Updated: May 22, 2024
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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.
BestLife InsuranceShreveport, LABest Life Insurance Companies in Shreveport, LA, for 2023
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 For | $250K Coverage | $632K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Mutual of Omaha |
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.
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| 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) $27 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $30 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $12 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $12 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $18 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $26 |
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.
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.
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.
| New York Life | Market Share10% |
| State Farm | Market Share8% |
| Northwestern Mutual | Market Share7% |
| Primerica | Market Share4% |
| Southern Farm Bureau Life Insurance | Market Share4% |
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.
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:
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.
| Mutual of Omaha | Monthly Cost$13 |
| MassMutual | Monthly Cost$14 |
| Transamerica | Monthly Cost$14 |
| Nationwide | Monthly Cost$17 |
| Progressive Life | Monthly Cost$20 |
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.
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.
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:
See the table below for the complete list of life insurance companies that offer rates for seniors in Shreveport.
| MassMutual | Monthly Cost$35 |
| Mutual of Omaha | Monthly Cost$40 |
| Nationwide | Monthly Cost$40 |
| State Farm | Monthly Cost$47 |
| Progressive Life | Monthly Cost$63 |
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 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.
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:
Check the table below for the complete list of providers offering life insurance for smokers in Shreveport.
| MassMutual | Monthly Cost$95 |
| State Farm | Monthly Cost$95 |
| Nationwide | Monthly Cost$99 |
| Transamerica | Monthly Cost$104 |
| Mutual of Omaha | Monthly Cost$104 |
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.
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.
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.
