Choosing a life insurance company is a major decision which could play a significant role in your family’s future.
Because it’s such a crucial decision, you may be tempted to only look to the well-known companies whose commercials and catchphrases have caught your attention.
While lesser-known, a company like Lafayette Life Insurance Company is worth considering.
Though Lafayette may not be on your radar, it has been offering solid life insurance products to customers across the country for over a century.
Read on for a comprehensive overview of all that Lafayette has to offer, alongside its history and financial standing.
Armed with this knowledge, you can decide whether Lafayette Life Insurance Company could be the provider for you.
Our Lafayette Life Insurance Company Review
Lafayette Life Insurance Company has over 100 years of experience in the life insurance industry, opening its doors in 1905.
They now offer a range of annuities and life insurance products to customers throughout the United States, excluding New York.
Lafayette Life is a member of the Western & Southern Financial Group— a large group of financial services firms based in Cincinnati, Ohio.
The group of companies has experienced considerable growth over the past few years.
In terms of ownership, it is a mutual company, so the company’s policyholders are also its shareholders.
Founded in 1888, Western & Southern Financial Group has acquired a range of financial services firms to diversify its service lines and has aligned with other top companies in the field—including Lafayette Life in 2005.
The company offers investment management, mutual funds, life insurance, and a host of other financial products.
Over the years, Western & Southern Financial Group has paid more than $4.3b in claims to its clients and policyholders and has a firm commitment to providing funding and initiatives to benefit the Cincinnati area.
Lafayette Life is a Fortune 500 company.
After Western & Southern Financial Group financed its construction in 2011, Lafayette Life moved into the Great American Tower, which is the tallest skyscraper in Cincinnati. The tower currently serves as their headquarters.
Awards and Accolades
While Lafayette Life Insurance Company hasn’t received any specific awards or accolades, Western & Southern Financial Group has been recognized on several occasions.
Some of the most notable awards the company has received include:
- Fort Washington Investment Advisors’ Best Places to Work in Money Management 2018: Fort Washington Investment Advisors releases an annual list of the best money management firms for employees. In 2018, Western & Southern Financial Group received recognition for being an excellent employer.
- Military Friendly Employer: In 2019, the company received recognition for being a ‘Top 10 Military Friendly Employer.’ This designation affirms the company’s dedication to offering former military members access to employment in the professional world.
- Fortune 500 Company: Western & Southern Financial Group is a Fortune 500 company. Fortune 500 companies consist of the 500 largest companies in the United States, based on the annual revenues of every company in the country.
Financial Strength & Ratings
It’s critical to work with a life insurance company with the financial stability to honor your policy.
Note: Lafayette Life Insurance Company doesn’t release its own financial statements as it is now part of Western & Southern Financial Group.
To test the economic viability of the company, we’ve examined the most recent results of the insurer’s parent company.
In 2018, Western & Southern Financial Group had $75.1b in assets under its control.
During the same period, it also had $4.3b in ‘life & health premiums and annuity deposits.’ The company brought in over $4.6b in annual revenue.
We also examined Lafayette Life Insurance Company’s ratings from the world’s leading rating agencies and the BBB to help gauge the financial health of the firm:
With solid ratings and financial figures, it’s clear that Lafayette Life Insurance Company is in good health. It appears to be a company you can rely on to honor your life insurance policy.
A quick glance at Lafayette Life Insurance Company’s BBB profile shows surprisingly few complaints.
Considering many other life insurance companies have thousands of negative comments on consumer watchdog sites, Lafayette Life Insurance Company’s few complaints appear minor.
Lafayette Life Insurance offers its customers access to some of the most popular life insurance products in the industry.
At present, the firm offers two types of products:
While this might not seem like an extensive offering, Lafayette Life Insurance offers seven different forms of whole life insurance. There’s plenty you can do to customize your policies.
Unfortunately, there are no universal life insurance policies currently available at Lafayette Life Insurance Company.
Still, the company offers a wide range of whole and term products to suit your particular needs.
Lafayette also offers term life insurance, through its Centennial Term Series.
Unlike whole life insurance, term insurance does not provide you with any guarantees. A death must occur within the ‘term’ designated by the policy for a death benefit to be distributed to beneficiaries.
Lafayette Life Insurance will assess your health, age, and a few other factors to determine the price of your premiums.
One excellent feature on offer at Lafayette Life Insurance is its conversion tool.
If you want to switch your term policy to a whole life insurance plan, you won’t have to worry about seeking new insurability.
These policies also come with the following riders:
At Lafayette Life Insurance Company, you can purchase whole life insurance with guaranteed fixed premium levels.
You won’t have to worry about any increases in the price of your policy. You’ll also benefit from lifetime coverage, as long as you continue to pay your premiums on time.
The more you pay into your policy, the higher its cash value will be. You can access your cash value by obtaining policy loans, but they will decrease your death benefit.
Lafayette Life Insurance Company has a range of custom whole life insurance policies to choose from.
As of 2019 they include:
- Heritage 15 Whole Life Insurance
- Contender 15 Whole Life Insurance
- Patriot 15 Whole Life Insurance
- Sentinel 15 Whole Life Insurance
- 10 Pay Life Whole Life Insurance
- Liberty 15 Single Premium Whole Life Insurance
- Protector 15 Simplified Issue Whole Life Insurance
Let’s take a closer look at three of the most popular policies:
Heritage 15 Whole Life Insurance
This policy is arguably the company’s most popular insurance product. It is a simple whole insurance policy that allows you to build cash value with a guaranteed premium.
You’ll benefit from lifetime coverage, as long as you pay your premiums on time.
Policyholders can withdraw cash from this policy, but you can’t take out policy loans higher than the cash value of the policy.
With the Heritage 15 policy, you pay level premiums for either 20 years or until your 100th birthday— whichever is further away.
In some cases, you may also receive a dividend from this policy.
10 Pay Life Whole Life Insurance
The 10 Pay Life Whole Life Insurance policy includes the same core components as the other Lafayette Life Insurance Company policies.
The primary difference in this policy is that you pay all your premiums across ten annual payments. Each payment is the same amount.
This is a suitable option for people seeking to arrange policy payments over a set period.
It’s also a way to have a permanent policy without a permanent payment; after 10 years, it’s time to set it and forget it.
Liberty 15 Single Premium Whole Life Insurance
If you don’t want to pay premiums continuously, this might be the plan for you.
The Liberty 15 Single Premium Whole Life Insurance policy allows you to pay a single lump-sum premium.
You’ll still have access to a guaranteed death benefit and the ability to withdraw your cash value.
Alternatives to Lafayette Life Insurance
Whatever your life insurance needs are, you should know you have options.
While Lafayette’s whole life product offering is expansive, it might not be the best choice for you. The same is certainly true of its term life insurance.
As you begin the search for your next life insurance policy, take a look at Lafayette and its competitors below:
- Northwestern Mutual: Northwestern Mutual is the premier provider of whole life insurance, with three flexible and affordable permanent policy options.
- New York Life: New York Life Insurance Company is a great alternative to both Lafayette and the aforementioned Northwestern Mutual, and has a wide variety of comparable policies to meet every need, from term to permanent.
- MassMutual: If Lafayette’s lineup lacks the products you need, MassMutual is an excellent alternative, with term, whole, universal, variable universal, and guaranteed acceptance policies.
Lafayette Life Insurance benefits from a host of positive attributes.
Let’s take a look at what makes Lafayette a reliable option for your next policy:
- Extensive Range of Whole Life Policies: If you’re looking for a beneficial whole life insurance policy, you have plenty of options at Lafayette. With seven different policies, it’s easy to find one that suits your family’s needs.
- Commercial Options: Lafayette also offers commercial life insurance options for businesses seeking to provide insurance as part of their benefits package. This option can be used as compensation for your staff or a tool to protect your business from the loss of key personnel.
- Evidence of Strong Financial Performance: Lafayette Life Insurance Company and its parent company have strong financial reputations and longevity in the industry. The companies exhibited reliable performance in 2018 and continue to maintain excellent ratings with the world’s best rating agencies.
- Full Disclosure: The amount of information Lafayette provides is a breath of fresh air. Whereas many insurance providers hide the details of their policies and encourage you to talk to agents, you can find most of the basic info you need using Lafayette’s online resources.
- Access to Annuities: The company offers both fixed indexed annuities and immediate annuities. You can also access a range of other financial products via the firm’s parent company, Western & Southern Financial Group.
- Online Account Portal: If you want to manage your policy online, Lafayette Life Insurance Company offers a ‘Policyholder Portal’ for its clients. This portal is a convenient tool that is missing in a lot of insurance companies.
- Exceptional Customer Service: Lafayette is known for its superior customer service. With local and national representatives, you can always reach a knowledgeable team member for assistance.
As with any insurance provider, there are some disadvantages associated with Lafayette Life Insurance.
Here are some issues to keep in mind before you apply for a policy with this insurance provider:
- Prices Can Be High: When you assess the premiums, some of Lafayette’s prices fall on the higher end of the industry spectrum. It’s essential to compare the cost of their insurance plans against other industry competitors.
- Not Available in All 50 States: While you can access this provider’s policies in most of the United States, you won’t find its services in New York or Alaska. Fortunately, the District of Columbia is covered.
- Reliant on an Agent Network: Like many insurance companies, Lafayette is reliant on a network of agents throughout the country. In some cases, consumers in rural areas may not live close enough to a city to benefit from a relationship with an agent.
If you’re looking for a straightforward life insurance policy from a stable company, Lafayette Life Insurance is worth considering.
The company’s transparency about its products and its finances is commendable, simplifying the research process for insurance shoppers and instilling confidence in the company’s financial strength.
Lafayette’s wide range of whole life insurance products gives permanent policy seekers a lot of options to work with, though term life seekers may fair better with a different company.
Lafayette could also be of interest to business owners looking to protect their key players or incentivize prospective employees.
Before you lock into a policy with Lafayette or any other company, take a few moments to review our top 10 life insurance companies so you can be sure you’re getting the policy you need at the price you deserve.