Getting an instant quote for Life Insurance in Louisiana is easy with our instant quote box to the right. Feel free to get started by filling in the information on the right – or read on to learn all you need to know about acquiring affordable life insurance in Louisiana.
REASONS TO GET LIFE INSURANCE IN LA
Believe it or not, but the leading industries in Louisiana are among the most dangerous in America. According to the Bureau of Labor Statistics, the fishing industry, due to its high level of fatal transportation accidents, is the most dangerous job in the country. And farming isn’t too far behind – it’s ranked the fifth most dangerous profession, again due to accidents. And we’re all familiar with the dangers of the oil and natural gas industries.
If you are involved in any of these professions, and you have dependents, I would definitely recommend that you get at least a term life policy. But whether or not you work in a dangerous profession – the importance of life insurance for those with dependents, mortgages, loans, debts, business partnerships, and numerous other financial situations, remains.
Most life insurance companies offer the majority of their policies throughout the United States, so there aren’t any advantages or disadvantages to getting insurance in Louisiana over another state. But there are a few things that you should know before you decide to buy.
LA LIFE INSURANCE AGENTS
The first thing I recommend to people looking for affordable life insurance is to make sure that they work with an independent agent. So-called ‘captive’ agents only work with a single insurance company. If you speak with someone who says they only work with MetLife, for example, you are most likely going to end up overpaying. An independent agent, on the other hand, can compare pricing between almost all of the different life insurance companies in order to find you the best deal for your situation.
Now, most people want to shop around in order to find the best price. It’s human nature. But understand that buying life insurance is not like buying a new car. Agents have absolutely no control over premium costs. We couldn’t change them if we wanted to. Premiums are set by the underwriters at the respective insurance companies. What this means is that no independent agent should be able to offer a “better deal” than another. Any good independent agent should be able to find you the best premium available to meet your insurance needs.
But not all independent agencies are created equal. If you go with one of the big agencies, such as SelectQuote, then you will probably end up only speaking with your agent once, then get passed along to another department. But by working with a smaller agency, such as us here at Huntley Wealth, you have access to your agent anytime you need. You can feel free to call with any questions you may have – whether that be next week, or next year.
LIFE INSURANCE COSTS IN LA
So how are life insurance costs calculated, and what can you do to find the most affordable plan to meet your needs? There are several factors that go into determining life insurance premiums:
Age – the older you are, the more it’s going to cost.
Sex – men have a shorter life expectancy than women. Therefore, they pay slightly more.
Amount of Insurance – a $1,000,000 policy is going to cost more than a $25,000 policy.
Length of Insurance – typically, the longer the policy is going to be in effect, the more it is going to cost. Whole life or universal life insurance, for example, tend to cost more than term life insurance. There can be minor exceptions to this, but the general rule still applies.
Smoking – smokers pay a higher premium due to their increased likelihood of developing a life-threatening condition. This includes all forms of tobacco – even consistent use of nicotine replacements such as the patch or nicotine gum is typically considered tobacco use (this is still ingesting nicotine). There are some insurance companies that are lenient towards cigar smokers, however, as long as use is infrequent to moderate.
Health Rating – This is where working with an independent agent really comes in handy. Complications to health factor into calculating life expectancy; so people with diabetes, heart disease, a history of cancer, or any other major illness are going to be rated lower than people in great health. But each insurance company has its own underwriting guidelines – so each company is going to rate each health issue differently. A good agent will know which companies will be most favorable for each different health issue – potentially saving the client a considerable amount of money.
There are other factors that can contribute to the price of life insurance – such as working in a dangerous profession or engaging in risky hobbies – but this list covers the main points that apply to everyone.
APPLYING FOR LIFE INSURANCE IN LOUISIANA
To get started with a free quote, fill in the information on the ‘Instant Life Insurance Quote’ box to the right. If you like what you see, you can follow the link to request an application. We’ll give you a call with a brief questionnaire, just to make sure that we’re applying to the best life insurance company for your situation. Or, if you’d like to speak to an agent directly, feel free to call us at 757-777-2545.*Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.