Lafayette Life Insurance Company Review 2018

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If you are looking for Lafayette Life Insurance review, you’ve landed on the right page. At the time of this post, we are not appointed to sell their life insurance products, but we have all the materials and rates, and we will go ahead and compare them to the best in the industry. We write many unbiased life insurance reviews so that you can make a better decision when seeking and buying a policy.

Lafayette Life Insurance Company History

In 1905, a few businessmen with a vision to create the best possible protection for the lowest cost established Lafayette Life Insurance Company. The company was established as a mutual company with headquarters in Lafayette, Indiana. Lafayette Life is licensed to sell life insurance products in all states except Alaska and New York.

From humble beginnings through two world war and the great depression, Lafayette Life kept promises to its clients and has never failed to pay dividends to a qualified dividend-policy. In 2005, Lafayette Life merged with Western & Southern Financial Group, which improved its ratings and financial position in the market.

Lafayette Life Insurance Company Ratings

Products Offered by Lafayette Life Insurance

Lafayette Life offers annuities, retirement services, and life insurance products to individuals and businesses. This review will only involve the life insurance portfolio which includes term and whole life insurance.

Centennial Term Series of Life Insurance

There are a few times in life for which temporary protection is what you need. Expenses from a mortgage, childbearing years, and loans aren’t permanent ones, so going for a limited period of security makes sense. Additionally, term life insurance offers the best bang for your buck.

You can get the greatest amount of coverage for the lowest possible price because you buy pure insurance without the savings or cash value accumulation whole life offers. The premiums and death benefit stay level during the initial period which is 10–30 years, and at the end of the contract, you can convert the policy to whole life (without providing evidence of insurability), renew it annually or drop it. Here are the highlights:

  • Minimum face amount: $100,000
  • Issue ages:
    • 10-year term: Ages 18–75
    • 20-year term: Ages 18–65
    • 30-year term: Ages 18–55
  • Renewable to age 105
  • Convertible during the term period before age 65

Whole Life Insurance

Whole life insurance offers fundamental guarantees which is why some prefer it over term life insurance. Cash value accumulation, fixed premiums for life and guaranteed death benefit to be paid to your heirs when you pass away.

Additionally, the money in your cash account grows on a tax-free basis which you can access in the future if you choose to surrender the policy or take a loan. Lafayette Life offers six types of whole life policies:

  1. Heritage 15: Offers low guaranteed premiums for 20 years or to age 100, whichever is longer.
  2. Contender 15: Offers a balance between cash accumulation and death benefit by paying for 20 years or to age 95, whichever is longer.
  3. Patriot 15: Offers early cash accumulation option by paying for 30 years or to age 75, whichever is longer.
  4. Sentinel 15: offers the highest cash value accumulation by paying for 20 years or to age 65, whichever is longer.
  5. 10 Pay Whole Life: This whole life policy will take 10 level annual premiums to be paid up.
  6. Liberty 15: Is a single premium whole life that requires one lump sum premium to be paid up.

Whole Life Insurance Highlights

  • Minimum face amount:
    • Heritage 15 and Contender 15: $1,000
    • All the rest: $25,000
  • Issue ages: 0–85
  • Dividend qualified plan

Protector 15 Simplified Issue

This is another whole life insurance policy designed for people who are looking for final expense coverage without undergoing an exam or blood and urine sample as part of the underwriting procedure. Simplified issue implies that there are a few health questions for which you need to answer yes or no to. The approval method is based on your answers and information gathered from a phone interview and prescription database search. Protector 15 comes in two options: level and graded.

  • Level benefit—Is also called immediate death benefit, because there is no waiting period in which the death benefit kicks in. Lafayette will pay the death benefit upon the insured’s death whether it’s days or years after buying the policy. It also offers the accelerated death benefit rider which allows access to the death benefit if the insured is diagnosed with terminal illness.
    • Issue ages: 40–85
    • Premium plans:
      • Level pay for life: up to $50,000 in face value
      • Single premium: up to $250,000 in face value
  • Graded benefit—For those who can’t qualify for the level benefit plan because of health issues, a graded benefit plan will pay the accumulated paid premiums plus 10% for the first three years instead of the full death benefit amount. From the fourth year onward, the plan will pay the full amount. If the death is an accident related, the full benefit will be paid anytime after the insured’s death.
    • Issue ages: 40–85
    • Level pay for life
    • Face amounts:
      • Ages 40–80: $3,000–$25,000
      • Ages 81–85: $3,000–$10,000

Optional Riders

  • Accelerated Death Benefit provides access to the death benefit if the insured has 12 months or less of life expectancy.
  • Long-Term Care provides monthly long-term care payments if the insured can’t perform two of the six Activities of Daily Living (ADLs).
  • Extended Care Benefit provides benefits if the insured is diagnosed with chronic illness and confined to an extended care facility.
  • Accelerated Death Benefit Plus provides a lump sum or monthly allowance if the insured is confined to a nursing facility.
  • Payor Death or Disability Benefit waives the policy’s premium if the payor of a juvenile policy becomes disabled or dies.
  • Accidental Death Benefit pays an extra death benefit in addition to the base amount if the insured dies as a result of an accident.
  • Term rider provides term life insurance for a period of 1, 10, 20, or 30 years.
  • Spouse insurance provides a convertible coverage on the insured’s spouse.
  • Children’s insurance provides term insurance on the insured’s children.
  • Guaranteed purchase option allows the insured the ability to purchase additional insurance policies without evidence of insurability.
  • Single premium paid-up additions allow a single premium for buying additional coverage up to $150,000 in face amount.
  • Waiver of premium will waive the policy’s premium before the age of 60 if the insured is disabled.

Related: Life insurance riders guide

Lafayette Life vs. Other Carriers’ Sample Monthly Rates

Lafayette Life sample rates

Male 30-year Term $250,000

 CompanyAge 30Age 40Age 50
 Banner $19.78 $29.67 $70.05
 Protective $19.78 $29.67 $70.95
 Lincoln $20.78 $31.06 $73.28
 AIG $20.67 $30.40 $77.11
 Transamerica$20.64 $35.69 $92.67
 Mutual of Omaha $21.18 $34.08 $83.96
 Prudential $21.44 $32.81 $73.72
 North American $21.78 $31.90 $75.24
 SBLI $22.01 $33.02 $77.04
 Lafayette $26.90 $37.50 $108.20

Female 30-year Term $250,000

 CompanyAge 30Age 40Age 50
 Banner $16.78 $24.72 $52.25
 Protective $16.99 $24.73 $53.97
 Lincoln $17.72 $25.59 $55.08
 AIG $17.00 $25.21 $59.17
 Transamerica$17.85 $29.67 $76.33
 Mutual of Omaha $18.55 $27.96 $63.83
 Prudential $19.25 $27.78 $57.53
 North American $18.70 $27.28 $56.10
 SBLI $19.03 $27.51 $58.14
 Lafayette $21.25 $28.20 $75.84

Male $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Sentinel Security $27.72 $42.42 $69.92 $147.06
 Assurity $28.82 $41.65 $73.05 $155.57
 Mutual of Omaha $29.16 $42.76 $73.70 $132.65
 Lafayette Life $29.55 $43.95 $71.45 $129.79
 Liberty Bankers Life $30.51 $45.80 $73.31 $146.80
 Phoenix$30.15 $43.27 $72.74 $146.92
 American-Amicable $30.80 $45.76 $76.57 $151.36
 United Home Life $31.02 $44.69 $74.63 $138.60
 Settlers $31.45 $45.31 $72.85 $153.80
 Transamerica $30.73 $43.85 $74.66 $140.22

Female $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Sentinel Security $23.05 $33.78 $53.12 $108.29
 Assurity $25.48 $34.74 $56.41 $113.89
 Mutual of Omaha $24.67 $32.87 $53.24 $98.43
 Americo $24.56 $33.93 $53.43 $112.77
 Liberty Bankers Life $25.57 $34.67 $54.79 $109.16
 Phoenix$26.63 $36.46 $55.26 $110.24
 American-Amicable $25.96 $37.22 $58.70 $110.44
 United Home Life $26.06 $35.42 $73.28 $141.58
 Settlers $26.01 $36.38 $55.76 $113.48
 Lafayette Life $27.08 $37.80 $61.59 $113.35

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Sep 2018 and are subject to underwriting approval.*

Bottom Line

Lafayette Life has strong financial ratings and is geared essentially to the whole life insurance market with products that can meet various purposes and cash accumulation options. Their term life insurance isn’t competitive price-wise when compared to other A-rated companies such as Banner or Protective among others.

The simplified issue plan is priced well for males but not as favorably for females. Here is a rule of thumb: when shopping for life insurance, make sure you compare quotes for more than one company. Also, since most people will not qualify for the best rates because of health issues, you need to select the best company for your specific health condition.

It’s not the lowest quote that counts, but which company will issue you a policy at the best rate after underwriting your health conditions. You can start by running the quotes yourself on this page by filling out the form on the right-hand side or give us a call at 866-326-3053 for unbiased life insurance quotes from more than 50 companies.

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2018-09-05T04:22:10+00:00September 5th, 2018|Categories: Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued Pitbulls. He also enjoys real food, heavy squats, critical thinking, and reading.

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