Life Insurance in Mississippi & Tennessee

Life insurance in Mississippi and Tennessee can protect your family financially if something were to happen. If there are people that are financially dependent on you, then consider getting life insurance from Tackett Insurance, Inc. serving Oxford, MS.

Mississippi Life Insurance Options

The first step in getting life insurance is determining how much coverage you need. This will be dependent on how much your family will need if you were to die. If you have a mortgage or younger children, you may want to consider getting more so your family can meet its financial responsibilities. As you get older and you pay off your mortgage, you may discover that you don’t need as much so you can possibly lower your premiums.

In Mississippi, there are two types of insurance to know about: term and permanent.

• Term life insurance will only provide insurance for a specific period of time.
• Permanent life insurance will cover the policyholder for his or her entire life.

A term policy will only pay out if you died during the specified period, and once you stop paying the premium, the insurance can expire. This insurance is usually cheaper. Permanent life insurance will actually accumulate cash value over the life of the policy and is designed to provide protection for the entirety of one's life.

Permanent life insurance can be broken up into three different types: whole, universal, and variable. Whole life insurance is where the premium you pay remains constant throughout an individuals' life and then is paid as a dividend. Universal life insurance has some of the premium invested in bonds and mortgages and is more flexible. Variable life insurance is similar to universal, and the policyholder can choose a wider selection of investment options to return more death benefits or cash value on the policy.

There are also some riders that are available that might suit your needs. One of these is an accelerated death benefit that would allow you to collect a specific amount if you were diagnosed with a terminal illness to help with long-term care.

Contact an agent at Tackett Insurance, Inc. serving Oxford, MS in order to find the right life insurance to protect your family. Our agents are ready to work with you in getting a policy that covers your family's needs.