Lafayette Life Insurance Review (2023)
- Updated: January 6, 2023
- Rikin Shah | Licensed Life & Health Insurance Agent
- Fact-Checked (see our Editorial Guidelines)
- Lafayette has been in the insurance business for the last 115 years, so you can rest assured that you will be dealing with a well-established company with over a century of industry expertise
- Lafayette Life has received an A- from AM Best Rating, a credit agency that rates more than 16,000 insurance firms worldwide.
- Lafayette Life is a large company with thousands of clients; however, it receieves , yet the complaints it receives are few compared to other insurance firms.
- Limited riders. The Protector Graded Death Benefit plan does not have any riders included or available for purchase
- The company does not offer online applications and quotes
- Lack of brand name. Consumers who need a “brand name” to feel enough trust may shy away from Lafayette in favor of companies like Mutual of Omaha
Burial Insurance
15 companies competing for your business
97% of the time we beat Colonial Penn
30 days to get your money back, no questions asked
* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)
Who is Lafayette Life?
The Lafayette Insurance company is a leading insurance, annuities, pension products, and services provider with over one hundred years of experience.
They are part of, Western & Southern Financial Group, Inc., whose history dates back to 1888. With their commitment to their clients, you can depend on the Lafayette Insurance Company for their reliable services and products.
| Company 101 | Details |
|---|---|
| Founded | 1905 |
| Address | 400 Broadway, Cincinnati, OH 45202 |
| N/A | |
| Phone | (800) 243-6631 |
| Website | https://www.westernsouthern.com/lafayette |
| BBB Rating | A+ |
| A.M. Best Rating | A+ |
As the name suggests, final expense insurance helps people pay their final expenses, such as funeral and burial costs.
Such a policy can take a tremendous burden off your loved ones during what will already be one of the most difficult times of their lives.
The Protector 2022 Series from Lafayette Life and Annuity Insurance Company is a whole life insurance product that helps distressed families bear the funeral burden of their loved ones.
Lafayette Life Insurance Company offers two plans:
Lafayette Simplified Issue Brochure
[pdf-embedder url="https://getsure.org/wp-content/uploads/2023/01/Lafayette-Life-Protector-Series-Brochure.pdf"]
Lafayette Protector Simplified Issue Overview
Lafayette Life Insurance Protector 2022 is whole life insurance that is underwritten on a simplified issue basis.
This type of underwriting does away with medical exams and bloodwork, and bases its approval decision on information about your health it can get remotely, such as your answers to the application’s medical questions or your MIB report.
State Eligibility
This final expense insurance plan is available in all states and D.C., except New York.
Age Eligibility
Lafayette Life Insurance Protector 2022 Simplified Issue is offered to people aged between 40 and 85.
Coverage Amounts
Lafayette Life’s final expense whole life insurance policies are available in face amounts as low as $3,000 and as high as $50,000 for all ages between 40 and 85.
| Age | Coverage Amount |
|---|---|
| 40-80 | $3,000 - $50,000 |
| 81-85 | $3,000 - $10,000 |
Death Benefit Terms
When you pay premiums for the Lafayette Life Insurance Protector, a part of it goes to a cash value account.
Over time, this amount adds up like a saving account inside your insurance policy and remains tax-free.
The best aspect of the cash value account is that the money you deposit in it is all yours.
Even if you cancel your insurance policy someday, you will still get the money you have deposited in this account. Lafayette will send you a check for your deposited amount in that case.
Cash Value
The Lafayette Life Insurance Protector is provided to relatively healthy people, so there is no waiting period.
The insurance company will pay your beneficiaries your policy’s full death benefit, regardless of your cause of death, starting from Day 1.
For this plan, the death benefit remains level or flat throughout your life regardless of changes in your age or health.
Available Riders
This plan comes with a valuable rider, the accelerated death benefit rider.
| Rider | Cost | Description |
|---|---|---|
| The Accelerated Death Benefit Rider | Yes or No | You can only exercise this rider if one of the following conditions apply: +You are confined to an eligible nursing facility and expected to stay there until death due to a specific diagnosed health condition or accident +Your life expectancy is 12 months or less due to a chronic or terminal illness The accelerated death benefit is offered as the net death benefit at the time of the benefit is paid, discounted for one year at the policy nterest rate in effec as the time of the benefit’s settlement. |
Burial Insurance
15 companies competing for your business
97% of the time we beat Colonial Penn
30 days to get your money back, no questions asked
* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)
Lafayette Protector Graded Death Benefit Overview
The Lafayette Life Insurance Protector Graded Death Benefit is a whole life product targeting people with severe health conditions.
As a result, it is meant for those who do not qualify for the Protector Simplifed Issue plan owing to health issues.
State Eligibility
This plan is available in all states except New York and D.C.
Age Eligibility
Lafayette Life Insurance Protector Graded Death Benefit is available for people between 40-85. Like with the “level benefit” product, age eligibility is determined as per your last birthday.
Coverage Amounts
For ages between 40-80, the face amount is between $3,000-$25,000. For ages between 81 and 85, the face amount is $3,000-$10,000.
| Age | Coverage Amount |
|---|---|
| 40-80 | $3,000 - $20,000 |
| 81-85 | $3,000 - $10,000 |
Death Benefit Terms
Lafayette’s “Graded” Death Benefit plan is offered to customers who are slightly higher risk than those approved for Lafayette’s level benefit (immediate coverage) plan.
The word “graded” here is used to mean the opposite of “flat” or “level”. Whereas level benefit plans offer one flat death benefit no matter when you pass or what your cause of death, “graded death benefit” plans have payouts that increase in steps.
For most final expense plans with graded death benefits, there are just two “grades”. One for the first two years of your policy, and one for all remaining years.
During the first two years, your death benefit is simply a refund of your premium payments (plus 10% interest). After that, your death benefit steps up to your full coverage amount.
Note that this applies only to deaths from natural causes. If you die in an accident, the death benefit that your beneficiary receives will always be 100% of your coverage amount.
Cash Value
Cash value is the savings part of your whole life insurance which grows and compounds over time.
Your cash value with Lafayette’s Protetor Graded Death Benefit plan grows just as it would in their Protector Series level benefit plan.
Available Riders
There are no riders for the Graded Benefit plan.
Lafayette Protector Overview
State Eligibility
Age Eligibility
Coverage Amounts
Death Benefit Terms
Cash Value
Available Riders
Lafayette Insurance Application Process
When applying for Lafayette Life Insurance final expense insurance plans, you will have to undergo a personal health interview.
This interview can either be conducted at the point of policy sale, or when Lafayette Life orders for one after receipt of application.
To save on time, it is best that you complete the PHI at the point of sale (in other words, at the same time that you are filling out an application with your agent).
Lafayette Protector Application
[pdf-embedder url="https://getsure.org/wp-content/uploads/2023/01/Lafayette-Life-Protector-Series-Application.pdf"]
How Lafayette Will Decide On Your Approval
Lafayette Life decides whether to provide someone insurance or not through a simple but thorough process. You will be asked a number of questions designed to understand your current health condition.
Your eligibility for insurance coverage will depend on your answers to these questions. For both plans, you will not have to undergo customary medical examinations, urine or blood tests.
There seven health-related questions asked in the interview, which may vary with your state.
If your answer NO to all seven questions and you fit into the height and weight chart, you will be given the Simplified Issue plan.
However, if you answer YES to any of these seven questions, you will automatically be ineligible for the Simplified Issue plan, but instead, eligible for the Graded Death Benefit plan.
Paying Your Premiums
After completing your Lafayette Life Protector plan application, you will be presented with option of either paying a single one-time premium or to schedule periodic premium payments.
Once you have given your bank details, you can have the first premium drawn immediately or schedule to have it drawn between dates 1-28 the following month. You can make your initial premium payment via either personal check, bank draft, or credit/debit card.
For recurring payments, however, you must pay by Electronic Fund Transfer (EFT) which you can set to monthly, quarterly, semiannual, or annual payments.
Lafayette Ratings & Customer Reviews
What Does The BBB Say About Lafayette Life?
The Better Business Bureau (BBB) is a trusted organization that has ben rating companies based on their performance and trustworthiness for over 100 years. Lafaeyette’s BBB rating is currently an A+, thanks to its excellent customer service and product quality.
Lafayette Life A.M. Best Ratings
A.M. Best is a ratings agency that focuses exclusively on the insurace industry, with and has roots going back to 1899.
Today, the company has established its business in over 100 countries. It is regarded as the leading credit rating agencies for the insurance industry, and has rated over 16,000 insurance firms.
They have given an A+ rating to Lafayette Life Insurance, which indicates superior financial strength and unwavering commitment to its customers.
Frequently Asked Questions
-
Is Lafayette a good insurance company?
Yes, Lafayette is one of the leading life insurance companies in the U.S. It holds an A+ rating from A.M. Best, signaling strong financial strength and that th Company will have an easy time paying claims no matter what happens in the broader economy.
It also holds an A+ rating from the Better Busienss Bureau, with this rating signaling high integrity and attention to customer service.
-
What is a protector life insurance policy?
A Protector Life Insurance policy is a whole life insurance plan that covers your final expenses such as a funeral, cremation, etc. No extensive medical exam is required to qualify for Protector Life Insurance, only a basic health interview over the phone.
-
Why Whole Life Insurance is good?
Whole life insurance is beneficial because it lasts your entire life as long as you keep paying premiums. Another upside is that your premiums do not increase over time.
-
How many questions are asked in the health interview?
When you apply for a Lafayette Life whole life insurance, they ask you seven basic health questions. If you answer no to all of them, you will be offered the insurer’s Protector Simplified Issue plan.
If you answer yes to any of them, you will be asked three additional questions, which will determine your eligibility for the Protector Graded Death Benefit plan.
-
What's the amount of insurance offered by Lafayette?
The face amounts of Lafayette Life Insurance range between $3,000 and $50,000, depending on the insurance plan that you have qualified for.
- Better Business Bureau. (n.d.). Business Profile The Lafayette Life Insurance Company
- Guide to Best's Financial Strength Ratings. (n.d.). AM Best
- The Lafayette Life Insurance Company. (n.d.). Life Insurance Products
- The Lafayette Life Insurance Company. (n.d.). Learn More About The Lafayette Life Insurance Company
Rikin Shah
Additional Burial Insurance Reviews
- American Amicable Life Insurance
- Aetna Life Insurance
- Royal Neighbors Life Insurance
- Mutual of Omaha Life Insurance
- AIG Life Insurance
- Globe Life Insurance
- AARP Life Insurance
- Great Western Insurance Company
- Liberty Bankers Life Insurance
- Prosperity Life Insurance
- AAA Life Insurance
- Americo Life Insurance
- Gerber Life Insurance
- Baltimore Life Insurance
- Sons of Norway Life Insurance
- Transamerica Life Insurance
- Lafayette Life Insurance Review
- Lumico Life Insurance Review
Burial Insurance
15 companies competing for your business
97% of the time we beat Colonial Penn
30 days to get your money back, no questions asked
* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)