In this article, you’ll learn how much final expense insurance costs, how they work, the best companies in the state, and the average cost of a funeral in Mississippi.

How Much Does Final Expense Insurance In Mississippi Cost?

Burial insurance in Mississippi usually costs about $50-$100 per month for about $10,000 in coverage. The exact cost of final expense insurance is a function of your precise age, health, gender, and how much coverage you want.

The table below shows some sample monthly quotes.

Age & Gender$10,000
Simplified Issue
(Monthly Rates)
$10,000
Guaranteed Acceptance
(Monthly Rates)
Female age 40$12$21
Female age 45$13$23
Female age 50$14$24
Female age 55$15$28
Female age 60$18$33
Female age 65$22$41
Female age 70$28$53
Female age 75$37$71
Female age 80$50$98
Female age 85$70$136
Female age 89$131N/A
Male age 40$14$25
Male age 45$15$27
Male age 50$17$31
Male age 55$20$36
Male age 60$23$43
Male age 65$29$54
Male age 70$37$70
Male age 75$50$97
Male age 80$69$135
Male age 85$91$178
Male age 89$180N/A

 

Best Burial Insurance Companies In Mississippi

Insurance is governed by the states rather than the federal government. Because of that, funeral insurance in the USA varies from state to state.

In the table below, you can see the best final expense companies that are available in Mississippi.

Insurance CompanyCoverage & New
Applicant Age Limits
Policy Type, Length
& Product name
Mutual of Omaha company logoCoverage:
$2,000-$50,000
Age Range:
45-85
Whole Life Insurance
Lasts forever once issued
"Living Promise"- Level
(no waiting period)
Aetna company logoCoverage:
$2,000-$50,000
Age Range:
40-89
Whole Life Insurance
Lasts forever once issued
"Accendo"- Preferred
(no waiting period)
Aflac company logoCoverage:
$5,000-$50,000
Age Range:
45-80
Whole Life Insurance
Lasts forever once issued
"Final Expense"- Preferred
(no waiting period)
Royal Neighbors of America company logoCoverage:
$7,000-$30,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"SIWL"
(no waiting period)
Foresters Financial company logoCoverage:
$5,000-$35,000
Age Range:
50-85
Whole Life Insurance
Lasts forever once issued
"PlanRight"- Preferred
(no waiting period)
Transamerica company logoCoverage:
$1,000-$50,000
Age Range:
45-85
Whole Life Insurance
Lasts forever once issued
"Immediate Solution"- Preferred
(no waiting period)
Prosperity Life Group company logoCoverage:
$5,000-$35,000
Age Range:
55-80
Whole Life Insurance
Lasts forever once issued
"New Vista"- Level
(no waiting period)
AIG company logoCoverage:
$5,000-$25,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"Guaranteed Acceptance"
(2 Yr waiting period)
Liberty Bankers Life company logoCoverage:
$3,000-$40,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"SIMPL"- Preferred
(no waiting period)
Gerber Life company logoCoverage:
$5,000-$25,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"Guaranteed Acceptance"
(2 Yr waiting period)
American Amicable company logoCoverage:
$2,500-$50,000
Age Range:
50-85
Whole Life Insurance
Lasts forever once issued
"Senior Choice"- Immediate
(no waiting period)
Baltimore Life company logoCoverage:
$2,500-$50,000
Age Range:
45-89
Whole Life Insurance
Lasts forever once issued
"iProvide"
(no waiting period)

 

How Does Final Expense Insurance Work?

Final expense insurance is a type of simplified issue whole life insurance meant to pay for your funeral and other burial costs.

Typically, the coverage amounts are between $2,000-$50,00 with most companies.

Because it’s a type of life insurance, the policy will ultimately pay out cash directly to your family or funeral home.

If the money is paid to your family, they can use it for funeral costs, medical bills, debts, or anything else. Also, they can keep any money they don’t use on your end-of-life expenses.

Tip:
Final expense life insurance often goes by the alternate names of “burial insurance” or “funeral insurance.”

Whole life insurance always has a fixed premium, and the policy’s face value will never decrease. Additionally, it’s permanent life insurance, so it will last forever and build cash value.

Senior burial insurance plans never require a medical exam to qualify. Some policies require that you fill out a health questionnaire, and some don’t.

Plans with questions can cover you immediately for natural or accidental death. However, ones without questions offer the convenience of guaranteed acceptance, but they come with a two-year waiting period. If you die during the waiting period, the insurance provider will only refund your premiums plus interest.

Also, guaranteed acceptance burial plans are more expensive because the insurer takes a lot of risk insuring your life without knowing about your health.

 

How Much Does A Funeral Cost In Mississippi?

According to the NFDA, the average funeral typically costs about $7,271 for a burial, including a vault and viewing, and $6,314 for a cremation service.

Service TypeAverage Cost
Burial Service$7,271
Direct Burial (No Service)$3,801
Cremation Service$6,314
Direct Cremation (No Service)$1,986

Understand that your funeral preferences can significantly increase or reduce the net cost of your desired funeral. For example, if you forgo all services, a direct burial can cost as little as $3,801.

Also, it’s helpful to use a final expense cost calculator to estimate your funeral costs.

 

The Free Look Period In Mississippi And The FTC Funeral Rule

Mississippi mandates that all life insurance policies include a 10-day free look provision. The free look provision grants the policyholder the right to refuse any life insurance policy for any reason and get a refund of any premiums paid.

This law is meant to give consumers peace of mind, knowing that you change your mind (for any reason) and can reverse course and get your money back (if you made any payments).

The FTC Funeral Rule is a federal law that protects consumers who are planning a funeral. It mandates that funeral homes provide you with a written general price list (GPL) that details the cost of all their goods and services. It also grants consumers the right to pick and choose which products and services they want rather than having to choose from a package.

 

How Choice Mutual Can Help

When shopping for final expense life insurance, it’s essential to check with multiple insurance companies. That’s because every company has different underwriting, pricing, and terms and conditions.

Choice Mutual can do the comparison shopping for you if you need funeral insurance in Mississippi. We partner with nearly 20 different insurance companies. That allows us to compare each to find you the best option regardless of which insurer it’s with.

Tip:
Buying insurance through an independent agency costs nothing, and the policy isn’t more expensive because you bought through a broker.

Another significant advantage to working with an independent broker is that you can access plans without a waiting period.

Nearly all immediate benefit final expense policies are only sold through licensed agencies. Buying coverage directly online from the insurance company typically comes with a two-year waiting period and higher cost.

If you need burial life insurance, call us at 1-800-644-2926, and one of our agents will answer your questions and help you find the best policy.