With the backing of a Fortune 500 parent company, Lafayette Life Insurance is a great choice when you are looking for several options for term or whole life insurance. However, these are the only products that it offers, making it ill-suited for those looking for other options like variable or universal life insurance.
- Pros & Cons
- Key Takeaways
- Company Overview
Excellent whole life coverage
Backed by a Fortune 500 company
Limited types of life insurance
Not licensed in New York
Limited customer support
- Fortune 500 company Western & Southern Financial Group owns Lafayette.
- Lafayette offers a signature plan for term life and seven plans for whole life insurance.
- Coverage is available throughout the U.S. except in New York.
Established in 1905, Lafayette Life Insurance Company offers life insurance and annuity, retirement, and business products. It is a part of the larger Western & Southern Financial Group, a Cincinnati, Ohio-based life insurance group that is a mutual holding company without any stockholders. It is also a Fortune 500 company, giving Lafayette added support and resources. Lafayette policies are available via a national network of independent agents.
Lafayette Life services 49 U.S. states and the District of Columbia. However, coverage is not available in New York.
- Year Founded 1905
- Kinds of Plans Whole, Term
- Number of Plans 8
- Payment Plan Options Monthly, Quarterly, Annually, Lump-Sum
- Customer Service 800-243-6631 Monday to Thursday 8 a.m. to 5:45 p.m. EST and Friday 8 a.m. to 4:45 p.m. EST
- Official Website www.westernsouthern.com/lafayette
Lafayette is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- Excellent whole life coverage: If you are looking for whole life insurance, Lafayette offers several options to help you find the right one for you.
- Backed by a Fortune 500 company: Lafayette Life has the support of parent company Western & Southern Financial Group for added reliability.
- Wide availability: Lafayette life insurance is available nearly everywhere in the U.S.
- Limited types of life insurance: Lafayette only offers whole and term life insurance.
- Not licensed in New York: Although Lafayette is available in most states, New York is the only state where Lafayette life insurance policies are not available.
- Limited customer support: Lafayette restricts its phone customer support to regular business hours, so if you need help after-hours, you will need to send an email or contact your agent directly.
Lafayette has limited options when it comes to its life insurance options. You’ll only be able to choose from two types of insurance, though the whole life option has seven variations.
Lafayette offers the Marquis Term Series of Life Insurance, its term life policy. Level premiums may have an initial term of 10, 20, or 30 years with a minimum face amount of $100,000. There is also a level death benefit to age 95. This can be converted into a permanent life policy without proof of a medical exam.
Whole Life Insurance
Lafayette offers seven plans for whole life insurance:
- Heritage 2020: The Heritage 2020 plan offers guaranteed fixed premiums with a permanent death benefit and guaranteed cash value growth. Level premiums apply until age 100 or for 20 years, whichever is longer.
- Contender 2020: The Contender 2020 also includes a guaranteed death benefit and cash value accumulation, but its level premiums last until age 95 or for 20 years, whichever is longer.
- Patriot 2020: The Patriot 2020 offers even more expedited cash value with permanent death benefit protection. Level premiums last until age 75 or for 30 years, whichever is longer.
- Sentinel 2020: The Sentinel 2020 has level premiums until age 65 or for 20 years, whichever is longer, with higher payments for early cash value and a guaranteed lifetime death benefit.
- 10 Pay Life 2020: This plan features just 10 level annual premiums with cash value growth and a guaranteed death benefit.
- Liberty 2020 Single Premium: The Liberty 2020 skips regular payments and instead uses one lump-sum premium to provide cash value growth and a guaranteed lifetime death benefit.
- Protector 2020 Simplified Issue: The Protector 2020 skips the medical exams and instead offers guaranteed-issue policies with a lump-sum cash payment for unexpected final expenses.
Not every policy may be perfect, but the addition of riders could make a good policy even better for your needs. Lafayette offers three different riders for its life insurance policies.
- Waiver of Premium Benefit Rider: If you become totally disabled, this rider will waive premiums for a certain period of time.
- Children’s Insurance Rider 2020: This rider allows for child term coverage with a death benefit for final expenses should your child die while the policy is still active.
- Accelerated Death Benefit Rider: This rider allows you to receive a portion of your death benefit before you die in order to help with costs related to a terminal illness.
Rider availability may vary by state, so be sure to inquire about which options are available for your policy.
If you need help with your Lafayette life insurance policy, you can call 800-243-6631 Monday through Thursday between 8 a.m. to 5:45 p.m. EST and Fridays from 8 a.m. to 4:45 p.m. EST. Lafayette does not offer chat support, but there is a contact form available on the website if you prefer to send an email.
The National Association of Insurance Commissioners (NAIC) complaint index weighs the number of customer complaints that a company receives against its market share. The industry baseline score is 1.0, but Lafayette impressively scores well below with a score of 0.18 in 2020. This is an increase from 2019 when Lafayette did not receive a single complaint and 2018 when it received just three. Still, these are impressive scores when compared to other life insurance companies.
Lafayette receives an A+ (Superior) rating for financial stability from AM Best, signifying that it’s a company that is largely reliable with its claims processing and payments.
Lafayette is not rated in J.D. Power’s customer satisfaction study, which is common among smaller providers. The J.D. Power survey rates companies based on customer satisfaction, price, service, and more. Those who make the list are considered the top echelon of companies in the industry.
Lafayette offers a "free look" period, which allows you to close your account without penalty when you cancel within the specified amount of time. With Lafayette Life Insurance, there is a 10-day free look period, although this may vary based on state requirements. If you cancel your policy after the free look period, there may be penalties that apply. To cancel your policy, contact your agent or call Lafayette customer support at 800-243-6631 Monday through Thursday between 8 a.m. to 5:45 p.m. EST and Fridays from 8 a.m. to 4:45 p.m. EST.
Lafayette offers its network of nationwide independent agents, but there is an online quoting tool to give you a brief overview of pricing. Pricing for your Lafayette policy depends on several factors, such as the coverage you choose, add-on riders, and the length of your policy. Other factors that can impact pricing include where you live and your age. Another factor includes your gender, with many companies today basing pricing on your birth at sex and not current gender identity.
To understand how Lafayette stacks up against its competitors, we weighed the company against State Farm, the third-largest life insurance company in the U.S. Both Lafayette and State Farm offer life insurance, but Lafayette is more limited in its market share and reach. Overall, State Farm offers more options for affordable life insurance, with a stronger financial reliability score for greater peace of mind.
|Lafayette Life||State Farm|
|Market Share||0.03%||Seventh-largest in U.S., 3.5%|
|Number of Plans||8||10|
|Dividends for 2020||$543.7 billion||$600 million|
|Wellness Program Discounts/Quit Smoking Incentives||Yes||Not applicable|
|AM Best Rating||A+ (Superior)||A++ (Superior)|
|Price Rank||Better than most||Better than most|
|Complaints Trend||0.18 Excellent||0.24 Excellent|
Lafayette brings the financial backing and support of a major Fortune 500 company, but its options are still limited if you are looking for coverage beyond term and whole life insurance. For term and whole life insurance, however, Lafayette offers affordable pricing with several plans and flexible coverage.
Investopedia takes a quantitative approach to life insurance, evaluating each company based on critical factors like policy options, pricing, availability, customer satisfaction, and financial reliability. Using the latest available data, our proprietary life insurance methodology weeds through the many life insurance companies available to find the best life insurance coverage that you and your family can trust.
NAIC. "Lafayette Life Ins Co National Complaint Index Report." Accessed May 24, 2021.
AM Best. "The Lafayette Life Insurance Company." Accessed May 24, 2021.