Individual Life Insurance

Life insurance comes in several forms, each serving different needs:

• Term Life Insurance: Provides coverage for a set period (e.g., 10, 20, or 30 years). If the policyholder passes away during this time, their beneficiaries receive a death benefit. It’s often the most affordable option.
• Whole Life Insurance: Offers lifelong coverage and includes a cash value component that grows over time. Premiums are higher, but this policy builds savings you can borrow against.
• Universal Life Insurance: A flexible permanent life insurance option that allows adjustments to premium payments and death benefits while accumulating cash value.
• Final Expense Insurance: Designed for seniors, this policy helps cover funeral costs and outstanding debts to ease the financial burden on loved ones.

We help Gulfport residents compare these options and find a plan that best suits their financial goals.

The right amount of life insurance depends on several factors, including:

• Your income and how many years of coverage your family may need.
• Outstanding debts, such as a mortgage, car loan, or credit card balances.
• Future expenses, like college tuition for children.
• Funeral and medical costs your loved ones may face.

A general rule of thumb is to have coverage that equals 10–15 times your annual income, but this varies based on individual circumstances. We can help you calculate an amount that ensures financial security for your family.

Life insurance can be more affordable than many people think. Term life insurance is often the most budget-friendly option, especially for younger and healthier individuals. Whole and universal life insurance policies have higher premiums but provide lifelong coverage and build cash value.

Factors that influence life insurance costs include:

• Age – The younger you are, the lower your premiums.
• Health – Non-smokers and those without medical conditions typically pay less.
• Coverage amount – Higher death benefits result in higher premiums.
• Policy type – Term life insurance is usually cheaper than whole or universal life policies.

We work with top insurance carriers to find affordable life insurance plans that fit your budget.

Employer-provided life insurance is a great benefit, but it often provides limited coverage, typically 1-2 times your salary. This may not be enough for long-term financial security.

Additionally, workplace life insurance ends when you leave your job. Having a personal life insurance policy ensures your family is protected regardless of your employment status.

Yes! While some conditions may affect premiums, many life insurance companies offer policies for people with diabetes, high blood pressure, or other health concerns.

Some policies, such as Guaranteed Issue Life Insurance, do not require a medical exam, making them a good option for those with significant health issues.

We work with multiple carriers to help you find affordable life insurance in Mississippi, even if you have pre-existing conditions.

If your term life insurance expires, you generally have three options:

1. Renew the policy – Some term policies allow you to renew for another term, though premiums may increase.
2. Convert to permanent life insurance – Many term policies include a conversion option, allowing you to switch to a whole or universal life policy before your term ends.
3. Let the policy expire – If you no longer need coverage, you can simply allow the policy to lapse.

We can help you review your options before your term expires to ensure you stay protected.

If you have a whole or universal life insurance policy, you can borrow against the accumulated cash value. This can be useful for emergencies, retirement planning, or major expenses.

However, borrowing from your policy reduces the death benefit if the loan isn’t repaid. We can help you determine if this is the right financial strategy for you.

It depends on the type of policy:

• Term Life Insurance – If you stop paying, coverage ends.
• Whole or Universal Life Insurance – If there’s enough cash value, your policy may stay active for a time, covering premiums automatically. If the cash value runs out, the policy will lapse.

If you’re struggling with payments, we can help explore options like adjusting coverage or switching to a more affordable policy.

Yes! Life insurance benefits can be used for:

• Paying off a mortgage or other loans.
• Covering credit card or medical bills.
• Ensuring financial stability for dependents.

Beneficiaries can use the death benefit however they choose, providing flexibility in managing financial obligations.

If your beneficiary dies before you, the payout will go to your secondary or contingent beneficiary (if named). If no backup is listed, the death benefit may go to your estate.

It’s a good idea to review and update beneficiaries regularly to ensure the right person receives the benefit.

Yes, but you must have an insurable interest—meaning you would suffer financially if they passed away. This typically applies to:

• Spouses or partners.
• Children (with parental consent if they’re minors).
• Business partners who depend on each other financially.

If you want to secure coverage for a loved one, we’ll guide you through the process.

Riders are optional add-ons that provide extra benefits. Common riders include:

• Accelerated Death Benefit – Access part of the payout early if diagnosed with a terminal illness.
• Waiver of Premium – Waives premiums if you become disabled.
• Child or Spouse Coverage – Adds life insurance for family members.

Riders can enhance your policy, but they also affect costs. We’ll help you decide if they’re worth adding.

Yes! Permanent life insurance policies, such as whole and universal life, build cash value that can be used in retirement. Some people use life insurance as a tax-advantaged savings tool alongside 401(k)s and IRAs.

If retirement planning is a goal, we can help you explore life insurance policies that align with your financial future.