Louisiana Life Insurance

Louisiana life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Louisiana life insurance regulations.

Explains the protection of the Lousiana Guaranty Association.

Links to more information about life insurance in Louisiana

Premiums can vary by as much as 50%. Enter your ZIP code on the right, and with just one short form, you'll receive quotes from several insurers in your state. Start comparing quotes today:

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Louisiana life insurance rights and regulations

The insurance industry in Louisiana is regulated under Title 22 of the state's Revised Statutes. Under these laws, claims procedures and policy requirements are overseen by the state in order to protect you, the consumer.

One such consumer protection is the 10-day "free look" provision required, by law, on all Louisiana life insurance policies. During these first ten days, a potential policyholder can choose to decline the coverage and still receive a full refund of paid premiums.

Insurers in Louisiana are also obligated to settle a life insurance claim within 60 days of recieving the necessary documentation (unless the insurer can show just cause for the delay). From this time until final settlement, the benefits should accrue interest at a rate of 8%.

Policyholder requests for the disclosure of medical information should also be made in a timely manner.

And while insurance companies can, and do, report information to the Medical Information Bureau (MIB), this information cannot be used by a different company to deny a claim.

However, Louisiana law extends some protections to insurers as well. An insurance company is legally entitled to a reasonable investigation of a claim before settling (usually 60 days), and every insurer can follow their own claims procedure (which is usually outlined within their policies).

Louisiana life insurance companies may also put an exclusion period on claims where suicide is the cause of death. This period cannot extend over 2 years.

Finally, misrepresentation on an application or policy is illegal in Lousiana, and violators may be subject to penalty. Never provide false information to an insurer.

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If you are ready to apply for a Louisiana term life insurance, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Louisiana Life Insurance Guaranty

If your life insurance company is licensed in Lousiana then your policy is backed by the Louisiana Life and Health Insurance Guaranty Association. This organization will help protect you, the insured, should your insurance company go bankrupt.

However, there are restrictions on this coverage. In Louisiana, the maximum compensation for lost death benefits is $300,000 and the maximum compensation for cash surrender is $100,000.

And, in order to qaulify for this protection, your insurer must be licensed in Louisiana. You can check your insurance company's status by calling the Louisiana Department of Insurance office toll free at (800)259-5300.

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Apply for a quote with confidence at Insured Street
(for Louisiana term life insurance), or InsureME.
Your insurer will be licensed in Louisiana.

Other notes of Louisiana life insurance

Lousiana life insurance law allows insurance illustrations, which are financial projections made by an insurer. But policyholders should always bear in mind that these are only projections, not guaranteed results.

Viatical settlements, which are purchasing agreements between a third party and the insured and a third party, are also allowed in Louisiana. Under these arrangements, a third party buys a policy from the insured, pays the premiums, and becomes the policy's beneficiary.

More LA life insurance help

If you want more help getting the best value on your LA life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about LA life insurance laws and regulations, visit the state's official website at the Louisiana Department of Insurance.