A Guide to Life Insurance in Louisiana (LA)

When you are exploring Louisiana Life Insurance Quotes and what is involved with getting life insurance in Louisiana then it is important that you look into getting the best deals, and how you can ensure that the insurance you end up getting has all of the features that you need it to. In this article I am going to explore life insurance in Louisiana both from the perspective of the specifics of getting the best deals, and also the nature of the insurance industry in Louisiana and what the future may bring.

I also consider three things that you should know about life insurance in Lousiiana. First thing though, lets have a little look at some background on Louisiana.


Louisiana – Some Background…

Louisiana is to be found in the South of the United States and has a population estimated to be 4,533,372 in the 2010 US Census. Both in terms of population, and land area Louisiana is somewhat of a middle of the pack State, being ranked 31st in terms of area, and 25th in terms of population.

The Capital of Louisiana is Baton Rouge which has a population of some 225,388 people, but the surrounding area (Greater Baton Rouge) has a total of 802,484 people according to the 2010 census.

There are a significant minority of Louisianans who speak French as their first language at home, with the percentage estimated at 4.68% according to the Modern Language Association.

The largest city in Louisiana is New Orleans which has a City population of 348,829; but if you include the surrounding metropolitan areas has a combined population of some 1,235,650 people. These figures are now comparable to pre-hurricane Katrina levels, which in August 2005 saw one of the most catastrophic natural disasters in US history exacerbated by engineering failings, when the flood walls that were supposed to protect New Orleans failed with such awful consequences.

Over 1,500 people are known to have died as a result of Hurricane Katrina.

(If you, or anyone you know was affected by Hurricane Katrina, or you would simply like more information about it, then there is a good website here which has quite a lot of useful resources - https://www.hurricanekatrina.com/ )


Louisiana Life Insurance – The Facts…

Life Insurance in the United States is big business. The US Government collates statistic about different industries and sectors of the US economy, and it shows that “Finance and Insurance” accounted for 6,548,868 jobs in the United States in 2007 (the last year for which such statistics are available), out of a total working population of some 120,604,265.

In other words, 5.43% of ALL the jobs in the United States, or about 1 in 20 come from Finance or Accounting.

(You can see the stats here for different industries in the United States - https://www.census.gov/epcd/susb/latest/us/US--.HTM )

And life insurance in Louisiana is also a big deal. Purely in terms of jobs, over 9,000 people are directly employed by life insurance companies in Louisiana, and another 10,000 jobs are supported by life insurance companies in the State through real estate, mortgages, financing etc.

In fact, as a whole Louisiana Life Insurance companies have invested over $55 billion in the economy of Louisiana (mainly though stocks and bonds), have over $130 million worth of real estate that they own, and provide the mortgages on over $1 billion worth of property.

This is clearly a significant investment in the State.

If you look at the numbers of policies that have been taken out then that is also impressive, as Louisianians have $360 billion in death benefit cover from their life insurance, and 4 million individual Louisiana Life Insurance Policies, with an average of some $55,000 of cover per policy-holder, according to the American Council of Life Insurers.

Now, these are all massive figures, but the bottom line for you as a resident of Louisiana who is looking to get some life insurance cover in New Orleans or Baton Rouge, is that the sector is intensely competitive in Louisiana, and there has never been a better time to get a life policy than right now.

In fact, there are some 519 Louisiana Life Insurance companies who are licensed to compete for your business, and of those 32 are actually domiciled in the State, so competition is intense.

In the next section I talk about how you can put that competition to your advantage if you are looking to get the best possible Louisiana Life Insurance Quotes.

What Three Things Should You Know About Life Insurance in Louisiana?

So, you have given the matter some thought, and are now determined to get some quotes for your life insurance in Louisiana. Here are three things you should know:

1/ Make a decision about how much life insurance you need, the length of time you want it for, and how much you are willing to pay.

This is actually three different issues, and in order to arrive at a definitive conclusion you will probably find that you need to do some research both on your current expenditures, and what you expect to have to pay out in the future.

Additionally, as you may not currently have any idea of how much Louisiana Life Insurance actually costs for your age, location and health condition, you may also want to get some provisional life insurance quotes so that you can more accurately gauge those factors.

You can do that above if you scroll up to the top of the page.

2/ Delve into the details of the different policies and see which of them best meets your criteria of price, features and amount of life cover that they offer.

You can do this stage either alone through using the internet and getting advice such as a site like this, or alternatively you can seek out the help of an insurance agent to help you decide.

The Professional Insurance Agents of Louisiana are an Association who should be able to assist you to find an agent in your area.


Even if you do decide to go the insurance agent route (and you may do, because clearly having someone to discuss such matters with can be beneficial). It is still worth getting some speculative Louisiana Life Insurance Quotes online first, because they are easy to get, and can instantly provide you with hard facts about how much life cover is going to potentially cost you.

This figure may end up being much cheaper than you imagined it would be (a common scenario if the individual is quite young); or much more expensive than you thought (again, a common scenario, especially if someone has got life insurance earlier in life, and is now looking to get additional life cover now that they are a little older and have more potential responsibilities. Life insurance gets more expensive the older you are, and seeking out life insurance in Louisiana as you get older is no exception.)

But the reality is that if you spend half an hour reading through the different documentation that the Life Insurance Companies in Louisiana provide online, that you may well feel ready to decide on which life cover is right for you.

And remember, the Insurance Companies WANT YOU to go direct online. It saves them time and money. So the material they provide online is now pretty good, and designed to educate rather than confuse you.


3/ By law in Louisiana you have a 10-Day “Free-Look” period for any Life Insurance you do buy.

This is important, because it means that you can rest easy about buying Louisiana Life Insurance online, because you have a whole ten day period AFTER you have bought it to decide it is not in fact right for you, and cancel it without any penalties.

Or, (as is more likely), look around and see that your life insurance is as good as any other and simply keep it and keep paying the premiums.

Either way this Louisiana Law means that you don’t have to panic, and can in fact relax when you buy life insurance in Louisiana, because you do have the right to cancel the policy.

So get a few Louisiana Life Insurance Quotes and start to get a feel for what is available, and at what price.


Louisiana Life Insurance – The Details…

The legal structure that supports all types of Insurance in Louisiana is The State Insurance Code of Louisiana.

You can find a copy of it online here:


This is essentially the Insurance rulebook for Louisiana Life Insurance, and outlines exactly how different scenarios should be dealt with when it comes to consumers, insurance companies and insurance professionals in Louisiana.

It is quite heavy going, so read it only if you have to, or LOVE legal documents! But it is useful to know where the rules on which your families insurance protection are based can be found, if you need to reference them.


Louisiana Life Insurance Resources

The Louisiana Department of Insurance

It is the Louisiana Insurance Department which deals with the various consumer, legislative and Louisiana Life Insurance Company regulations pertaining to insurance.


Louisiana Life Insurance Company Ratings

Ambest is one of several companies that offer financial ratings of leading Louisiana Life Insurance Companies.


Louisiana Life & Health Insurance Guaranty Association

The Louisiana life and Health Insurance Guaranty Association exists to protect consumers in the event that a Louisiana Life Insurance Company becomes insolvent. In that unhappy circumstance, then they step in to provide protection to Louisiana Residents who hold life policies with that company.



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