Ladder Life Insurance Review
Ladder offers term life insurance in a completely online environment. If you’re looking for a simple, straightforward term life policy, Ladder could be a good option.
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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 |
| Fees | None |
Ladder was founded in California in 2015 and offers online term life insurance nationwide.
What sets Ladder apart is that it has redesigned the process of buying life insurance, by offering direct-to-consumer coverage and a streamlined process that is much faster than what many others in the industry offer.
Ladder’s philosophy looks to combine the benefits of technology with the protection of life insurance. Ladder’s life insurance process is built to be “instant, simple, and smart,” and they achieve that by having no policy fees and allowing policyholders to apply, receive, and even maintain their policies completely online.
In this review:
- Coverage Options Offered by Ladder
- Costs of Term Life Insurance Offered by Ladder
- Requirements for Life Insurance Offered by Ladder
- Availability
- Ladder Customer Service
- Pros and Cons
Coverage Options Offered by Ladder
Ladder is able to offer insurance to individuals between the ages of 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 upon your risk factors, which may include but are not limited to:
- Current health
- Age
- Occupation
- Medical history
- Smoking status
- Family medical history
Ladder doesn’t offer optional riders or additional for-fee coverage—they want to keep things simple.
Costs of Term Life Insurance Offered by Ladder
While each policy cost is based on the individual, they do offer a quick estimate on their site. For example, a 44-year-old female in good health may only pay $13 per month 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 Life Insurance Offered by Ladder
To be eligible for policies offered by Ladder, you’ll need to 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 between the ages of 20 and 60 as of your nearest birthday. That means if you’re closer to your next birthday than your last one, your age is considered to be a year older for the purposes of the life insurance underwriting process.
Each customer is underwritten individually, and based on your application, you’ll receive a personalized price. There are no medical exams for coverage up to $3 million. If you’re applying 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 for you. You’ll take a blood and urine test, and have your height and weight captured.
Availability
Ladder offers life insurance in all states and DC.
Ladder Customer Service
Ladder has a 4.8 out of 5 on Trustpilot, with over 1,650 reviews, as of November 5th, 2021. The large majority of the reviews are positive with a few that focus on the length of time to get approved, which apparently can sometimes take longer than expected.
All interaction with the company is done online, and all of their support staff are licensed insurance agents as well. Ladder can be reached over the phone at (855) 543-3944, or via email at [email protected] for assistance; Ladder promises prompt replies during normal business hours – Monday through Friday 8am-5pm PST.
Pros and Cons
Pros
- 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 receive a full refund
- With a price lock guarantee, your monthly premium will not increase due to health changes or as you age
Cons
- Ladder only offers term life insurance
- The entire process is handled online which can be a concern for those that prefer to have a more traditional face-to-face relationship with an agent
Bottom Line
Ladder is considered a next-generation insurtech, designed for the tech-savvy consumer who is looking for an easy, straightforward way to get a term life policy.
Before choosing any life insurance, you should first understand what you and your family’s needs are and compare your options. Ladder can be a good option, but if you need additional riders or prefer your insurance to have a cash component, you will want to look at other opportunities.
If you’d like to compare other options, you can check out our guides to the best life insurance and the best term life insurance. For more information on the company, you can check out our interview with Ladder’s CEO, Jamie Hale.
To learn more about Ladder Life Insurance, check out its website.
Monthly Premium
Depends on the applicant; as low as $12
Term Lengths
10 – 30 years
Age Limits
20 – 60
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.