Updated: May 22, 2024
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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
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 For | $250K Coverage | $632K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Mutual of Omaha |
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.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $28 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $32 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $21 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $26 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $29 |
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.
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.
MoneyGeek’s research shows that the three most popular life insurance companies in Louisiana based on market share are:
The state’s seven most popular providers comprise 39% of the market. The table below lists Louisiana’s biggest insurers and their market share.
| New York Life | Market Share10% |
| State Farm | Market Share8% |
| Northwestern Mutual | Market Share7% |
| Primerica | Market Share4% |
| Southern Farm Bureau Life Insurance | Market Share4% |
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.
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:
We broke down life insurance quotes for young New Orleanians in the table below.
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| Transamerica | Monthly Cost$15 |
| Nationwide | Monthly Cost$18 |
| Progressive Life | Monthly Cost$21 |
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.
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.
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:
We list life insurance premium quotes for seniors in New Orleans in the table below.
| MassMutual | Monthly Cost$37 |
| Mutual of Omaha | Monthly Cost$42 |
| Nationwide | Monthly Cost$43 |
| State Farm | Monthly Cost$50 |
| Progressive Life | Monthly Cost$67 |
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 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.
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:
Use the table below to view life insurance quotes in New Orleans for smokers.
| MassMutual | Monthly Cost$100 |
| State Farm | Monthly Cost$100 |
| Nationwide | Monthly Cost$104 |
| Transamerica | Monthly Cost$109 |
| Mutual of Omaha | Monthly Cost$109 |
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.
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.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
