Best life insurance companies in Louisiana

The best life insurance companies in Louisiana are Legal & General America, MassMutual, Lincoln Financial, Pacific Life, Protective, and Corebridge Financial.

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By

Andrew HurstSenior Editor & Licensed Auto Insurance ExpertAndrew Hurst is a senior editor and a licensed auto insurance expert at Policygenius. His work has also been featured in The New York Times, The Wall Street Journal, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, ValuePenguin, and Property Casualty 360.

Edited by

Anna SwartzAnna SwartzSenior Managing Editor & Auto Insurance ExpertAnna Swartz is a senior managing editor and auto insurance expert at Policygenius, where she oversees our car insurance coverage. Previously, she was a senior staff writer at Mic.com, as well as an associate writer at The Dodo.
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Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|5 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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Unlike with other kinds of insurance, location doesn’t actually matter much when you buy a life insurance policy. Life insurance rates depend more on the kind of policy you buy and how much coverage you get, along with details about your health and medical history.

That’s why our Policygenius picks for the best life insurance companies in Louisiana are close to our picks for the best overall companies. But where you live does affect some things about buying life insurance, like company availability and local laws.

Policygenius rating

Best for …

AM Best score

Number of complaints

Cost

Legal & General America

4.9/5 ★

Overall, cheapest, term life, young adults

A+

Fewer than average

$

MassMutual

4.9/5 ★

Whole life

A++

Fewer than average

$$$

Lincoln Financial

4.8/5 ★

Marijuana

A

Fewer than average

$

Pacific Life

4.8/5★

No-medical-exam, guaranteed universal life

A+

Fewer than average

$

Protective

4.8/5 ★

Seniors

A+

Fewer than average

$$

Corebridge Financial

4.6/5 ★

Pre-existing conditions, smokers

A

More than average

$

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Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

The best life insurance company in Louisiana is Legal & General America, which also does business as Banner Life and William Penn in some states. We chose Legal & General America because it often has cheap life insurance rates both for healthy applicants and people with certain medical conditions.

We also like that Legal & General America allows you to convert a term life policy into a permanent life insurance policy at any point before age 70 or the end of your original term, whichever comes first.

Legal & General America has cheap average rates for most applicants, but remember that your location doesn’t affect what you’ll pay for life insurance. Legal & General is just one of the most affordable life insurance companies no matter where you are.

The most reliable ways to find cheap life insurance are by comparing quotes before you buy a policy and getting coverage while you’re still relatively young and rates are at their lowest.

Ready to shop for life insurance in Louisiana?

Legal & General America has the best term life insurance in Louisiana. Legal & General offers term limits of up to 40 years, while other companies usually offer up to 30-year terms. You may also qualify for up to $65 million in coverage if you’re between 20 and 45 years old — even as a smoker.

Term life insurance works like this: decide how long you want your policy to last (the term) and the dollar amount you want your beneficiaries to get after you die (the death benefit). Then, if you die while the policy is active, your family will receive a payment.

Best no-medical-exam life insurance in Louisiana: Pacific Life

The best no-medical-exam life insurance company in Louisiana is Pacific Life. You may qualify for up to $3 in coverage without a medical exam if you’re between 18 and 70 years old. You may also still be offered coverage if you use marijuana — a disqualifying factor with other life insurance companies.

A no-medical-exam policy is like a normal term life policy except that it has lower coverage limits and it cuts out the medical exam part of the application process. This speeds up getting a policy, some companies may even approve you in as little as 24 hours.

Best whole life insurance in Louisiana: MassMutual

The best whole life insurance company in Louisiana is MassMutual thanks to its top-tier financial stability. MassMutual received an A++ rating from AM Best for financial strength — the highest rating possible. A whole life policy lasts for the rest of your life, not a set term, so you want to be sure your insurance company will be around.

A whole life policy is kind of like a hybrid between a retirement account and life insurance — it also comes with a cash value component that gains value over time, and you can access it while you’re alive. 

Best guaranteed universal life insurance in Louisiana: Pacific Life

Pacific Life is the best guaranteed universal life insurance company in Louisiana. It has a high stability rating (it scored an A+ for financial strength from AM Best) and accepts applicants up to age 80.

Like whole life, guaranteed universal life insurance is permanent, but it’s also cheaper than other types of permanent life insurance. It also has a cash-value component, but it doesn’t gain as much value over time.

Best life insurance for seniors in Louisiana: Protective

We found that Protective has the best life insurance for seniors in Louisiana. It accepts applicants up to 80 years old, and, thanks to its affordability for older applicants, Protective could be a good option for seniors on a fixed income.

Legal & General America is the best life insurance company for young adults in Louisiana. Applicants between the ages of 20 and 40 may qualify for a 40-year term life insurance policy, even smokers. You may also be able to qualify for a no-med policy worth up to $3 million in coverage.

Best life insurance for pre-existing conditions in Louisiana: Corebridge Financial

Corebridge Financial is the best life insurance company in Louisiana if you have a pre-existing medical condition like high cholesterol, diabetes, and even a past heart attack. It may also be easier to get coverage from Corebridge Financial if you have a history of smoking.

Best life insurance for marijuana users in Louisiana: Lincoln Financial

Lincoln Financial is the best life insurance company in Louisiana if you use marijuana. That’s because Lincoln Financial doesn’t classify marijuana users in the same rate category as smokers, even people who use marijuana multiple times a week. 

While marijuana isn’t legal in Louisiana, you should be honest with your insurance company about any drug use. Misrepresenting anything during the application process could put a future claim in danger.

Best life insurance for smokers in Louisiana: Corebridge Financial

Corebridge Financial is the best life insurance for smokers in Louisiana. Rates are always higher if you’re a smoker, but Corebridge Financial lets you apply for better rates a year after you quit smoking — other companies require a longer period of time before you can reapply for lower rates.

Ready to shop for life insurance in Louisiana?

How is life insurance different in Louisiana?

Living in Louisiana doesn’t affect your rates on its own, but there are some state-specific life insurance rules and regulations that you should know about. [1]

  • Contestable period: Your life insurance company can deny a claim during the first two years of a policy if it finds out you misrepresented yourself when you applied for coverage.

  • Free look period: You can cancel a new life insurance policy within the first 10 days after purchase and get a full refund.

  • Grace period: You have at least 30 days to make up a missed insurance payment before your insurance company can cancel your policy in Louisiana.

  • Guaranty Fund protection: Louisiana’s Guaranty Association covers up to $300,000 of your death benefits and $100,000 of your policy’s cash surrender value if your life insurance company goes bankrupt.

  • Time to settle a claim: Life insurance companies have to process a claim within 30 days of receiving proof of death in Louisiana.

Largest life insurance companies in Louisiana

These are the 10 largest life insurance companies in Louisiana by market share. [2]

A bar graph showing the largest life insurance companies in Louisiana. New York Life has the largest market share.

Market share in Louisiana

New York Life

8.43%

Northwestern mutual

6.70%

State Farm

5.95%

MetLife

5.12%

Prudential

5.05%

Lincoln Financial

3.94%

Primerica

3.11%

Protective

2.90%

Southern Farm Bureau

2.75%

MassMutual

2.57%

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What happens if a life insurance company goes bankrupt in Louisiana?

If your life insurance company goes bankrupt, the Louisiana Life and Health Insurance Guaranty Association will cover part of your coverage. You will keep up to $300,000 of your policy’s death benefits and $100,000 in cash surrender value as long as you continue paying your premiums.

How to find a lost life insurance policy in Louisiana

You can find a lost life insurance policy by searching the Life Insurance Policy Locator Service from the National Association of Insurance Commissioners, but only if you’re related to the deceased person.

Average life insurance rates in Louisiana

According to Policygenius data, the average cost of life insurance in Louisiana for a $500,000, 20-year term life insurance policy is $27 per month ($307 per year) for women and $32 per month ($373 per year) for men — but your exact rates depend on your personal health record, among other things.

Age

Gender

$250,000 coverage amount

$500,000 coverage amount

$1 million coverage amount

20

Female

$15.01

$22.65

$33.63

Male

$19.18

$30.20

$47.51

30

Female

$15.17

$22.98

$36.90

Male

$18.19

$29.32

$48.89

40

Female

$21.66

$35.27

$60.65

Male

$25.39

$42.94

$75.24

50

Female

$43.92

$78.29

$139.50

Male

$56.69

$102.50

$188.29

60

Female

$107.83

$194.16

$354.51

Male

$149.38

$268.04

$499.98

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Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 06/01/2024.

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References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. Louisiana Department of Insurance

    . "

    Consumer's Guide to Life Insurance

    ." Accessed January 27, 2024.

  2. National Association of Insurance Commissioners

    . "

    Life and fraternal insurance industry 2021: Top 25 groups and companies by countrywide premium

    ." Accessed August 21, 2023.

Author

Andrew Hurst is a senior editor and a licensed auto insurance expert at Policygenius. His work has also been featured in The New York Times, The Wall Street Journal, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, ValuePenguin, and Property Casualty 360.

Editor

Anna Swartz is a senior managing editor and auto insurance expert at Policygenius, where she oversees our car insurance coverage. Previously, she was a senior staff writer at Mic.com, as well as an associate writer at The Dodo.

Expert reviewer

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

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