ask: that Why is insurance so expensive here? Here are some of the reasons why insurance costs more than the national average in Mississippi

Bad Weather

The weather in the Mississippi is so bad that with the high chances of hurricanes, tornadoes, and floods near the coast and in the countryside. Because these storms can cause big damage, insurance companies see it as risky. That’s why they charge more for home and car insurance.

Many Uninsured Drivers

Many people in Mississippi drive without having car insurance. This will make it more risky for the other people on the road. Because of this, the insurance companies are raising their prices to protect themselves from the extra cost. 

Health Problems

People in Mississippi have more health problems, like diabetes and heart disease. Because of this, insurance companies charge more for life and health insurance to cover the higher risk.

Lawsuits and Payouts

There are more lawsuits and big insurance payouts in Mississippi. This makes it more expensive for insurance companies, so they increase prices for customers.

Average Life Insurance Rates in Mississippi

The average life insurance rates in Mississippi depend on factors like age, gender, health status, and term length. Below is a rough estimate for a 20-year term life policy worth $250,000:

The monthly payments are higher than the national average due to the state’s health risk factors and lower average life expectancy.

Tips for Choosing the Best Insurance Company in Mississippi

Choosing the right insurance company can be so confusing because there are so many choices available. Let’s have a look at some easy steps to take before choosing life insurance 

Get quotes from different companies 

Before choosing a life insurance policy, you have to compare the prices from the different companies and then choose what to buy and from where. Because the prices can be different even for the same person.

Check the company’s strength 

Whenever you are buying or considering an insurance company, you must have to check the company’s rating to make sure that the company is strong and it will give you the best coverage. 

See what other customers say 

Reviews from J.D. Power or the Better Business Bureau (BBB) can tell you if people are happy with the service.

Look at what they offer 

Make sure the company has the extra options you need, like add-ons to your policy.

Talk to a local agent

A local insurance agent can help explain things and make it easier if you ever need to file a claim.

Final Thoughts

There are several life insurance companies in Mississippi, and they are offering many coverages that are best for the residents. But you have to make sure that you compare the prices, review the insurance companies with a strong rating this will give you the best coverage. No matter if you’re looking for term life, whole life, or supplemental policies, you’ll find many reliable choices. Compare the top 10 insurance policies in Mississippi and get the best coverage across the state. 

Ready to Find the Right Insurance for You?

Protect what matters today, compare free quotes from top insurance companies. Find the coverage you need at a price you’ll love!

FAQs

1. What are the big insurance companies in Mississippi?

The top insurance companies in Mississippi include State Farm, Blue Cross & Blue Shield of Mississippi, Allstate, Southern Farm Bureau, Liberty Mutual, Progressive, GEICO, New York Life, MetLife, and Aflac.

2. Why is insurance so expensive in Mississippi?

Insurance is more expensive in Mississippi because of things like bad weather, lots of drivers without insurance, more people with health problems, and many legal claims.

3. Who has the cheapest car insurance in Mississippi?

GEICO usually has the lowest prices for safe drivers who don’t drive much. They also give good discounts and you will save money. 

4. What life insurance rules should I know in Mississippi?

Mississippi gives 2 years to check your policy, 10 days to cancel, 31 days to pay, and $300,000 protection.

5. How do I choose the best insurance company in Mississippi?

Compare quotes, check customer reviews, look at policy options, and talk to a local agent to find the best insurance for your needs.