Life insurance in Louisiana

How your policy is protected if an insurer fails

When a life or health insurer licensed in Louisiana is found insolvent and ordered liquidated by a court, the Louisiana Life & Health Insurance Guaranty Association protects Louisiana residents who own its policies and annuities, and their beneficiaries. The association may have a financially sound insurer take over the policies, keep them in force itself, or join other states' associations in a national plan. Keep paying premiums: those payments go to whoever continues your coverage, and coverage can end if you stop.

Limits are as of October 4, 2026, from the association's FAQ and La. R.S. 22:2083. Louisiana's overall cap of $500,000 per individual is higher than the $300,000 cap in many states, but each category limit still applies: a $1 million life policy is protected only to $300,000 of death benefit. The annuity limit is per owner, not per contract, so three $100,000 annuities with the same failed insurer are covered for $250,000 in total; the rest becomes a claim against the insurer's estate. Unallocated annuity contracts are excluded except those for 403(b) government plans.

The association is a private entity created by the legislature and funded by assessments on member insurers. It is not a state agency, and it is a safety net, not a substitute for choosing a well-managed, financially stable insurer. Louisiana law prohibits agents and companies from mentioning the association in advertising or using it to induce a sale. Our guides to state life and health guaranty associations and what happens if your life insurance company fails explain the process in more detail.

Who regulates life insurance in Louisiana

The Louisiana Department of Insurance licenses insurers and producers, approves policy forms, examines companies and investigates complaints. It is led by the Commissioner of Insurance, a statewide elected official. Its consumer line is 800-259-5300 (225-342-5900 in Baton Rouge), and you can call to confirm that a company is licensed in Louisiana before you buy.

Free look, grace periods and policy rules

• Free look: every individual life policy must give you 10 days from the day you receive it to examine it, and if you return it in that time any premium you paid must be refunded immediately (La. R.S. 22:931). If the policy is mailed with only a certificate of mailing, you are presumed to have received it 10 days after mailing. When the new policy replaces existing life insurance or an annuity, Regulation 70 requires a 30-day right to return it for a full refund. See the free-look period: returning a policy for a refund.
• Grace period: you have 30 days or, at the insurer's option, one month to pay any premium after the first while the policy stays in force. If the insured dies during the grace period, the overdue premium, with interest of no more than 6% a year, can be deducted from the benefit.
• Reinstatement and conversion: a lapsed policy can be reinstated within three years of default with evidence of insurability, and a term policy with a conversion option must notify you at least 31 days before that option expires.
• Paying claims: interest on a death benefit starts accruing 20 days after the insurer receives proof of death, at the rate it pays on deposits (La. R.S. 22:908). If the insurer goes more than 60 days after proof of death without settling and without just cause, the amount due bears 8% annual interest from the date proof was received (La. R.S. 22:1811).

Taxes, estates and community property

Louisiana has no estate tax and no inheritance tax; the inheritance tax was phased out for deaths after June 30, 2004, and the remaining provisions were later repealed, according to the Louisiana Department of Revenue. Larger estates may still owe federal estate tax; see state estate and inheritance taxes and life insurance.

Louisiana is one of the nine community property states listed by the IRS. Under its civil-law system, property acquired during the marriage is generally owned equally by both spouses unless a matrimonial agreement says otherwise. That can matter when a policy is bought with community earnings and owned by one spouse, or when you name someone other than your spouse as beneficiary. Our community property states and life insurance guide covers the basics; a Louisiana attorney can apply them to your situation.

Finding a lost policy or unclaimed benefits

If you think a relative had a policy but can't find it, search old bank statements for premium payments and contact past employers, then submit a request through the NAIC Life Insurance Policy Locator. Benefits that go unclaimed are eventually turned over to the state; Louisiana's Department of the Treasury lists them at LA Cash Claim, and searching is free. If the insured lived or worked in Texas, Mississippi or Arkansas, search those states as well. See how to find a lost life insurance policy and unclaimed life insurance money and state unclaimed property.

Life insurers based in Louisiana

Pan-American Life is the only Louisiana-based group among the 100 largest U.S. individual life insurers in the NAIC's 2024 market share data. Founded in New Orleans in 1911, it is still headquartered there, at 601 Poydras Street.

Where to get help

• Louisiana Department of Insurance: 800-259-5300, ldi.la.gov, P.O. Box 94214, Baton Rouge, LA 70804-9214. You can file a complaint through its online complaint form. It sends an acknowledgment with a file number, forwards the complaint to the company and reviews the response. See how to file a complaint against a life insurer.
• Louisiana Life & Health Insurance Guaranty Association: 225-381-0656, lalifega.org, 620 Florida Street, Suite 210, Baton Rouge, LA 70801.
• Unclaimed property: LA Cash Claim, run by the Louisiana Department of the Treasury.