A milling insert for a side and face milling tool includes an upper side defining an upper extension plane, a lower side defining a lower extension plane, and a side surface extending between the upper and the lower sides around a periphery of the insert that includes a main radial clearance surface, two opposite axial clearance surfaces and two corner clearance surfaces. At least one cutting edge is formed in a transition between the upper and the side surfaces, wherein each cutting edge includes a main cutting edge extending above the main radial clearance surface and two corner cutting edges extending above the corner clearance surfaces on opposite sides of the main cutting edge. The main cutting edge slopes downward toward a midpoint of the main cutting edge and the main cutting edge and the main radial clearance surface slope outward from the corner cutting edges toward the midpoint.