Lafayette Life Insurance Review (2024)

  • 93 Companies reviewed
  • 50 Features considered
  • 4,650 Data points analyzed

We collected 4,650 data points from 93 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 50 metrics to develop unbiased, comprehensive reviews.

Established in 1912, Lafayette Life has carved a niche in the insurance industry by offering various life insurance and annuity products. This in-depth review dives into Lafayette Life’s product offerings, application process, customer sentiment, and financial strength to help you decide about your insurance needs.

Choose kindness.

You never know what battles people may be fighting.

Understanding Your Needs: A Range of Insurance Products

To ensure that end-of-life expenses are not a burden for your loved ones, consider the burial insurance Mutual of Omaha provides, offering affordable rates specifically tailored for seniors in 2024.

Lafayette Life caters to a wide range of life insurance needs with a comprehensive product portfolio, including:

  • Whole Life Insurance: Designed for lifelong coverage and cash value accumulation. Popular options include:
    • Heritage 15: This product is available for a broad age range (0-85 standard and 18-75 preferred) and offers a guaranteed death benefit and cash value growth.
    • Contender 15: Strikes a balance between death benefit protection and cash value growth, issued to individuals between 18-85.
    • Patriot 15: Focuses on early cash value growth and accumulation, available for ages 18-75.
    • Sentinel 15: Designed for cash value development, issued to ages 18-75.
    • 10 Pay Life: This whole life option allows you to pay off premiums within ten years.
    • Liberty 15: A single-premium whole life product ideal for wealth transfer, offering a guaranteed death benefit and cash value.
    • Protector 2022 and Protector Graded Death Benefit: Simplified-issue whole life options for older individuals and smaller coverage amounts.
  • Simplified Issue Whole Life: No medical exam is required, making obtaining coverage for those with health conditions easier.
  • Graded Death Benefit Whole Life: Offers simplified issue but comes with a graded death benefit during the initial years.
  • Term Life Insurance: Provides coverage for a specific period (term) at an affordable rate. Ideal for temporary financial needs or protecting dependents during their formative years.

Additionally, Lafayette Life offers a variety of annuity products, including fixed and indexed annuities, to help you plan for retirement or build tax-deferred savings.

Check out: Foresters PlanRight Life Insurance Products

Final Expense Coverage: Protector 2022 Explained

When comparing different insurance options for seniors, such as Mutual of Omaha Whole Life policies, it’s also worth considering the ladder life insurance BBB rating as a benchmark for reliability and customer satisfaction.

The Protector 2022 is a simplified-issue whole life insurance policy designed to cover final expenses such as funeral costs, medical bills, and outstanding debts. Here’s a table summarizing its key features:

Feature Details
Age Eligibility 40-85 years old
Face Amount $3,000 – $250,000
Premium Options Level-pay for life or single premium
Death Benefit Graded benefit in the first three years (return of premium + interest unless death is accidental), then full face amount afterward

Important Note: The graded death benefit may not suit everyone, especially those needing immediate full coverage. Consider your needs and risk tolerance when choosing a policy.

Check Out: Liberty Bankers Life Insurance Products

Check Out: TruStage Life Insurance Overview

Choose kindness.

You never know what battles people may be fighting.

A Streamlined Application Process, But Consider Additional Factors

The application process for Lafayette Life is generally straightforward. Here’s a breakdown of the steps involved:

  1. Complete the application form: This includes personal information, beneficiary details, desired coverage amount, and health questions.
  2. Answer health questions: The extent of these questions depends on the chosen product and your eligibility for simplified issue options.
  3. Provide a statement about your current health: This may involve authorizing the release of your medical information to expedite the process.
  4. Sign the application:

    Once you’ve reviewed and confirmed the accuracy of the information, sign the application to initiate the process. An agent can guide you through the application process and answer any questions.

Financial Strength and Customer Reviews: A Look at Lafayette Life’s Reputation

To make an informed decision, it’s important to consider Lafayette Life’s financial strength and customer reviews. Here’s a breakdown of what we found:

Financial Strength:

Lafayette Life has received positive ratings from independent agencies like AM Best (A-) and Fitch Ratings (A+), indicating a strong financial position and ability to meet future obligations to policyholders. This can provide peace of mind knowing the company will likely be around for the long haul.

Customer Reviews:

Customer reviews for Lafayette Life are mixed. While some praise their competitive rates and product variety, others express dissatisfaction with their customer service experience. Here’s a summarized table of the sentiment from the provided reviews:

Rating Number of Reviews Common Themes
1 star 19 Poor customer service (long wait times, difficulty reaching agents, unanswered requests)
4 stars 1 Positive experience with their agent, but noted the online portal needs improvement
5 stars 2 Efficient and helpful service, good pricing

It’s important to consider that online reviews may not always paint the whole picture. However, they can offer valuable insights into the customer experience. Lafayette Life might be a good fit for you if you prioritize competitive rates and various products but be prepared for potentially longer wait times for customer service.

Considering the Alternatives: Comparing Lafayette Life to Competitors

Before making a final decision, it’s wise to compare Lafayette Life with other insurance providers. Here are some factors to consider when comparing companies:

  1. Product Offerings: Does the company offer the specific type of insurance you need (e.g., whole life, term life)?
  2. Financial Strength: Look for companies with strong ratings from independent agencies like AM Best and Fitch Ratings.
  3. Customer Service Reputation: Read online reviews and ask friends or family for recommendations.
  4. Price Quotes: Get quotes from several companies to compare rates.
  5. Online Presence: Consider how easy it is to manage your policy and access customer service online.

You can choose the life insurance company that best meets your needs and preferences by carefully considering these factors.

Choose kindness.

You never know what battles people may be fighting.

The Bottom Line: Is Lafayette Life Right for You?

Lafayette Life offers a variety of life insurance and annuity products, with some options for simplified issue underwriting. They boast competitive rates and a long history in the industry. However, customer service reviews are mixed, and their online presence could be improved. Carefully weigh the pros and cons, and compare Lafayette Life to other providers before deciding.

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