Buying life insurance can be one of the most daunting or easiest experience one can have. It’s really up to you to determine which experience you will have. By working with an independent life insurance brokerage you can ensure that you will be having an easy experience buying life insurance. If you choose to still do your homework whether or not you decide to work with a brokerage then you deserve a round of applause! Reading up on various life insurance companies will really only help you see for yourself everything you need to know about them and whether or not they are worth your time. You probably stumbled across this article trying to find an honest and unbiased review of Lafayette Life Insurance Company, and don’t look elsewhere because you have come to the right place! In this article, we will be giving you Lafayette’s history, an honest review of them with an accurate rating, and of course some highlights of their life insurance products. The following are some key points from this article;
- In 2016, the company’s total annuity sales topped $181 million and GAAP assets increased 8% over the prior year which set them up for a new record of $5.2 billion. Their total life premiums increased to nearly $400 million which shows that they have the funds to pay out every policy they have.
- Lafayette offers products from Whole life, Term life, Indexed Universal life, and Indexed and Fixed Annuities.
- According to A.M Best ratings, they have graded Lafayette Life Insurance Company an “A+”.
- Lafayette Life has been around for over 100 years and as a pro, they have managed to have a high rating from all rating agencies which is not easy to do.
- A con of theirs is that they don’t offer life insurance for citizens of New York and Alaska. Granted Alaska is a small state but it’s still rather odd that Lafayette Life doesn’t have a presence in the state of New York because there are tons of people who live in the state.
Lafayette Life Insurance Company 2017 Review
Lafayette Life has been around for over 100 years and from their inception has always had their clients on their mind. In 2016, the company’s total annuity sales topped $181 million and GAAP assets increased 8% over the prior year which set them up for a new record of $5.2 billion. Their total life premiums increased to nearly $400 million which shows that they have the funds to pay out every policy they have. Lafayette offers products from Whole life, Term Life, Indexed Universal life, and Indexed and Fixed Annuities. According to A.M Best ratings, they have graded Lafayette Life Insurance Company an “A+” , this is stands for “Excellent”. Note that Lafayette has maintained this “A+” or superior rating since June 2009. Standard & Poor’s also rated them with a fantastic rating of “AA” or very strong which is the same rating the Fitch has given Lafayette Life.
Lafayette Life’s Product Offerings
Like we mentioned before, Lafayette Life Insurance Company offers all kind of life insurance and annuity products. Below we will provide you a list of highlights from each of their products.
Centennial Term Series
Term life insurance from Lafayette Life is a great way to get as much coverage as you can get with a low monthly premium. First of all, in case you didn’t know, term life is pure protection plan designed to cover a certain time period. Term life insurance is the cheapest form of life insurance and since you only have coverage for the specified period of time you will not build cash value. Term life insurance is perfect for those who don’t have a big budget on life insurance, need life insurance for a loan, or simply want life insurance to fill any short time needs you may have. With term life insurance you can ensure to provide your family with the same lifestyle and pay for your kids’ college if you die. Lafayette offers term life with conversion privilege and the advantage to a conversion option is that if you decide you want to switch over from a term life insurance policy into a permanent life insurance policy you can with this option. You won’t have to undergo another medical exam or have to prove good health when you decide to convert into a permanent life insurance policy.
Lafayette Whole life
Lafayette Life has a variety of life insurance plans, here they are Heritage 15, Contender 15, Patriot 15, Sentinel 15, 10 Pay Whole Life, and Liberty 15 which is a single premium whole life insurance policy. Whole life is a form of permanent life insurance that provides life insurance for you guessed it, your WHOLE life! With a whole life insurance policy, you will be covered for your entire life without having to worry about your term life insurance policy expires. One of the benefits of whole life insurance is that you can also get some investment returns with tax advantages. You can also access this cash value through policy loans but you will have to pay them back or it will get deducted from your death benefit. Your death benefit would also be income tax-free when paid to your beneficiaries. The premiums are locked in so you won’t have to worry about any increases regardless of your health. Lafayette offers guaranteed lifetime coverage which ensures that you will have lifetime cover. They also offer guaranteed tax-deferred cash value accumulation which is great because most companies say you may have
Premiums are guaranteed to not increase even as you grow older and your health declines so you will be paying the same forever as you pay today. Lafayette offers guaranteed lifetime coverage which ensures that you will have insurance protection for your entire life. They also offer guaranteed tax-deferred cash value accumulation which is great because most companies say you may have grown in your cash value but you may not really at least you would be guaranteed to grow your cash value. Your whole life policy can also provide income from dividends that you can receive cash from or accumulate your dividend. 10 pay whole life allows you to pay up your policy in 10 years and this is an advantage because you no longer have to make premium payments but your cash value and death benefit can continue to grow.
Pros and Cons of Lafayette Life Insurance Company
Lafayette Life has been around for over 100 years and as a pro, they have managed to have a high rating from all rating agencies which is not easy to do. Another pro is that they have pretty amazing reviews from BBB, The Better Business Bureau since 2012. Their last pro is that they offer both term life and whole life insurance which is an advantage because it will fit the needs of everyone. A con of theirs is that they don’t offer life insurance for citizens of New York and Alaska. Another con is that their prices are a little higher than their competitors which makes it a drawback compared to other cheap life insurance companies. Lastly, they offer a little bit of everything but they don’t offer a traditional universal life insurance policy or variable universal life insurance policy they only indexed universal. You should also keep in mind that Lafayette Life is just another life insurance company among many others!
Work With Us!
Picking the best life insurance company is hard when doing it alone, why not work with an experienced independent life insurance brokerage like us? Our mission is to provide our clients with the knowledge in our articles to help everyone understand life insurance and to find our clients the most affordable life insurance policy with the maximum coverage. Don’t DIY, do it yourself when you have us who offer a free service, yes we said FREE! Everyone’s favorite word is FREE, we will compare quotes from our 60 top rated companies who we work with but are not in any of their pockets. Then we will do the whole application for you and will take 15 minutes to do with you on the phone. Within a couple of weeks, you will be covered! We also offer a lifetime guarantee of help in case you want to change your policy or buy a new one down the line we are here to help you do all of that! Don’t hesitate, give us a call today so that you can spend less time worrying and go back to living life with the ones who matter the most, your family!