Best Life Insurance Companies in Shreveport, LA, for 2024


fact checked icon

Updated: October 3, 2024

Advertising & Editorial Disclosure

Life insurance is an investment that you can take advantage of if you want to secure the financial future of your beneficiaries after you pass away.

For this expert guide, MoneyGeek analyzed quotes from multiple insurers to find the best life insurance companies in Shreveport, Louisiana, for different profiles. We considered age, gender and smoking history.

MoneyGeek Logo IconBestLife InsuranceShreveport, LA
2024

Best Life Insurance Companies in Shreveport, LA, for 2023

Best Cheap Life Insurance in Shreveport

Gender and coverage amount are top determinants for the cost of life insurance. For $250,000 coverage life insurance in Shreveport, the cheapest company is MassMutual, charging an average monthly premium of $9 for men and $8 for women.

Although $250,000 of coverage may cost less, it may not be enough for most individuals. MoneyGeek recommends buying a policy with Louisiana’s recommended coverage amount of $632,000. This amount was calculated using state-specific factors like cost of living and average income, which means it provides adequate protection for the average person.

Using Louisiana’s recommended coverage amount of $632,000, MassMutual offers the cheapest life insurance for men at roughly $15 per month, and Mutual of Omaha is the most affordable for women at around $12 per month.

Cheapest Life Insurance Companies for Males and Females in Shreveport
Cheapest For
$250K Coverage
$632K Coverage (Recommended)

Male

MassMutual

MassMutual

Female

MassMutual

Mutual of Omaha

Life Insurance Costs in Shreveport for Men and Women

MoneyGeek found that men in Shreveport pay around 8% less than the average cost in Louisiana for life insurance, while women pay roughly 14% less.

For life insurance with $250K coverage in Shreveport, men pay approximately $17 monthly, whereas women pay around $14 monthly.

Expect a higher premium if you choose to increase your coverage amount to the Louisiana-recommended amount of $632,000. But, this amount considers per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age, so it is a safer option to make sure you have enough life insurance.

On average, policies in Shreveport at this coverage amount cost $34 for men and $27 for women.

If you buy a 10-year term policy, regardless of the coverage amount, the average monthly cost is $22 for men and $18 for women.

Average Monthly Life Insurance Rates in Shreveport: Men
MassMutualRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $15
NationwideRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $15
Mutual of OmahaRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $16
TransamericaRates for $250K Coverage$14Rates for $926K Coverage (Recommended) $27
State FarmRates for $250K Coverage$17Rates for $926K Coverage (Recommended) $30
AAARates for $250K Coverage$18Rates for $926K Coverage (Recommended) $37
Progressive LifeRates for $250K Coverage$20Rates for $926K Coverage (Recommended) $39
PrudentialRates for $250K Coverage$24Rates for $926K Coverage (Recommended) $57
Average Monthly Life Insurance Rates in Shreveport: Women
Mutual of OmahaRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $12
MassMutualRates for $250K Coverage$8Rates for $926K Coverage (Recommended) $12
NationwideRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $18
TransamericaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $23
State FarmRates for $250K Coverage$17Rates for $926K Coverage (Recommended) $26
AAARates for $250K Coverage$14Rates for $926K Coverage (Recommended) $30
Progressive LifeRates for $250K Coverage$18Rates for $926K Coverage (Recommended) $31
PrudentialRates for $250K Coverage$16Rates for $926K Coverage (Recommended) $39

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Shreveport 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.

businessOwner icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Life insurance costs differ for men and women. According to the National Center for Health Statistics (NCHS), women pay a lower premium because they generally have longer life expectancies. A few of the reasons why women tend to outlive men include men taking up more hazardous jobs and skipping routine medical checkups.

Although women live longer, reports show that more men buy life insurance. MoneyGeek encourages women to study how life insurance works and the many benefits of life insurance, whether they are primary breadwinners or not, as they bring value to their household, regardless of the role.

Most Popular Life Insurance Companies in Louisiana

New York Life (around 10%), State Farm (roughly 8%) and Northwestern Mutual (around 7%) are the most popular life insurance companies across Louisiana by market share.

The combined market shares of the top seven companies in Louisiana account for nearly 39% of the life insurance industry in the state.

Check MoneyGeek’s summary table below of the seven most popular companies for life insurance in Louisiana and their market shares.

Most Popular Life Insurance Companies in Louisiana
New York LifeMarket Share10%
State FarmMarket Share8%
Northwestern MutualMarket Share7%
PrimericaMarket Share4%
Southern Farm Bureau Life InsuranceMarket Share4%
TransamericaMarket Share3%
PrudentialMarket Share3%
bookshelves icon
MONEYGEEK DICTIONARY

A company’s market share is the percentage of its sales or revenue compared to other companies within the same industry.

For this guide, MoneyGeek determined the most popular life insurance companies across Louisiana using S&P Global’s 2020 market intelligence reports.

Cheapest Life Insurance for Young People in Shreveport

Life insurance for young people in Shreveport costs, on average, between $13 and $28 per month.

Based on MoneyGeek’s research, the cheapest life insurance companies for young people in Shreveport are:

  • Mutual of Omaha: $13 per month
  • MassMutual: $14 per month

You may refer to the table below for a complete list of the life insurance companies for young adults in Shreveport and their respective rates.

Best Life Insurance Companies for Young People in Shreveport, LA
Mutual of OmahaMonthly Cost$13
MassMutualMonthly Cost$14
TransamericaMonthly Cost$14
NationwideMonthly Cost$17
Progressive LifeMonthly Cost$20
AAAMonthly Cost$20
State FarmMonthly Cost$21
PrudentialMonthly Cost$28

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Shreveport who is 5 feet 10 inches tall and weighs 174 pounds with 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.

teen icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is often cheaper for younger people but gets gradually more expensive with age. If you want to enjoy maximum savings on your life insurance in Shreveport, it’s best to buy a policy at a young age because rates tend to be significantly lower.

Cheapest Life Insurance for Seniors in Shreveport

In Shreveport, the average cost of life insurance for seniors ranges from $35 to $73 per month.

Based on MoneyGeek’s average rates analysis, the cheapest life insurance providers for older adults in Shreveport are:

  • MassMutual: $35 per month
  • Mutual of Omaha: $40 per month

See the table below for the complete list of life insurance companies that offer rates for seniors in Shreveport.

Best Life Insurance Companies for Seniors in Shreveport, LA
MassMutualMonthly Cost$35
Mutual of OmahaMonthly Cost$40
NationwideMonthly Cost$40
State FarmMonthly Cost$47
Progressive LifeMonthly Cost$63
AAAMonthly Cost$66
TransamericaMonthly Cost$67
PrudentialMonthly Cost$73

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

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay steeper rates because they are closer to their life expectancy. One way to save on life insurance as a senior is to get less coverage. This strategy often works because seniors’ beneficiaries are grown adults who are financially independent.

Most seniors only need life insurance to cover the cost of funeral arrangements and to settle any outstanding financial obligations. For this reason, we set our sample policy coverage for seniors lower than for other groups.

Cheapest Life Insurance for Smokers in Shreveport

The average cost of life insurance in Shreveport for people who smoke ranges from $95 to $180 per month.

MoneyGeek found that, on average, the cheapest life insurance companies in Shreveport for smokers are:

  • MassMutual: $95 per month
  • State Farm: $95 per month

Check the table below for the complete list of providers offering life insurance for smokers in Shreveport.

Best Life Insurance Companies for Smokers in Shreveport, LA
MassMutualMonthly Cost$95
State FarmMonthly Cost$95
NationwideMonthly Cost$99
TransamericaMonthly Cost$104
Mutual of OmahaMonthly Cost$104
Progressive LifeMonthly Cost$145
PrudentialMonthly Cost$155
AAAMonthly Cost$180

Rates were determined by analyzing quotes for a 30-year-old male smoker in Shreveport who is 5 feet 10 inches tall and weighs 205 pounds with a 20-year term contract at the average coverage need of $632,000.

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Life insurance providers classify smokers as risky to insure because they tend to be more prone to illnesses that ultimately reduce their life expectancy. To offset this increased risk, insurers charge smokers higher insurance rates.

Fortunately, there is affordable life insurance for smokers. Smokers should also consider buying a longer-term (20-year) policy since their rates will exponentially increase as they age.

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


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.


sources