Lafayette Life Insurance Review

Wide range of whole life policies available

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Lafayette Life Insurance

Lafayette Life Insurance

overall rating
4.1

Our Take 

Lafayette Life Insurance Company is a century-old life insurance company owned by a large, privately-held company (Western & Southern), offering term and whole life policies. While Lafayette carries a wide range of permanent life insurance plans, its term policies don’t offer online quotes or applications nor does it offer any universal or final expense policies. If you are looking for more plan options, you may be better off reviewing our top life insurance companies instead.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Wide range of whole life policies available

  • Life insurance calculator to help determine level of coverage needed

  • Can borrow against cash value of some whole life policies (tax-free)

Cons
  • Most policies require a medical exam

  • No online quotes available

  • No universal or final expense life insurance options

  • Policies are not available in New York

Key Takeaways
  • Lafayette Life Insurance Company offers basic term life insurance as well as seven different whole life products.
  • Lafayette Life Insurance Company is a subsidiary of Western and Southern Financial Group, a Fortune 500 company.
  • Lafayette Life Insurance Company offers employer-sponsored benefit plans for small businesses.
  • Lafayette Life Insurance Company receives far fewer complaints than life insurance companies its size, according to the NAIC.
Specifications
  • Year Founded 1905
  • Kinds of Plans Term, whole
  • Number of Plans 8
  • Payment Options Monthly, annual
  • Official Website https://www.westernsouthern.com/lafayette

Introduction

Lafayette Life Insurance Company offers term and whole life policies to individuals and small businesses as well as annuities and other financial products. We researched Lafayette Life Insurance Company’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Lafayette Life Insurance Company with the competition. 

Company Overview

Lafayette Life Insurance Company was founded in 1905 and in 2005, became a subsidiary of Western and Southern Financial Group, a large, privately-held financial company headquartered in Cincinnati, Ohio. Lafayette Life Insurance Company offers term and whole life insurance policies along with several policy riders. It also sells several types of annuities.

Lafayette Life Insurance Company has an online calculator to help users determine their financial needs for life insurance policies, but quotes and applications are not available online. Instead, users are required to call an agent for pricing and to apply. 

Lafayette Life Insurance Company is licensed in 49 states (unavailable in New York), but actual availability varies by product and state. 

Lafayette Life Insurance Company also offers defined benefit and defined contribution plans to small businesses.

Available Plans 

Lafayette Life Insurance Company offers eight types of life insurance plans including one term offering and seven whole life plans. 

Term Life Insurance

Lafayette Life Insurance Company’s term life insurance policy comes in 10-, 20-, and 30-year term lengths, with coverage starting at $100,000. The term policy offers a level premium and the ability to continue coverage after the term ends with one-year term policies. Premiums increase annually with the renewable coverage option.

The Lafayette Life Insurance Company term policy is a convertible term life policy that can be converted into a whole life policy at the end of the term.

Whole Life Insurance

Lafayette Life Insurance Company’s whole life offerings are a type of permanent life insurance that cover the insured for their lifetime. Policies can accumulate cash value which can be borrowed against (tax-free) or accessed early with optional riders. These policies offer guaranteed lifetime coverage, tax-deferred cash value accumulation, and level premiums throughout the life of the policy.

Lafayette Life Insurance Company has seven different whole life policy options to choose from:

  • Heritage 2020 Whole Life Insurance: This policy offers guaranteed fixed premiums until age 100 (or 20 years, whichever is longer) as well as guaranteed cash value accumulation.
  • Contender 2020 Whole Life Insurance: This policy offers more cash value accumulation later in the policy as well as a policy dividend for further growth opportunities.
  • Patriot 2020 Whole Life Insurance: This policy offers more cash value accumulation earlier in the policy as well as a policy dividend for further growth opportunities. It also offers a living benefits rider at no additional cost.
  • Sentinel 2020 Whole Life Insurance: This policy is designed for clients who want more cash value accumulation with limited payments, but the premiums are only level until age 65 (or after 20 years, whichever is longer).
  • 10 Pay Life Whole Life Insurance: This policy offers limited level premium options, with clients paying 10 level annual premiums, but the death benefits are guaranteed for their lifetime. This policy may also earn a dividend that can be added to the cash value of the policy.
  • Liberty 2020 Single Premium Whole Life Insurance: This policy offers guaranteed lifetime coverage with a single lump-sum premium.
  • Protector 2020 Simplified Issue Whole Life Insurance: This policy offers clients guaranteed lifetime coverage without the need for a medical exam. Premiums may be higher than other whole life policies. Coverage is capped at $50,000 for this policy (or $250,000 if paying in a single lump-sum).

Available Riders

Lafayette Life Insurance Company offers riders for both its term and whole life insurance policies. A rider is a policy enhancement that provides additional benefits or coverage options to an insurance policy. Rider fees are typically billed as a small percentage of the policy premium or as a flat annual fee. Fees vary by policy, product, and options selected. 

Accelerated Death Benefit Rider

This rider pays out a portion of the policy face value upon a terminal illness or chronic illness diagnosis.

Disability Waiver of Premium Rider

If you become permanently disabled, you may be eligible to have your premiums waived (after a waiting period).

Children’s Term Insurance Rider

This rider offers level-term life insurance for your children. Coverage options and benefit amounts vary by policy and age, so you will need to contact an insurance agent for details.

Customer Service: Phone or Email

Lafayette Life Insurance Company offers support over the phone, via email, or in person at a local office. Claims can be started online, but require speaking to an agent to process. Local offices are under the Western and Southern banner.

Lafayette Life Insurance Company’s customer service business hours are Monday-Thursday from 8:00 a.m. to 5:45 p.m ET and Friday 8:00 a.m. to 4:45 p.m ET. Customers can call 800-243-6631 or email by filling out an online contact form.

Lafayette Life Insurance Company does not offer live chat support online.

Customer Satisfaction: Very Few Complaints  

According to the National Association of Insurance Commissioners (NAIC) complaint index, Lafayette Life Insurance Company receives fewer complaints than the industry average; it received a score of 0.18 in 2020 while the industry average score is 1.0 (lower is better). Lafayette Life Insurance Company received no official complaints in 2019, and very few in 2018 as well, with a score of 0.14. This is far lower than most competitors and points to high-quality customer service.

J.D. Power ranks companies based on customer satisfaction, but Lafayette Life Insurance Company was not included in the 2020 Life Insurance Study.

Financial Strength: A+ (Superior)

With the financial backing of Western and Southern Financial Group, Lafayette Life Insurance Company received an A+ (Superior) rating from AM Best. This is based on its strong balance sheet, operating performance, favorable business profile, and appropriate enterprise risk management. This rating gives customers confidence that claims will be paid out if they arise.

Cancellation Policy: Standard Free-Look Policy

Most states require a minimum “free-look” period for insurance policies (usually 10-30 days). If a customer signs up for a life insurance policy and decides to cancel for any reason within that period, they will receive a full refund of premiums paid. Lafayette Life Insurance Company doesn’t advertise its cancellation policy, so it must adhere to the state minimum requirements.

When the free-look period ends, term life policies can be canceled at any time, but will not provide a refund of premiums paid. Whole life policies can also be canceled and may have a surrender value returned to the customer. But there may also be a surrender charge or other fees applied when canceling a whole life policy.

Lafayette’s cancellation fees are not publicly listed and may vary per policy.

Price of Lafayette Life Insurance Company: Unavailable Online

Lafayette Life Insurance Company policy pricing is not available online. This makes it difficult to comparison shop, specifically for term policies, and all quotes will be provided by an agent directly and cannot be quickly adjusted. All policies will vary by length, benefit amount, and optional rider amounts.

Lafayette Life Insurance Company term life policies come with a $50 annual fee.

How Lafayette Life Insurance Company Compares to Other Life Insurance

Lafayette Life Insurance Company offers many whole life insurance options, giving clients the ability to find the right fit when shopping for permanent life insurance. That being said, its term policies are limited and it does not offer any universal life or final expense policies, and you may be better off choosing another provider like John Hancock Life Insurance. 

Lafayette Life Insurance Company vs. John Hancock Life Insurance

Both Lafayette Life Insurance Company and John Hancock Life Insurance offer term and permanent life insurance policies. Both companies also don’t offer online quotes for any of their policies. But John Hancock Life Insurance offers far more policy options than Lafayette Life Insurance Company.

Here are a few differences between Lafayette Life Insurance Company and John Hancock Life Insurance:

  • John Hancock Life Insurance offers a Quit Smoking incentive to lower premiums for smokers who are trying to quit.
  • Lafayette Life Insurance Company has far fewer complaints than John Hancock, according to the NAIC.
  • John Hancock Life Insurance offers universal and final expense policy options.
  • Lafayette Life Insurance Company has local offices around the country for in-person service.

While Lafayette offers a wide selection of whole life policy options, John Hancock Life Insurance’s Quit Smoking incentive and Vitality Wellness Rewards Program may give significant discounts on premiums for clients who make healthy choices. 

Read our full John Hancock Life Insurance review.

  Lafayette Life Insurance Company John Hancock Life Insurance 
Market Share N/A Ninth-largest in the U.S., 2.73%
Number of Plans  8 14 
Online Quotes Available?  No  No 
Service Method  Email, phone, in person  Email, phone
AM Best Rating  A+ (Superior)  A+ (Superior) 
Complaints Index  0.16 (excellent)  1.53 (more complaints than average) 
Final Verdict

Lafayette Life Insurance Company offers a good selection of whole life insurance policies, but that’s about it. Its term life offering is basic, and policy quotes are not available online. Lafayette Life Insurance Company also does not offer any universal life policies.

That said, Lafayette Life Insurance Company is in a strong financial position and offers great customer service, giving clients confidence when choosing them for coverage. For customers looking to find the perfect whole life policy, Lafayette Life Insurance Company has seven options to choose from plus optional riders to customize coverage even further. But if you are looking for competitive term life insurance, or flexible universal policies, you will need to look elsewhere.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.