Best Life Insurance Companies in Louisiana

What Is the Average Cost of Life Insurance for Companies in Louisiana?

The average cost of life insurance in Louisiana depends on several factors, including your gender. For example, men usually pay less for life insurance than women because women have a higher life expectancy.

The average monthly cost of a life insurance policy with $250,000 in coverage for men is $18.60, while it is $16.57 for women, which is $2.03 less. For the recommended coverage of $632,000, men will need to pay $37.56 per month, while women will need to pay $31.42. Consequently, men will have to pay $18.96 more, and women will have to pay $14.85 more to obtain the recommended coverage.

Which Companies Have the Best Life Insurance Rates for Seniors in Louisiana?

It is possible that future financial assistance for seniors may need to be reduced because younger beneficiaries have lower coverage. Seniors in Louisiana have to pay more for life insurance because their likelihood of death increases with age.

MoneyGeek examined life insurance policies in Louisiana with coverage of $100,000 and found Omaha Mutual and MassMutual to be the most affordable options for seniors.

  • MassMutual: $38.37 per month.
  • Mutual of Omaha: $43.47 monthly.
  • Best Life Insurance Companies for Seniors in Louisiana

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  • MassMutual.

    $38.37

  • Mutual of Omaha.

    $43.47

  • Nationwide.

    $44.19

  • State Farm.

    $51.50

  • Progressive Life.

    $69.17

  • AAA.

    $72.34

  • Transamerica.

    $72.69

  • Prudential.

    $79.39

  • A 60-year-old male non-smoker in Louisiana, who is 5 ft 10 inches tall and weighs 205 pounds, purchased a 10-year contract with an average coverage requirement of $75,000. The rates were determined by analyzing quotations.

    Which Companies Have the Best Life Insurance Rates for Young People in Louisiana?

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    The most affordable life insurance providers in Louisiana for younger individuals are Mutual of Omaha and MassMutual.

  • Mutual of Omaha: $14.62 per month.
  • MassMutual: $15.01 monthly.
  • Best Life Insurance Companies for Young People in Louisiana

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  • Mutual of Omaha.

    $14.62

  • MassMutual.

    $15.01

  • Transamerica.

    $15.70

  • Nationwide.

    $18.59

  • Progressive Life.

    $21.53

  • AAA.

    $21.56

  • State Farm.

    $23.27

  • Prudential.

    $31.07

  • We opted for a 20-year term to cater to a more youthful purchaser, offering an extended period of coverage. The typical requirement for coverage amounts to $250,000 for a 20-year term agreement bought by a 25-year-old male non-smoker residing in Louisiana, measuring 5 ft 10 inches and weighing 174 pounds. Rates were established by evaluating quotations.

    Most Popular Life Insurance Companies in Louisiana

    One of the factors to keep in mind when selecting a life insurance company is the portion of the market share that the company owns, which is an indication of its good reliability. Thus, the company’s market share is defined by how many policies they’ve written, divided by the number of policies written in the state.

    The most popular life insurance company in Louisiana is New York Life, which holds a market share of 9.77%. Approximately 38.61% of the market is comprised of the top life insurance companies in the state.

    Most Popular Life Insurance Companies in Louisiana

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  • Life in New York.

    9.77%

  • State Farm.

    7.58%

  • Northwestern Mutual.

    6.80%

  • Primerica.

    3.85%

  • Life Insurance provided by Southern Farm Bureau.

    3.68%

  • Transamerica.

    3.48%

  • Prudential Financial Inc. Is a global financial services corporation based in Newark, New Jersey, USA.

    3.45%

  • Louisiana’s market share of life insurance premiums is based on the total written premiums reported in the Global S&P 2020 data.

    Louisiana Life Insurance Laws You Should Know

    Policyholders and their recipients are safeguarded by diverse laws concerning life insurance. Acquaint yourself with the regulations of the state prior to obtaining life insurance estimates in Louisiana.

  • Policyholders in Louisiana are entitled to a 10-day free look period, during which you can decide whether you want to keep your life insurance policy or not.
  • Louisiana legislation stipulates that individuals with insurance policies are granted a 30-day grace period to resolve any outstanding payments following the designated due date, thereby safeguarding against policy cancellation within said timeframe.
  • All life insurance companies must settle a claim within 30 days after an agreement is made in writing. Once a claim is filed with the insurer, they must settle the claim in order for the beneficiaries to receive their benefits within the allowable time.
  • If the policyholder passes away within two years of buying the policy, the insurance company has the legal right to challenge the payout. Additionally, if the policyholder dies within the initial two-year period after acquiring the policy, insurance companies can reassess your coverage to ensure that you did not withhold any important information, such as a hidden illness, during the application process. This is done to safeguard the insurer from potential fraudulent activities. In Louisiana, the contestability period lasts for two years.
  • Best Cheap Life Insurance in Louisiana

    MassMutual is the company in Louisiana that offers the most affordable life insurance policy, with women priced at $9.41 and men priced at $9.99. The average monthly premium for coverage worth $250,000 is $250,000. It is important to remember that the cheapest policies usually provide the least coverage when gathering life insurance quotes in Louisiana.

    Following one’s demise, more affordable life insurance plans, such as those offering coverage of $250,000 or less, might not offer sufficient monetary assistance to your beneficiaries. MoneyGeek suggests obtaining a minimum coverage of $632,000 for individuals residing in Louisiana. The specific amount may differ from state to state, considering factors like the cost of living, average incomes, average personal debt, average age, and other state-specific variables.

    MassMutual and Mutual of Omaha are the most economical life insurance providers in Louisiana for both males and females, considering the suggested coverage amount. In terms of men, MassMutual offers the most budget-friendly plans with an average monthly cost of $16.27. Conversely, policies from Mutual of Omaha have an average monthly cost of $14.13 and are the least expensive option for women.

    Best Cheap Life Insurance Companies in Louisiana: Males

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  • Recommended Coverage: $632,000.

  • MassMutual.

    $9.99

    $16.27

  • Nationwide.

    $10.63

    $16.66

  • Mutual of Omaha.

    $10.84

    $17.06

  • Transamerica.

    $14.90

    $29.22

  • State Farm.

    $18.40

    $32.72

  • AAA.

    $19.21

    $40.79

  • Progressive Life.

    $21.73

    $42.18

  • Prudential.

    $25.71

    $62.75

  • Best Cheap Life Insurance Companies in Louisiana: Females

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  • Recommended Coverage: $632,000.

  • Mutual of Omaha.

    $10.65

    $14.13

  • MassMutual.

    $9.40

    $14.29

  • Nationwide.

    $10.43

    $21.27

  • Transamerica.

    $13.10

    $26.52

  • State Farm.

    $19.57

    $30.22

  • AAA.

    $16.63

    $34.61

  • Progressive Life.

    $20.83

    $35.88

  • Prudential.

    $19.04

    $45.75

  • The costs of life insurance policies were determined by gathering 10-year term quotes from major life insurance companies in Louisiana, using an average coverage need of $632,000 and average weights of 205 pounds for males and 162 pounds for females, alongside an average age of 30.

    Which Companies Have the Best Life Insurance Rates for Smokers in Louisiana?

    If you are a smoker in good health, it is still possible to find life insurance policies in Louisiana at a reasonable rate. Insurers acknowledge the increased risk of potential diseases caused by smoking. If you’re a smoker, you can expect to pay more for a life insurance policy.

    MassMutual and State Farm are the most affordable insurance providers in Louisiana for individuals who smoke.

  • MassMutual: $103.85 per month.
  • State Farm: $103.99 per month.
  • Best Life Insurance Companies for Smokers in Louisiana

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  • MassMutual.

    $103.85

  • State Farm.

    $103.99

  • Nationwide.

    $107.80

  • Transamerica.

    $113.46

  • Mutual of Omaha.

    $113.54

  • Progressive Life.

    $158.34

  • Prudential.

    $168.91

  • AAA.

    $196.90

  • As one gets older, the premiums for individuals who smoke rise significantly in order to offer extended coverage. It is advisable for smokers to consider purchasing a policy with a longer duration, such as a 20-year plan. On average, a 30-year-old male smoker in Louisiana, standing at 5 feet 10 inches tall and weighing 205 pounds, would require coverage worth $632,000 for a 20-year contractual agreement. The rates were examined to obtain quotations.

    Methodology

    The amount of coverage you require will be determined by your unique circumstances and situation. However, factors such as your average age, average personal debt, average mortgage, and average per capita income data from the U.S. Bureau of Economics will be used by MoneyGeek to determine the recommended policies for coverage in Louisiana.

    Information regarding Mark Fitzpatrick.

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    Destiny Guzman, a freelance writer who specializes in writing about all things finance-related, aims to help readers improve their understanding of personal finance by providing tips ranging from home insurance to managing their finances better.