What we like:
If you’re not happy during the first 30 days, receive a full refund
|Monthly Premium||Depends on the applicant; as low as $4.95|
|Price Lock Guarantee||Your price will not increase if your health changes or as you age|
|Cancellation Policy||You may cancel your policy at any time, regardless of the reason|
Founded in California in 2015, Ladder offers online term life insurance nationwide.
What sets Ladder apart? It’s redesigned the process of buying life insurance by offering direct-to-consumer coverage—and its streamlined process is much faster than many others in the industry.
Ladder’s philosophy combines the benefits of technology with the protection of life insurance. Ladder’s life insurance process is built to be “instant, simple, and smart.” It achieves that with no policy fees and by allowing policyholders to apply, receive, and maintain their policies online.
In this review:
- Ladder’s coverage options
- Costs of Ladder’s term life insurance
- Requirements for Ladder’s life insurance
- Ladder customer service
- Pros and cons
Coverage Options Offered by Ladder
Ladder offers insurance to individuals ages 20 to 60. You can choose terms of 10-, 15-, 20-, 25-, or 30-year, and the policy provides a lump sum to your beneficiaries upon your death. Your monthly cost is based on your risk factors, which may include but are not limited to:
- Current health
- Medical history
- Smoking status
- Family medical history
Ladder doesn’t offer optional riders or additional for-fee coverage—it wants to keep it simple.
Costs of Ladder’s term life insurance
Each policy cost is based on the individual, but Ladder offers a quick estimate on its site. For example, a 44-year-old healthy woman may only pay $13 monthly for $100,000 of coverage on a 10-year term life policy. Even $1 million in coverage could be less than $52 per month for this individual, and coverage goes up to $8 million.
>> Read More: Is term life insurance worth it?
Requirements for Ladder’s life insurance
To be eligible for Ladder’s policies, you must be a U.S. citizen or lawful permanent resident who’s been in the country for over two years. You’ll also need to be aged 20 to 60 as of your nearest birthday—so if you’re closer to your next birthday than your last, your age is considered a year older for the purposes of the life insurance underwriting process.
Ladder underwrites each individual, and based on your application, you’ll get a personalized price. There are no medical exams for coverage up to $3 million. If you apply for more than $3 million in coverage and a medical exam is required, a technician will come to you at your home or office—whichever is more convenient. You’ll take blood and urine tests, and the technician will note your height and weight.
Ladder offers life insurance in all states and the District of Columbia.
Ladder customer service
Ladder has a 4.8 out of 5 on Trustpilot, with over 2,500 reviews as of May 2023. The large majority of the reviews are positive. Several focus on the time to get approved sometimes taking longer than expected.
All interaction with the company is online, and its support staff is made up of licensed insurance agents.
Reach Ladder the following ways:
- By phone at (855) 543-3944
- Via email at [email protected]
Ladder promises prompt replies during normal business hours—Monday through Friday 8 a.m. to 5 p.m. Pacific time.
Pros and cons
- Policyholders can reduce their coverage online with no change fees
- The process is 100% online with no medical exams for coverage up to $3 million
- All Ladder insurance professionals are licensed and salaried, which means they aren’t incentivized to sell
- You can cancel your policy at any time. If you aren’t happy during the first 30 days, you will get a full refund
- With a price lock guarantee, your monthly premium will not increase due to health changes or as you age
- Ladder only offers term life insurance
- The entire process is online, which can be a concern for those who prefer a more traditional face-to-face relationship with an agent
Ladder is considered a next-generation insurance technology company. It’s designed for the tech-savvy consumer looking for a straightforward way to get a term life policy.
Before choosing any life insurance, you should first understand your and your family’s needs and compare your options. Ladder can be a solid option for many. But if you need additional riders or prefer your insurance to have a cash component, consider other opportunities.
To compare other options, check out our guides on the best life insurance and the best term life insurance. For more information on the company, check out our interview with Ladder’s CEO, Jamie Hale.
To learn more about Ladder Life Insurance, check out its website.
- Monthly premium: As low as $4.95
- Term lengths: 10 – 30 years
- Age limits: 20 – 60 years