Wednesday, November 25, 2020

Lafayette Life Rolls Out Online Payments

Infinite Banking clients who have policies with Lafayette Life will be pleased to find out they can now make premium and loan payments online at when they login to their accounts.

If you have multiple policies, you'll be able to navigate online between all Lafayette policies.  This added convenience makes "becoming your own banker" aka the Infinite Banking Concept even more user-friendly.  

For those of you not yet familiar with Lafayette Life (they only work with experienced advisors so you likely won't ever see any fancy commercials), they have been a quiet leader in the IBC world since the early 2000's when Nelson Nash introduced the concept with his best selling book: "Becoming Your Own Banker".   They were the first mutual life insurance company that really embraced the strategy whereas other mutual companies initially shied away from advocating IBC.

The reasons were simple.  

There was unknown risk with encouraging policy holders to actively take loans with unscheduled loan payments.  Would policy holders be "honest bankers" as Nelson preached in his book?  Life insurance companies don't like taking risks but almost 20 years later, experience has shown policy holders to be both diligent and forthright borrowers to their policy loans.

Life insurance companies were also concerned about promoting a strategy "with the lowest death benefit" to their advisor/agent salesforce that encouraged them to take 60-80% reduction in pay with every policy sold.  Imagine your boss coming to you with a plan that would cut your pay in half and see how well that would go over...

Lafayette embraced both concerns head on and the results have seen their once tiny life insurance division outgrow their former headquarters in Lafayette, Indiana to where they reside now in downtown Cincinnati, Ohio.  

I had the pleasure of touring their HQ almost 5 years ago and was amazed by the efficiency of their operations.  You'd never guess the size of the company when you walk into their high rise building down by the Cincinnati riverfront.  

Lafayette Life has remained one of my top choices for Infinite Banking for a number of reasons.  Their Whole Life products are amongst the most innovative and flexible in the industry.  In fact, their competition has borrowed quite a bit from their product design over the years.

My favorite reason though for working with Lafayette Life is their accessability to friendly and helpful associates all the way up to executive management.  If I ask for anything, they are always willing to get on the phone and make my life as an advisor easier.  Of all the companies I've ever done business with, I have to give them the highest marks in the industry for customer service.  

And now with online payments life gets even easier for me and my clients who practice Infinite Banking.

If you have questions about Infinite Banking or would like more information about Lafayette Life as a choice for your next IBC policy, let me know.  You can always find time to connect with me here:

Thank you,

John Montoya