Lafayette Life Insurance Company Inc. says it will stop offering group life and disability insurance.
The company made the move to focus on selling individual life insurance and annuities, group annuities and retirement services, according to Lafayette, a subsidiary of Western & Southern Financial Group, Cincinnati.
Lafayette, in Lafayette, Ind., says it has arranged with American United Life Insurance Company to be the preferred carrier for most of its existing group insurance policyholders. American United, Indianapolis, is part of OneAmerica Financial Partners Inc.
“The group life and disability insurance business, where we have a very small presence, is extremely competitive and outside our major areas of concentration,” said Lafayette’s chief executive officer, Jerry B. Stillwell.
Lafayette says about 30 employees working in its group division will be affected, starting in December. The company says it will take steps to minimize the number laid off as a result of its decision.