BestLife InsuranceNew Orleans, LABest Life Insurance Companies in New Orleans, LA, for 2023
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Life insurance helps protect your loved ones financially if you die. MoneyGeek recommends you shop around and compare quotes from various companies to find the policies that best fit your needs and profile.
Our team ranked New Orlean’s top life insurance companies to help you find the best offers. We also identified providers with the cheapest rates based on age, gender and smoking history.
BestLife InsuranceNew Orleans, LABest Life Insurance Companies in New Orleans, 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 New Orleans
Factors like coverage and gender significantly affect life insurance prices in New Orleans. MassMutual offers the city’s cheapest $250K policies at around $10 per month for men and $9 per month for women.
While $250K policies are more affordable, such coverage may be insufficient for most people’s needs. Based on Louisiana’s average cost of living, income, personal debt, age and other state-specific factors, $632K is the recommended coverage in the state.
For $632K policies, MassMutual has the city’s most affordable rates for men at around $16 per month. Meanwhile, Mutual of Omaha has the lowest rates for female buyers at approximately $14 per month.
Cheapest Life Insurance Companies for Males and Females in New Orleans
Cheapest For | $250K Coverage | $632K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Mutual of Omaha |
Life Insurance Costs in New Orleans for Men and Women
The cost of your life insurance premiums is based on several factors, including location and gender. Compared to Louisiana’s state average, rates in New Orleans are 4% lower for men and 3% lower for women.
In New Orleans, life insurance with $250K in coverage costs an average of $18 for males and $16 for females. Nonetheless, rates can significantly change based on the buyer’s preferred coverage.
Louisiana’s recommended insurance coverage is $632K. This figure is based on data from the U.S. Bureau of Economic Analysis’ per capita income and the state’s average mortgage debt, personal debt and age.
The average cost of a $632K policy in New Orleans is $36 per month for men and $30 per month for women. Additionally, 10-year term policies (regardless of coverage limits) go for around $23 per month for men and $21 per month for women.
Average Monthly Life Insurance Rates in New Orleans: Men
Average Monthly Life Insurance Rates in New Orleans: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in New Orleans 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 is a pivotal factor affecting life insurance prices. Generally, women pay lower life insurance rates compared to men because women have longer life expectancies.
In addition, compared to their female counterparts, men are more likely to engage in risky activities, have dangerous jobs and skip doctor visits. Thus, insurance companies consider men riskier to insure and charge them higher premiums. Despite that, more men than women buy life insurance.
Whether as breadwinners or caretakers, women play an important role in their household economies, and their passing will cause financial strain on their families. As such, it’s also a good idea for women to buy life insurance.
Most Popular Life Insurance Companies in Louisiana
MoneyGeek’s research shows that the three most popular life insurance companies in Louisiana based on market share are:
- New York Life - 8%
- Transamerica - 7%
- Northwestern Mutual - 5%
The state’s seven most popular providers comprise 39% of the market. The table below lists Louisiana’s biggest insurers and their market share.
Most Popular Life Insurance Companies in Louisiana
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Market share is a company’s percentage of sales compared to other companies in a given industry. Among life insurance providers, companies with large market shares have sold more policies compared to their competitors. We derived data for our analysis from Louisiana’s total premium sales based on S&P Global’s 2020 annual report.
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Cheapest Life Insurance for Young People in New Orleans
MoneyGeek found that life insurance quotes in New Orleans for young people range from $14 to $30 per month. Young buyers can look at these companies for the cheapest rates:
- Mutual of Omaha: $14 per month
- MassMutual: $14 per month
We broke down life insurance quotes for young New Orleanians in the table below.
Best Life Insurance Companies for Young People in New Orleans, LA
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in New Orleans who is 5 feet 10 inches in height and weighs 174 pounds with 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
If you’re aged 25 or below, you typically enjoy lower life insurance premiums. However, insurance will become more expensive as you grow older and more susceptible to illnesses. To save money, MoneyGeek recommends buying life insurance while you’re still young and have affordable premiums.
Cheapest Life Insurance for Seniors in New Orleans
Based on MoneyGeek’s analysis, life insurance for seniors in New Orleans costs between $37and $76 per month. We analyzed the city’s insurers and found the following offer the most affordable rates for older buyers:
- MassMutual: $37 per month
- Mutual of Omaha: $42 per month
We list life insurance premium quotes for seniors in New Orleans in the table below.
Best Life Insurance Companies for Seniors in New Orleans, LA
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in New Orleans who is 5 feet 10 inches tall and weighs 205 pounds with a 10-year term contract at the average coverage need of $75K.
LIFE INSURANCE COSTS MORE FOR SENIORS
Life insurance companies charge older people higher premiums since seniors are likely to outlive their policies. Most seniors don’t need as much coverage as young people because their beneficiaries are often financially independent adults. Their life insurance proceeds usually cover expenses for funeral arrangements, estate tax and others. Therefore, our sample policy for seniors is only around $100K.
Cheapest Life Insurance for Smokers in New Orleans
MoneyGeek’s analysis shows that the average cost of life insurance for smokers in New Orleans ranges from $100 to $190 per month. Additionally, the following companies offer the best rates for smokers:
- MassMutual: $100 per month
- State Farm: $100 per month
Use the table below to view life insurance quotes in New Orleans for smokers.
Best Life Insurance Companies for Smokers in New Orleans, LA
Rates were determined by analyzing quotes for a 30-year-old male smoker in New Orleans who is 5 feet 10 inches tall and weighs 205 pounds with a 20-year term contract at the average coverage need of $632K.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Because of smoking’s long-term health effects, insurance companies view smokers as risky to insure and charge them higher rates. Despite that, smokers can still find affordable life insurance policies by shopping around. MoneyGeek also recommends that smokers get a longer-term policy (at least 20 years) since rates will only increase 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 May 27, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed May 27, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed May 27, 2022.
- S&P Global. "2020 Annual Report." Accessed May 27, 2022.
- U.S. Department of Commerce. "Bureau of Economic Analysis." Accessed May 27, 2022.