Lafayette Life Insurance Reviews- The Full Inside Look

lafayette life insurance reviews

Lafayette life insurance has established itself as one of the major companies in the United States when it comes to providing the consumers and clients life insurance. In addition, they have solidified a stake in the market by offering a wide variety of products in the life insurance product arena.

We are here to review it all.  Our goal is not only to review Lafayette life insurance but to bring you the best reviews on all companies.

Sure, we are probably missing one here and there, but we will continue to update and the goal we strive for at Good Life Protection is to make sure you have the information needed to always make a wise decision when it comes to your life insurance purchase.  Your family is counting it and we want to help.  It’s what we do.  In this review we will get into the meat and potatoes and provide an in-depth Lafayette life insurance review regarding

  • Products
  • Financial Strength
  • Company history
  • Pros and Cons of Working with Lafayette life insurance company
  • What to do next in your life insurance journey.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.

Lafayette Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.

You can do this easily by using our rate engine directly below.


Let’s dive into it.

Financial Strength Ratings, BBB Rating and Overall Service Review of Lafayette Life Insurance Co.

A.M. BestBBB Rating
A +

Good Life Protections Grade Report of Phoenix Life Insurance Company
Lafayette Life Insurance Company and Overall Product Grade Report
88%

Financial Strength with A.M. Best

Currently Western and Southern Financial Group is boasting an A+ rating with A.M best which is the strongest rating you can receive in this respected category.  Overall that’s not beatable but many companies do tie this rating so it’s worth looking around before deciding solely based on financial strength.

BBB Rating Reviews for Lafayette Life Insurance Company

Lafayette Life Insurance has only been accredited with the BBB since 2012.  Not many complaints are visible on our end when reviewing this rating for Lafayette Life Insurance Company and it seems the complaints listed on the BBB listings are resolved rather quickly and painlessly.  Another positive about the company.

Customer Service Reviews of Lafayette Life Insurance Company

Currently it seems that Lafayette Life Insurance takes heavy pride in providing great service.  They have offices in 48 states and have a company contact that is open 24 hours a day and 7 days a week that’s willing to process claims and other services.  This is a huge added benefit if you ask Good Life Protection.  Not many companies are running the 24/7 clock yet for helping clients in a time of need.

All About Lafayette Life Insurance- What you need to know

The first and most important thing to understand is that Lafayette Life insurance company is a mutual company.  All this simply means is that you (the policyholder) get a small piece of the ownership and the pie just for being a premium payer.

The other options you frequently see with life insurance companies are known as public companies or stock companies.  These companies are owned by shareholders outside of the policy holders.

Really, neither of these options are necessarily good or bad so for now we will move on.  Lafayette Life Insurance has been around for over 100 years and currently is a part of the Western and Southern Financial Group.

Subsidiaries of Lafayette Life Insurance

Lafayette life insurance provides products in both the financial services world and the life insurance arena.  Simply meaning, they offer more than just life insurance. All together the Western and Southern Financial Group has the following subsidiaries

  • Western and Southern Life Insurance Company
  • Western-Southern Life Assurance Co
  • Columbus Life Insurance CO.
  • Lafayette Life Insurance CO
  • IFS Financial Services
  • Fort Washington Investment Advisors
  • Eagle Realty Group
  • Integrity Life Insurance CO
  • National Integrity Life Insurance CO.

Yep, quite a long list.

One way you may know of Western and Southern is because of the Western and Southern Open Tennis tournament that they sponsor and host. It’s contributed over 5.5 million to charities in the Great Cincinnati community area.

Things get even deeper.

As of September 17,2018. Western and Southern acquired Gerber Life Insurance from Nestle for 1.55 billion along with intellectual property and the license connection to financial services.

This is projected to raise Western and Southern assets to over 77.1 billion.

With all of this being mentioned, it’s safe to say that Lafayette life insurance company is surely backed by some players that are getting the job done and operate with plenty of capital.  No worries on this end of the review

Let’s dive back into the life insurance side of things. 

Reviews of the Products offered by Lafayette Life Insurance Company

Currently Lafayette life insurance offers the following products in the life insurance lineup

  • Whole life
  • Term life
  • Indexed universal life
  • Indexed and fixed annuities

They also offer pensions plans for medium and mid-sized companies throughout the United States

Now let’s break down each of these products one by one.

Term Life Insurance with Lafayette Life Insurance Company

Centennial Term Series of Life Insurance

This product is your basic term coverage in which the protection will be in place for a set amount time.  Currently they offer term life insurance up to 30 years at a maximum.

According to their website, the policy does have conversion privileges which means you can move the coverage from term to permanent insurance without needing any proof insurability.

Reviews of Whole Life and Permanent Products offered by Lafayette Life insurance company

Here’s a quick overview of all the whole life products offered currently

  • Heritage 15
  • Contender 15
  • Sentinel 15
  • Patriot 15
  • 10 pay whole life
  • Liberty 15

According to Lafayette life insurance’s website you are backed with the following guarantees if you choose to work with them as your life insurance provider.  Here they are

  • Guaranteed premiums. Simply meaning they will never go up and never go down. They remain level
  • The death benefit will never expire- Your life insurance coverage is good if you pay the premiums
  • Guaranteed to Grow- The policies are guaranteed to build cash value over time.

Now, none of these are jaw dropping guarantees.  These are guarantees that over 1000 life insurance companies will have stamped on whole life insurance.  Why? That’s simply how whole life insurance works.  It’s as easy as that.

It should also be noted that products such as the 10 pay whole life and the liberty 15 are a little different than the normal whole life your probably use to seeing.

The 10 pay whole life with Lafayette Life Insurance Company

This is still a whole life plan but instead of paying for life, you will condense your premiums into a 10 year pay period. It will make the policy more expensive, but it will be paid up and complete in 10 years and allow the policy to accelerate the cash growth a little bit better.

The Liberty 15 Whole Life

The liberty 15 is the exact same scenario we just explained.  Only this time you are paying 1 premium and are done forever.  No worrying about a lapsed policy.  Once you make the one large premium, you are done and no longer need to worry about.  Pretty popular choice when you have the additional funds or need the coverage for tax advantaged reasons such as estate planning.

 

Now, let’s dive back into being a Mutual Company.

When your mutual a company or you decide to use a mutual company to purchase life insurance, you are going to have options with the dividend payments that you have earned.  It’s just how it works and here are the common options and the options available with Lafayette Life Insurance Company.

  • Received as Cash Yearly
  • Make your premiums less
  • Repay your life insurance loan
  • Increase the interest earned
  • Purchase more life insurance over time (paid up additions)

Now these all sound amazing but keep in mind other powerhouse mutual companies are out there. Companies such as Mass Mutual Life Insurance can offer the same benefits and at better returns in most situations.

Riders available with permanent insurance with Lafayette life insurance company

Here’s a look at a few riders available for the permanent products with Lafayette life insurance

Paid up additions– We already discussed this rider and that it’s the option that allows (you) the policyowner to purchase more life insurance with your dividend payment received each year. This isn’t anything special. It’s offered by all mutual life insurance companies

Accelerated death benefit rider– This isn’t necessarily special but there are still companies out there that don’t offer this and it’s a huge added benefit.  If you need the money before passing for certain health “triggers” you can opt to have some of that forwarded to you while still living.  It will be deducted from your overall payout that you would get when passing away.

Special Note

A company like Phoenix Life Insurance company is known to have some of the best health triggers and options for living benefits/ accelerated death benefits in the industry.

We still need to cover the universal life with Lafayette life insurance company

 

Indexed Universal Life with Lafayette Insurance Company

This will act very similar to the whole life insurance.  It’s going to provide coverage permanently but it’s also going to allow for some flexibility with the premiums and the death benefit. When you own a universal life insurance policy, you can usually change the death benefit to a lower or higher amount and adjust your premiums according.

IULS (Indexed Universal life) are tied to other indexed funds outside of the life insurance company such as the S &P 500.  With Lafayette Life insurance company, you are going to be offered a guaranteed floor of 2% which simply means they won’t allow you to earn less than that inside the policy.

Beware however, because this comes with a downside as well. Usually when a life insurance company offers a floor like this, they are capping the growth on the other end and that’s how it plays out favorable for both parties.

Let’s say you earn 11 percent one year in the indexed fund, Lafayette life insurance company make cap you at 7-9% and the rest is not sent your way.  This is trade off and price you pay for not wanting to take risk with the investment side of your life policy.

Lafayette Life Insurance Riders for Indexed Universal Life

Lafayette Life insurance does offer the long-term care rider as part of the universal life package.  With this rider you can have help converting the cost in the event you need long term care down the road which can be extremely pricey.  It’s an option worth considering but you can often find cheaper options for long term care such Lincoln Financial Group Life Insurance Company or even Mutual of Omaha offers some great long-term care polices.

Be sure to weight all your options before making your final decision.

Annuities with Lafayette Life Insurance Company- Good Life Protections Review

Lafayette life insurance also offers annuities.  This is basically just the ability to add fixed income to your retirement in the later years of life.  It earns interest and is tax deferred growth which can be desirable by many especially in higher tax brackets.  Here’s the four options you have with Lafayette life insurance company

  • Marquis Centennial Indexed
  • Marquis SP Fixed Indexed
  • Horizon Single Premium Immediate
  • Group Marquis Centennial Index

Annuities are a safe bet as an addition to income steams for retirement and great for individuals who allow extra cash to burn holes in their pocket.  We aren’t here to review annuities, so we aren’t going to give you and side by side deep comparisons but overall, they don’t look to shabby with Lafayette Life insurance company.

Lafayette Life Insurance dividend history

Lafayette Life Insurance company is currently sitting at about the number 5 spot based on Good Life Protections reviews of the dividend history.  The dividend history has held very strong and it’s currently and mostly reported as 5.10% for most years over the last 5-10 years in total.

This is pretty good compared to other companies, it makes it on top 10 and arguably the top 5 list.

Foresters life insurance and Ameritas Life Insurance Company also make the top ten list in this category if you ask us.

So as always, weigh all options carefully.

Let’s look the major pros of working with Lafayette life insurance company

Here’s a quick list

  • Reputable, Strong and Well Known
  • Great Financial Strength Rating
  • Great Customer Service
  • High Paying Dividend

Here’s what we believe to the cons of working with Lafayette Life Insurance Company

  • Somewhat limited product lineup
  • Underwriting niches are somewhat unknown
  • Not as competitive on pricing on some products offered

What to do if you want to contact Lafayette life insurance company?

Here’s a quick overview of the company contact information with Lafayette Life Insurance Company

  • 400 Broadway Street Cincinnati Ohio 45202
  • 5130362-4900
  • llic.com

Final thoughts we have reviewing Lafayette Life Insurance Company?

Overall, we think they are a great company and the numbers obviously support it.  However, in our con’s list you will notice that we didn’t like that they have unknown underwriting niches.  Simply meaning, if you take medications for have any pre-existing medical conditions, we aren’t sure how good they are with pricing and overall acceptance for these conditions.

Our advice as always is to work an independent agency such as Good Life Protection who represents not just 1 but over 60 life insurance companies if you want to guarantee that you find the best life insurance company and best price overall for your coverage.  If you haven’t done so already, feel free to use our rate engine on the right to see your rates with all the top companies.

If you feel we have left anything out be sure to leave a comment below. We would love to hear from you.  In addition, for the top tips to save money and plan your financial future, be sure to subscribe to our email list.  We will send out the latest reviews and money saving tips in the insurance industry to keep those hard-earned dollars in your pocket.

Thanks for reading, we appreciate you.

FILED UNDER – INSURANCE COMPANY REVIEWS