The Top Life Insurance Companies in Louisiana

Louisiana residents have many options when it comes to choosing a life insurance company. With dozens of insurers licensed to operate in the state, it can be overwhelming to figure out which ones are the best fit for your needs. This article will examine the top life insurance companies in Louisiana based on financial strength, customer satisfaction, policy options, and affordability.

How We Evaluated Louisiana’s Life Insurance Companies

To determine the leading life insurance providers in Louisiana, we used the following criteria:

• Financial strength ratings – Companies with higher ratings from agencies like A.M. Best are more likely to pay out claims.

• Policy variety – The best insurers offer a range of policy types like term, whole, and universal life.

• Customer satisfaction – We considered ratings from J.D. Power and other consumer review sites.

• Affordability – Companies were evaluated on the competitiveness of their premiums.

• Online experience – Ease of getting a quote and applying online were factored in.

Based on these metrics, these are the top life insurance companies in Louisiana:

The 6 Best Life Insurers in Louisiana

1. MassMutual

• AM Best Rating: A++
• J.D. Power Rating: 780/1000
• Policies Offered: Term, whole, universal, variable life

MassMutual tops our list as the best life insurance company in Louisiana due to its financial strength, varied policy selection, and affordable rates. They have highly trained career agents to help you choose the right policy.

2. Northwestern Mutual

• AM Best Rating: A++
• J.D. Power Rating: 859/1000
• Policies Offered: Term, whole, universal, disability insurance

Northwestern Mutual is a trusted insurer with one of the highest financial strength ratings available. Their network of local agents provides excellent service.

3. State Farm

• AM Best Rating: A++
• J.D. Power Rating: 839/1000
• Policies Offered: Term, whole, universal life

State Farm offers personalized service through Louisiana agents and consistently earns high customer satisfaction scores. They have competitive pricing across their policy lineup.

4. New York Life

• AM Best Rating: A++ Superior
• J.D. Power Rating: 804/1000
• Policies Offered: Term, whole, universal life, annuities

New York Life has paid dividends to policyholders every year since 1854. They are the largest mutual life insurer in the U.S. with unrivaled financial strength.

5. Banner Life

• AM Best Rating: A+ Superior
• J.D. Power Rating: Not rated
• Policies Offered: Term life

Banner Life specializes in no-frills term life insurance with some of the lowest rates available. Their online quoting and application process is fast and easy.

6. Prudential

• AM Best Rating: A+
• J.D. Power Rating: 805/1000
• Policies Offered: Term, universal, whole life, variable life

A household name, Prudential has been serving life insurance customers for over 140 years. They offer online policies up to $1 million without a medical exam.

Choosing the Best Life Insurance Company For You

While the insurers above are all great options, you still want to shop around. Here are some tips for picking the right life insurance company for your needs:

• Get quotes from several highly-rated insurers to compare pricing.

• Look for a company that offers the type of life insurance policy you want.

• If you prefer face-to-face service, choose an insurer with local agents. For online convenience, consider direct companies.

• Make sure the insurer has strong financial ratings so they can pay out claims.

• Read online reviews to see what existing customers have to say.

• Pick a company that makes getting a quote and applying fast and easy.

Taking the time to research life insurers operating in Louisiana will help you find one that offers the right mix of financial strength, customer service, policy options and affordability. With a reputable company behind you, you can rest assured your loved ones will be taken care of.

Overview of the Life Insurance Market in Louisiana

The life insurance market in Louisiana is made up of dozens of insurers offering a range of policies to consumers across the state. Here is an overview:

• Total premiums written: According to the National Association of Insurance Commissioners (NAIC), over $2 billion in life insurance premiums were written in Louisiana in 2020.

• Number of policies in force: There were approximately 2.2 million individual life insurance policies in effect in Louisiana in 2020, based on NAIC data.

• Average face amount: The average face payout amount for individual life policies issued in Louisiana in 2020 was $171,000, per NAIC records.

• Most popular types of life insurance: Term life is the most popular policy type in Louisiana, followed by whole life and universal life. Variable and indexed universal life make up a smaller share of the market.

• Leading life insurers: The largest life insurance companies in Louisiana based on market share include New York Life, State Farm, Northwestern Mutual, Primerica, and Southern Farm Bureau Life.

Louisiana’s 5 Largest Life Insurance Companies

The five largest life insurance companies in Louisiana, measured by their market share, are:

1. New York Life – 9.77% market share
2. State Farm – 7.58%
3. Northwestern Mutual – 6.8%
4. Primerica – 3.85%
5. Southern Farm Bureau Life – 3.68%

New York Life holds the biggest slice of the market in Louisiana with nearly 10% market share. State Farm also has a strong presence and comes in second with over 7% of the state’s life insurance business.

While market share is one indicator, it does not necessarily mean these insurers are the best choice for consumers in Louisiana. Smaller companies can still offer more competitive pricing and better service. Our analysis found that other insurers rate higher than these major firms in many areas.

Average Cost of Life Insurance in Louisiana

The table below shows the average monthly cost of life insurance policies from top rated insurers in Louisiana:

*Average costs based on a 30-year old non-smoking male buying a $250,000 policy.

The average monthly premium can vary significantly based on the amount of coverage purchased, length of the policy term, and other factors like age and health. Getting quotes from multiple insurers is the best way to find an affordable rate tailored to your needs.

Shopping for Life Insurance in Louisiana

Finding the right life insurance policy involves more than just looking at premium costs. Here are some tips for shopping for life insurance in Louisiana:

• Check insurer financial strength ratings – Choose only companies rated “A” or higher by agencies like A.M. Best.

• Compare quotes – Get quotes from at least three insurers before deciding. Look at pricing but also policy features.

• Consider your needs – Your life stage and goals determine how much coverage you need and what policy type fits best.

• Review policy details – Read the fine print to understand the full terms and conditions.

• Check complaints data – Review complaint ratios from the NAIC to see how insurers compare.

• Ask about discounts – Opportunities like bundling policies can help you save on premiums.

• Apply ASAP – Once you’ve picked an insurer, complete the application right away to lock in your rate.

Following these tips will ensure you secure coverage from one of the top life insurance companies in Louisiana equipped to pay future claims and provide excellent service.