Lafayette Life has been around for more than 110 years but in their whole life insurance worth it? We will take a look and find out in our Lafayette life insurance review today.
Despite the fact that other companies have more brand recognition, Lafayette Life has been providing consumers with life insurance - among other financial products - for more than 110 years.
The Lafayette Life Insurance Company is headquartered in the Great American Tower, which has the distinction of being the tallest skyscraper in Cincinnati, Ohio.
While the company has a strong presence in Ohio, it has customers in states throughout the country.
Since day one, the company has had a reputation for financial strength, with current ratings including:
For example, Lafayette Life's Heritage 15 Whole Life Policy is designed for consumers who are seeking a fixed premium with a high death benefit. Furthermore, it has a guaranteed cash value accumulation, which is nice to have from an investment point of view.
Fortunately, this is only a drawback if you live in one of these two states. If you reside in one of the other 48, you can consult with Lafayette Life direct or through a broker to discuss the best policy for you.
Despite the many benefits and wide range of policies, you may find lower rates with other life insurance companies, such as Penn Mutual and Mutual of Omaha.
By comparison shopping, you can quickly get a better idea of how much you'll pay with Lafayette Life as compared to top competitors.
Note: many online reviews state that Lafayette Life premiums are roughly 10 percent higher than similar quotes from other companies.
It's a level term product with the choices of:
As long as you don't live in Alaska or New York, it's worth learning more about Lafayette Life whole life insurance.
Company Overview
The Lafayette Life Insurance Company, which is part of Western & Southern Financial Group, is not the most well known whole life insurance provider in the United States.Despite the fact that other companies have more brand recognition, Lafayette Life has been providing consumers with life insurance - among other financial products - for more than 110 years.
The Lafayette Life Insurance Company is headquartered in the Great American Tower, which has the distinction of being the tallest skyscraper in Cincinnati, Ohio.
While the company has a strong presence in Ohio, it has customers in states throughout the country.
The Good
Strong Financial Rating
While some whole life insurance companies have shaky financial strength, this is never a concern with Lafayette Life.Since day one, the company has had a reputation for financial strength, with current ratings including:
- A.M. Best: A+, Superior
- Standard & Poor's: AA-, Very Strong
- Fitch: AA, Very Strong
- Comdex Ranking: 95 out of 100
- Better Business Bureau (BBB): A+
Solid Financial Results
Strong financial ratings are important, but you must also pay attention to financial results as a consumer. Lafayette Life is also on solid footing in this department, with its website sharing the following:"Lafayette Life achieved solid financial results in 2017 despite regulatory challenges that faced the life insurance industry. GAAP assets reached a record $5.8 billion, up 11 percent over 2016. Pre-tax operating income also hit a record high of $49.1 million, continuing several consecutive years of record earnings."Even though things can change in an instant in the life insurance industry, Lafayette Life has proved itself as able to adjust to any challenge that comes its way.
Variety of Whole Life Insurance Products
Whole life insurance is not a one-size-fits-all purchase. Lafayette Life understands this, which is why the company offers seven distinct types of policy:- 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
For example, Lafayette Life's Heritage 15 Whole Life Policy is designed for consumers who are seeking a fixed premium with a high death benefit. Furthermore, it has a guaranteed cash value accumulation, which is nice to have from an investment point of view.
The Not So Good
No Service in Alaska and New York
Despite the widespread presence of Lafayette Life throughout the United States, the company does not sell policies to consumers in Alaska or New York.Fortunately, this is only a drawback if you live in one of these two states. If you reside in one of the other 48, you can consult with Lafayette Life direct or through a broker to discuss the best policy for you.
Higher Pricing
The old saying "you get what you pay for" often holds true in the life insurance industry. However, that doesn't mean you want to overspend on a policy.Despite the many benefits and wide range of policies, you may find lower rates with other life insurance companies, such as Penn Mutual and Mutual of Omaha.
By comparison shopping, you can quickly get a better idea of how much you'll pay with Lafayette Life as compared to top competitors.
Note: many online reviews state that Lafayette Life premiums are roughly 10 percent higher than similar quotes from other companies.
No Guaranteed Universal Life
Unfortunately Lafayette Life doesn't offer a Guaranteed Universal Life product. If you are looking for very cheap permanent coverage it's a fantastic choice. As whole life insurance can be very expensive for some people.Other Products- Term Life
You can't find any type of universal life product. However, Lafayette offers a term life insurance product called : Marquis Term Series. Term life insurance is the cheapest way to get life insurance.It's a level term product with the choices of:
- 10-Year Term
- 20-Year Term
- 30-Year Term
Lafayette Life Insurance Review - Final Word
Overall, Lafayette Life is on a level playing field with the top companies in the industry. Its finances are strong, its reputation is impeccable, and it offers plenty of options. It is not as well known as your MassMutual or New York Life, but it's not a bad choice.As long as you don't live in Alaska or New York, it's worth learning more about Lafayette Life whole life insurance.
