Lafayette Life Insurance Review (2024)

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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.

Address400 Broadway,
Cincinnati, OH 45202
Phone(800) 243-6631
BBB RatingA+
A.M. Best RatingA+

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:

Plan NameSimplified IssueGraded Death Benefit
Issue Ages40-8540-85
Coverage Amount$3,000-$50,000


Death BenefitImmediate Coverage3 Year Waiting Period
RidersAccelerated Death Benefit Rider

No riders available for this plan

Lafayette Simplified Issue Brochure

Lafayette Protector Simplified Issue Overview

Lafayette Life Insurance Protector 2022 is whole life insurance 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 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.

AgeCoverage Amount
40-80$3,000 – $50,000
81-85$3,000 – $10,000

Death Benefit Terms

When you pay Lafayette Life Insurance Protector premiums, part of it goes to a cash value account.

Over time, this amount adds up like a savings 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. The accelerated death benefit is offered as the net death benefit when the benefit is paid, discounted for one year at the policy interest rate in effect at the time of the benefit’s settlement.

Would you ever sneak out to avoid paying a dinner bill?

So why would you leave your family with a $10,000 final expense bill?

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 Simplified 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 the “level benefit” product, age eligibility is determined per your last birthday.

Coverage Amounts

The face amount for ages 40-80 is between $3,000-$25,000. For ages between 81 and 85, the face amount is $3,000-$10,000.

AgeCoverage 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 whose risk is higher 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 your cause of death, “graded death benefit” plans have a payout that increases 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 as it would in their Protector Series level benefit plan.

Available Riders

There are no riders for the Graded Benefit plan.

Lafayette Insurance Application Process

You must undergo a personal health interview when applying for Lafayette Life Insurance final expense insurance plans.

This interview can be conducted at the point of policy sale or when Lafayette Life orders one after receipt of the application.

To save time, it is best to 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

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 several questions designed to understand your current health condition.

Your eligibility for insurance coverage will depend on your answers to these questions. You will not have to undergo customary medical examinations, urine, or blood tests for both plans.

The seven health-related questions asked in the interview may vary with your state.

If you answer NO to all seven questions and 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 can either pay a single, one-time premium or 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 of the following month. You can make your initial premium payment via personal check, bank draft, or credit/debit card.

For recurring payments, however, you must pay by Electronic Fund Transfer (EFT), which you can set 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 been rating companies based on their performance and trustworthiness for over 100 years. Lafaeyette’s BBB rating is an A+, thanks to its excellent customer service and product quality.

Lafayette Life A.M. Best Ratings

A.M. Best is a rating agency focusing exclusively on the insurance industry, with roots in 1899.

Today, the company has established its business in over 100 countries. It is regarded as the leading credit rating agency 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.

Article Sources
  1. Better Business Bureau. Business Profile The Lafayette Life Insurance Company
  2. Guide to Best's Financial Strength Ratings. AM Best
  3. The Lafayette Life Insurance Company. Life Insurance Products
  4. The Lafayette Life Insurance Company. Learn More About The Lafayette Life Insurance Company

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