Magnolia Guaranty was incorporated on November 18, 1991 and was subsequently issued a Certificate of Authority to transact business by the DOI on January 1, 1992.
Security Plan Life Insurance Company acquired Magnolia Guaranty in 2014.
Magnolia Guaranty appoints mostly agents with a limited license designation, which restricts the sale of policies with face amounts greater than $10,000.
Magnolia Guaranty issues small face amount ordinary and industrial whole life and pre-need policies designed to fund final expenses, primarily funeral and burial costs.
Magnolia Guaranty focuses on the needs of the middle and lower income markets in Mississippi primarily marketing through independent Funeral Homes to collect premiums from customers who go to the funeral home monthly to pay their insurance premiums.