Best Life Insurance Rates in Louisiana

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What do Peyton Manning, Ellen DeGeneres and Louis Armstrong all have in common? They were all born in the great state of Louisiana. The Creole State is also the birthplace of gumbo, jambalaya, Popeye’s Chicken and the original po’boy sandwich. Louisiana’s love of delicious but not always healthy food may contribute to the state having top five highest death rates for kidney disease, cancer, and diabetes. All of these factors can impact life insurance rates in Louisiana.

Louisiana Life Insurance Quotes

Finding the perfect life insurance policy can be a lot of work. Why not kick your feet up and let someone else do it for you?

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Life Insurance Rate Factors in Louisiana

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a life insurance policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal.

Life expectancy at birth in Louisiana is 75.7 years, lower than life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Louisiana at age 55, you would be more likely than not to pass away before 85 years of age, the end of the term.

On the other hand, if you were 35 years old and purchased a 30-year term life policy, you would be well under Louisiana’s life expectancy of 75.7 years when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Louisiana, the death rate from injury due to firearms is 19.3 per 100,000 deaths, the second-highest rate in the country, after only Alaska. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Louisiana, the percentage of the population that’s female is 51.1%, and the percentage that’s male is 48.9%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Louisiana residents that used QuoteWizard last year.

 
         
 
   
56%Female
   
44%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Louisiana that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
54%Healthy
   
38%Major
   
9%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Louisiana, where skiing and hunting are common recreational activities.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Louisiana in 2009, the rate of marriage for people over 15 was 38.2 per 1,000 people, the rate of divorce was 21 per 1,000 people, and the rate of widowhood was 12.7 per 1,000 people.

Marriage status of Louisiana residents that used QuoteWizard last year.

 
         
 
   
68%Single
   
32%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Louisiana, proportionately, is butcher.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 23.5% of Louisiana adults smoked cigarettes – about 829,000 adults.

Percentage of QuoteWizard users in Louisiana that indicated that they smoke last year.

 
         
 
   
89%Don't Smoke
   
11%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Louisiana was 33.1%. This makes Louisiana the sixth most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Louisiana  - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 10,346 214.1 4th (tie) 169.8
2 Cancer 9,419 188.5 5th 163.2
3 Lower Respiratory Disease 2,274 47.3 19th 42.1
4 Accidents 2,333 50.5 10th 39.4
5 Stroke 2,098 44.0 7th 36.2
6 Alzheimer's Disease 1,505 32.9 5th (tie) 23.5
7 Diabetes 1,329 26.9 5th 21.2
8 Influenza/Pneumonia 892 18.6 11th (tie) 15.9
9 Kidney Disease 1,108 23.1 1st 13.2
10 Suicide 583 12.4 37th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Louisiana Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 New York Life Insurance Group $414,366 6.4%
2 Lincoln National Corp. $370,353 5.7%
3 Jackson National Life Group $329,997 5.1%
4 MetLife Inc. $317,507 4.9%
5 Prudential Financial Inc. $302,003 4.7%
6 American International Group $280,345 4.3%
7 Voya Financial Inc. $251,503 3.9%
8 Guggenheim Capital LLC $224,779 3.8%
9 Great-West Insurance Group $212,402 3.3%
10 Hartford Financial Services $184,833 2.9%

Louisiana Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 New York Life Insurance Group $414,366 6.4%
2 Lincoln National Corp. $370,353 5.7%
3 Jackson National Life Group $329,997 5.1%
4 MetLife Inc. $317,507 4.9%
5 Prudential Financial Inc. $302,003 4.7%
6 American International Group $280,345 4.3%
7 Voya Financial Inc. $251,503 3.9%
8 Guggenheim Capital LLC $224,779 3.8%
9 Great-West Insurance Group $212,402 3.3%
10 Hartford Financial Services $184,833 2.9%

Financial Strength Ratings of Top Louisiana Life Insurers

Source: A.M. Best (Ratings as of 8/27/2015)

  • New York Life Insurance Group: A++
  • Lincoln National Corp.: A+
  • Jackson National Life Group: A+
  • MetLife Inc.: A+
  • Prudential Financial Inc.: A+
  • American International Group: A+
  • Voya Financial Inc.: A
  • Guggenheim Capital LLC: B++
  • Great-West Insurance Group: A+
  • Hartford Financial Services: A+
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Rating Guide

Louisiana Life Insurance Regulations

Insurance in Louisiana is governed by the laws defined under Title 22 of the Louisiana Administrative Code, as outlined by the Louisiana State Legislature.

This legislation is used to regulate claims and provide certain protections to Louisiana consumers, for example:

Timely Payment of Claims: In Louisiana, it is required that insurance companies pay out claims in a timely manner. When a life insurance claim is filed, insurance companies have 60 days to pay the beneficiaries. If a company fails to make the payment in a timely manner, they will receive harsh penalties, and interest will accrue on the owed amount until it is made. The interest is then paid to the beneficiary as well.

Grace Period: Any life insurance policyholder in Louisiana is entitled to a 30-day “grace period” to make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim. In Louisiana, there is no limit on the number of grace periods a person may use.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Louisiana insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Louisiana Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the LLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(907) 243 - 2311
Address:
Louisiana Life & Health Insurance Guaranty Association
450 Laurel Street, Suite 1400
Baton Rouge, LA 70801

Louisiana Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Jim Donelon
Insurance Hotline:
(800) 259 - 5300
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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