Lafayette Life Insurance Company Review 2020

by Jim Tobin, CFP

Company Highlights

  • A.M. Best Rating :  A+
  • Term and Whole Life Offered
  • Highly Rated Permanent Products  
  • Term Pricing Inconvenient to Compare
lafayette life insurance review

Life Insurance Help Desk Rating

Lafayette Life Insurance  is a member of the Western & Southern financial services family.

This review will address company history, financial ratings, and the positives and negatives of the Lafayette Life Insurance Company.

Additionally, unlike many Lafayette life Insurance reviews, it  it will address some specific  situations where it may make more sense to go outside the Western & Southern  family of products. 

The goal is to make sure that you get the policy that provides you the most value.

Lafayette Life Insurance Company History

Founded in 1905  Lafayette Life Insurance has grown to be part of a multi- Billion dollar enterprise. Lafayette Life Insurance itself, accounts for approximately $364,000,000 a year in US premiums or less than 1 % of the overall market.  

While the carrier offers term life insurance (the focus of this site), Lafayette's  primary focus in the life insurance market has been whole life insurance. 

The success in the cash value life insurance world has evolved into annuity sales as well.

That said, Lafayette Life l understands that convertible term insurance is inventory for whole life conversions and prices term accordingly.

Lafayette Life Insurance Company Ratings

 Lafayette Life Insurance received strong ratings for financial stability. This indicates that the company is in strong position to meet its obligations going forward.  

  1. A.M. Best Company:  Lafayette Insurance rating given by A.M. Best was an A+ (Excellent).
  2. Fitch Ratings:  Lafayette Insurance  rating given by Fitch was an AA (Excellent). 
  3. S&P Ratings- ONL Insurance rating given by Moody's was an AA- (Strong).
  4. Comdex Score- 95/100

lafayette Life Term Insurance 

Lafayette Life offers traditional term life insurance. The policies offered are 10,20, and 30  year terms like many of the best life insurance companies.   

Lafayette term policies have conversion privileges to Lafayette Life Insurance permanent products. Note that conversion privileges are policy specific.

While most carriers offer conversions, Lafayette is a little special in that the conversion is to one of the market's better performing whole life products. 

Other Lafayette Products

In addition to it's term life insurance product, Lafayette Life Insurance also offers   it's flagship whole life insurance products

Lafayette is known for a powerful paid up addition (PUA) rider and strong dividend history. In fact Lafayette's  whole life product is often compared favorably to the best known whole life carriers in the marketplace.  

Additionally, Lafayette is an active participant in the annuity marketplace.

Lafayette Life Insurance Term Rates and Quotes

Lafayette Life Insurance  markets it's products through Lafayette agents and through some Independent brokers.  

Because Lafayette Life Insurance is not carried by many independents at this time , you may have to the Lafayette Life Insurance  and contact an agent to get a quote as there is no available quote path..

Once you obtain a quote, you can  compare with the major carriers quotes that are available by using the convenient quote tool on this site.   

Are Lafayette Life Insurance rates competitive?

Generally yes....but not always.

Probably not the answer you were looking for, I know. It is however, the truth. 

Because Lafayette Life Insurance is often not available in comparison quoters, it is difficult to make apples to apples comparisons.  

While it has been our experience that companies (even good ones like Lafayette), that are not conveniently comparable with other carriers are seldom the price leaders. 

Price busters, like Banner Life, Protective and Lincoln are likely to be  less expensive. Whereas impaired risk carriers like Prudential may be a little  more.

Cases where Lafayette is not a great choice

While Lafayette Life may be competitive with major carriers for many circumstances,  the fact remains that different carriers have differing appetites for specific health risks. 

Is Lafayette Life Insurance competitive on all of them? Not likely. 

If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate.  

That being said, if you are using Western & Southern for other financial services, like annuities,  it may make sense to keep everything in house.   

Lafayette Life Suicide Exclusions

The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that a few states use a 1 year exclusion)  

Lafayette Life Insurance Customer Service

The National Association of Insurance Commissioners reports a 2018 complaint index of .11 for Lafayette. This is well below the national average of 1 percent

Additionally, while lafayette Life Insurance is not rated by JD Power & Assoc., it has a BBB rating of A+.

Lafayette Life Insurance Contact Info:

Address:400 Broadway
Cincinnati, OH 45202

Phone:(800) 243-6631


The Lafayette life insurance review final Verdict

Is Lafayette Life Insurance Company right for you? It really all depends on your situation.

 If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons. 

Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Lafayette Life can't offer.

However, if you happy with other services being being provided by Western & Southern Cos.,  it may be convenient to keep things "in house".  

Thank you for choosing the Life Insurance Help Desk to shop for life insurance.

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James P. Tobin, CFP