Best Life Insurance Companies in Louisiana

Life insurance gives your beneficiaries financial support when you pass away, making choosing the right insurer and policy crucial to your family’s well-being. Life insurance companies in Louisiana provide policies that can help replace any lost income, pay off debts and help with other financial obligations such as a funeral. To help interested individuals find a company that suits their needs, MoneyGeek has examined the cheapest and best life insurance companies in Louisiana, along with the best policies for younger individuals, seniors and smokers.

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Best Cheap Life Insurance in Louisiana

When collecting life insurance quotes in Louisiana, keep in mind that the cheapest policies often have the lowest coverage. For example, the company offering the most affordable life insurance policy in Louisiana with $250,000 worth of coverage is MassMutual, with monthly premiums costing an average of $9.99 for men and $9.41 for women.

Cheaper life insurance policies such as $250,000 or less in coverage may not provide your beneficiaries with enough financial support after death. For residents in Louisiana, MoneyGeek recommends getting at least $632,000 in coverage. This amount can vary by state, based on the cost of living, average incomes, average personal debt, average age and other state-specific factors.

Based on the recommended coverage amount, the cheapest life insurance companies in Louisiana for both men and women are MassMutual and Mutual of Omaha. For men, MassMutual offers the most affordable policies at an average of $16.27 per month. On the other hand, policies from Mutual of Omaha are the cheapest for women, costing an average of $14.13 a month.

Best Cheap Life Insurance Companies in Louisiana: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $632k
  • MassMutual
    $9.99
    $16.27
  • Nationwide
    $10.63
    $16.66
  • Mutual of Omaha
    $10.84
    $17.06
  • Transamerica
    $14.90
    $29.22
  • State Farm
    $18.40
    $32.72
  • AAA
    $19.21
    $40.79
  • Progressive Life
    $21.73
    $42.18
  • Prudential
    $25.71
    $62.75
Best Cheap Life Insurance Companies in Louisiana: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $632k
  • Mutual of Omaha
    $10.65
    $14.13
  • MassMutual
    $9.40
    $14.29
  • Nationwide
    $10.43
    $21.27
  • Transamerica
    $13.10
    $26.52
  • State Farm
    $19.57
    $30.22
  • AAA
    $16.63
    $34.61
  • Progressive Life
    $20.83
    $35.88
  • Prudential
    $19.04
    $45.75

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Louisiana using average buyer profile statistics in Louisiana, including average age of 30, average weight of 205 pounds for males and 162 pounds for females, and an average coverage need of $632,000.

What Is the Average Cost of Life Insurance for Companies in Louisiana?

The average cost of life insurance in Louisiana depends on several factors — the most significant of which is your gender. For example, women usually pay less for life insurance than men because women have a higher life expectancy.

For men, the average cost of a life insurance policy with $250,000 in coverage is $18.60 a month, while for women, it costs $2.03 less at $16.57. On the other hand, a life insurance policy following the recommended coverage of $632,000 costs an average of $37.56 a month for men and $31.42 for women. Therefore, men will need to pay $18.96 more to get the recommended coverage, and women will need to pay $14.85 more for the recommended coverage.

Most Popular Life Insurance Companies in Louisiana

One of the factors to keep in mind when selecting a life insurance company is their financial stability, which you can determine based on their market share. A company’s market share is defined by how many policies they’ve written divided by the number of policies in the state. Thus, a market share is the portion of the market an insurance company owns and a good indication of its reliability.

The top life insurance companies in Louisiana make up around 38.61% of the market. New York Life is the most popular with a 9.77% market share.

Most Popular Life Insurance Companies in Louisiana

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  • Company
    Market Share
  • New York Life
    9.77%
  • State Farm
    7.58%
  • Northwestern Mutual
    6.80%
  • Primerica
    3.85%
  • Southern Farm Bureau Life Insurance
    3.68%
  • Transamerica
    3.48%
  • Prudential Financial Inc.
    3.45%

Life insurance market share data for Louisiana is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Louisiana?

Age is another major factor that insurers consider when determining the cost of a policy in Louisiana — the younger you are, the cheaper your monthly premiums. The lower rates are because younger individuals have a higher life expectancy and are a lower risk to insure. To save money on your life insurance policy, consider purchasing life insurance as early as possible.

The cheapest life insurance companies in Louisiana for younger individuals are Mutual of Omaha and MassMutual.

  • Mutual of Omaha: $14.62 per month
  • MassMutual: $15.01 per month
Best Life Insurance Companies for Young People in Louisiana

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14.62
  • MassMutual
    $15.01
  • Transamerica
    $15.70
  • Nationwide
    $18.59
  • Progressive Life
    $21.53
  • AAA
    $21.56
  • State Farm
    $23.27
  • Prudential
    $31.07

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Louisiana who is 5 ft 10 inches and 174 pounds that purchases a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Louisiana?

The likelihood of death increases as you age, and because of this, seniors pay more for life insurance in Louisiana. However, it is possible for seniors to have lower coverage than their younger counterparts because their beneficiaries are less likely to need future financial support.

MoneyGeek examined life insurance policies in Louisiana with $100,000 in coverage and found MassMutual and Mutual of Omaha to be the cheapest options for seniors.

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Louisiana

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Transamerica
    $72.69
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Louisiana who is 5 ft 10 inches and 205 pounds that purchases a 10-year term contract at the average coverage need of $75,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Louisiana?

If you’re a smoker, expect to pay significantly more for a life insurance policy. This is because insurers acknowledge an increased risk of potential disease caused by smoking. However, if you are a smoker in good health, it’s still possible to find life insurance policies at a reasonable rate in Louisiana.

The cheapest insurers in Louisiana for smokers are MassMutual and State Farm.

  • MassMutual: $103.85 per month
  • State Farm: $103.99 per month
Best Life Insurance Companies for Smokers in Louisiana

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  • Company
    Monthly Cost
  • MassMutual
    $103.85
  • State Farm
    $103.99
  • Nationwide
    $107.80
  • Transamerica
    $113.46
  • Mutual of Omaha
    $113.54
  • Progressive Life
    $158.34
  • Prudential
    $168.91
  • AAA
    $196.90

Rates were determined by analyzing quotes for a 30-year-old male smoker in Louisiana who is 5 ft 10 inches and 205 pounds that purchases a 20-year term contract at the average coverage need of $632,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Louisiana Life Insurance Laws You Should Know

Before collecting life insurance quotes in Louisiana, familiarize yourself with the state’s laws. There are various laws regarding life insurance that protect policyholders and their beneficiaries.

  • Free Look Period: In Louisiana, policyholders are entitled to a 10-day free look period, during which you can decide whether you want to keep a life insurance policy or not.
  • Grace Period for Missed Payments: Louisiana laws state that policyholders have a grace period of 30 days to settle any missed payments after the due date. Having a grace period ensures that insurers cannot cancel your policy within that period.
  • Time Allowable to Settle a Claim: For beneficiaries to receive benefits, they must file a claim with the insurer. Once a claim is made, all life insurance companies in Louisiana must settle the claim within 30 days after an agreement was made in writing.
  • Contestable Period: To protect the insurer against fraud, Louisiana has a contestability period of two years. This means that insurance companies can review your coverage for anything you may have misrepresented during your application process, such as an undisclosed disease, if the policyholder dies within two years of taking out the policy. In addition, this means that if the policyholder dies within two years of purchasing the policy, the insurance company can legally contest a payout.

Methodology

To determine the recommended coverage for policies in Louisiana, MoneyGeek used data on the per capita income from the U.S. Bureau of Economics, the average mortgage, average personal debt and average age. However, your unique situation and circumstance will dictate the amount of coverage you need.

About the Author


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Destiny de Guzman is a freelance writer that writes about all-things related to finance. From home insurance to personal finance tips, she aims to help readers have a better grasp on their finances.


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