Mississippi Life Insurance Rates
Those who live in the state of Mississippi should consider choosing life insurance as it is an important aspect to financial security and protection. One of the most important decisions that Mississippi residents must make is whether they prefer term or permanent insurance. When comparing Mississippi life insurance rates determine beforehand which type of life insurance best meets your needs and make your choice accordingly. Life isn’t guaranteed to anyone and though it can be painful to think about, a sudden death to a breadwinner or spouse that contributes to the household’s income can completely devastate a family’s income. A death not only brings emotional distress, grieving and even depression; but it can also bring a family to financial ruin. By choosing life insurance while you are young you can rest assured that you’ve taken necessary steps to protect your family’s finances should you or another contributor to the household pass away.
Term life insurance and permanent life insurance policies are based upon the length of time that the two plans are in effect. Term life insurance policies are determined by set time limits and are often sold in plan lengths of 10, 15, 20 or 30 years. Permanent life insurance lasts throughout a person’s lifespan and offers several advantages not found with term insurance; however it is more costly. As term life insurance policies have lower Mississippi life insurance rates they are the more popular of the two and are a good choice for families that are on a budget. As term life insurance is only effective for the set time frame in which the policy is active, a payment is only made should the policy holder die. Due to this reasoning, many term life insurance policies are never claimed, making them more affordable and with lower rates. Should the policy holder outlive the term policy, no benefit is given. If the policy holder dies while the policy is active, the beneficiary receives the full amount in a lump sum payout.
Permanent life insurance is a savings account that is tax deductible. Those who choose a permanent life insurance policy can take money from the account as needed, however, it is recommended to leave the account alone so that it may continue to grow in value. Permanent life insurance policy holders may either cash in their policies or borrow against them. Permanent life insurance is a good choice for those who are seeking more than 20 years of coverage. There are also term policies that include an option to convert into a permanent policy without affecting the policy’s rates. If you’re on a limited budget and have a family depending upon you as the breadwinner but want to continue your life insurance more than 20 years, you may find choosing a term policy with the option to convert is the best choice.
One you begin comparing Mississippi life insurance rates you may decide that you want to lower the rate a bit. First, determine how much life insurance you need and always round up. If you decide you need $140,000 in insurance you may find that you will pay less by choosing an insurance plan for $150,000 worth of coverage.
There are two steps that every citizen can take to reduce their life insurance rates. First, quit smoking. The top way to increase your life insurance premiums and see them continue to rise is by smoking. As smoking is detrimental to health, many insurers will charge smokers twice as much as they do non-smokers. Quit smoking immediately to lower your rates.
The next step you can take to lower your Mississippi life insurance rates is to lose weight and begin a routine of daily exercise. Those who are overweight will pay more as obesity has been directly linked to a number of health issues. Just quitting smoking and losing weight alone can help reduce your life insurance rates by lowering your risk.
Compare quotes from different insurers and choose the company with the most affordable Mississippi life insurance rates that provides the coverage you need.