BestLife InsuranceBaton Rouge, LABest Life Insurance Companies in Baton Rouge, LA for 2023
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Life insurance ensures the financial security of your loved ones if you pass away. To find the best life insurance company in Baton Rouge, you should compare rates from different providers.
MoneyGeek identified the best life insurance providers in Baton Rouge based on your age, gender and smoking history to help you get started.
BestLife InsuranceBaton Rouge, LABest Life Insurance Companies in Baton Rouge, LA, for 2023
Most Popular in Louisiana - New York Life
Best for Young People - Mutual of Omaha
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Best Cheap Life Insurance in Baton Rouge
Your life insurance rate will be impacted by your gender and coverage level. For a policy with a $250K coverage limit, MassMutual offers the lowest average rates in Baton Rouge. Men and women pay $10 and $9 per month, respectively, for policies from this provider.
Although buying a policy with a $250K coverage limit is less expensive, it may not be enough to cover your beneficiaries. Purchasing a policy with the state’s recommended coverage amount of $632K, should provide sufficient coverage based on state-specific data like average age, cost of living, income and personal debt.
With monthly premiums averaging about $16 for men and $14 for women, MassMutual offers life insurance in Baton Rouge at the most competitive rate for the state’s recommended coverage amount of $632K.
Cheapest Life Insurance Companies for Males and Females in Baton Rouge
Company | $250K Coverage | $632K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Mutual of Omaha |
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Life Insurance Costs in Baton Rouge for Men and Women
The cost of life insurance in Baton Rouge varies based on gender. On average, men and women pay 3% and 5% less, respectively, for life insurance than the average cost of life insurance in Louisiana.
For a policy with a $250K coverage limit, the typical monthly life insurance rate in Baton Rouge for men is $18, while women pay $16. The cost of your monthly insurance rate will increase if you opt for a policy with Louisiana's recommended coverage amount. This amount was based on age, mortgage debt, personal debt and per capita income from the U.S. Bureau of Economic Analysis.
In Louisiana, a policy that includes the state’s recommended coverage amount of $632K will cost approximately $37 per month for men and $30 per month for women. Meanwhile, regardless of coverage level, a 10-year term insurance policy costs an average of $24 per month for men and $20 per month for women.
Average Monthly Life Insurance Rates in Baton Rouge: Men
Average Monthly Life Insurance Rates in Baton Rouge: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Baton Rouge using average buyer profile statistics, including the average age of 30, the average weight of 205 pounds for males and 162 pounds for females, and an average coverage need of $632,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Gender significantly impacts life insurance rates in Baton Rouge. Because women typically live longer than men, insurers charge them lower premiums. Men have a shorter lifespan because they work in more dangerous jobs and have a less rich social life.
Despite the added cost, men are also more likely than women to buy life insurance. Women are valuable economic contributors to the household and should consider purchasing life insurance to financially protect their families.
Most Popular Life Insurance Companies in Louisiana
Based on their respective market shares of 10%, 8% and 7%, New York Life, State Farm and Northwestern Mutual are the top-three life insurance providers in Louisiana. The top seven companies comprise 39% of the market in the state.
The MoneyGeek infographic shows the top seven life insurance providers in Louisiana along with their market shares.
Most Popular Life Insurance Companies in Louisiana
MONEYGEEK DICTIONARY
Market share is the percentage of sales that a company generates in comparison to its competitors in the same industry. A company's market share is typically used to assess popularity among consumers — a company with a higher market share has sold more policies than its counterparts.
MoneyGeek’s market share data is based on the total premiums written in the state from the 2020 S&P Global data reports.
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Cheapest Life Insurance for Young People in Baton Rouge
For young people in Baton Rouge, the average cost of life insurance is between $14 and $30 per month. The following two life insurance companies in Baton Rouge offer the cheapest life insurance for young people in the city:
- Mutual of Omaha: $14 per month
- MassMutual: $15 per month
Additional life insurance quotes in Baton Rouge for young people are shown in the MoneyGeek table below.
Best Life Insurance Companies for Young People in Baton Rouge, LA
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Baton Rouge who is 5 feet 10 inches and 174 pounds that purchases a 20-year term contract at the average coverage need of $250K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Young people — those under the age of 25 — pay less for life insurance in Baton Rouge. Purchasing life insurance when you are young can help you save money, as the cost of your insurance premium will increase as you age.
Cheapest Life Insurance for Seniors in Baton Rouge
Life insurance rates in Baton Rouge for seniors vary from $37 to $77 per month. The top two life insurance companies in the area that cater to seniors are as follows:
- MassMutual: $37 per month
- Mutual of Omaha: $42 per month
The MoneyGeek table below provides additional details on the top life insurance companies for seniors in Baton Rouge.
Best Life Insurance Companies for Seniors in Baton Rouge, LA
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Baton Rouge who is 5 feet 10 inches and 205 pounds that purchases a 10-year term contract at the average coverage need of $75K.
LIFE INSURANCE COSTS MORE FOR SENIORS
Insurers typically charge seniors more for life insurance since their policies are expected to outlive them. Despite this, seniors can save money on life insurance by purchasing a low-coverage policy. Most seniors’ beneficiaries are financially independent, so they only require enough insurance to cover burial costs, inheritance taxes and other associated fees. MoneyGeek's sample coverage amount of $75K for seniors, is typically sufficient for these purposes.
Cheapest Life Insurance for Smokers in Baton Rouge
The average monthly life insurance premium for smokers in Baton Rouge is between $101 and $192. The most affordable premiums are offered by the following Baton Rouge life insurance companies:
- MassMutual: $101 per month
- State Farm: $101 per month
The MoneyGeek table below includes more details on the Baton Rouge life insurance companies that are most economical for smokers.
Best Life Insurance Companies for Smokers in Baton Rouge, LA
Rates were determined by analyzing quotes for a 30-year-old male smoker in Baton Rouge who is 5 feet 10 inches and 205 pounds that purchases a 20-year term contract at the average coverage need of $632K. 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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smokers pay higher premiums because insurers perceive them as high-risk buyers due to the long-term negative health effects of smoking. Still, smokers can purchase affordable life insurance. MoneyGeek advises buying a 20-year term policy because the cost of insurance increases as you age.
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Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 8, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 8, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 8, 2022.
- S&P Global. "2020 Annual Report." Accessed July 8, 2022.