Ladder Life Insurance Review

For most people, a life insurance policy is a critical part of overall financial health. Life insurance coverage provides funds for any final expenses, helps pay off financial obligations in the event of your death, and can help provide security for your family if the unthinkable happens.

There are many different life insurance companies, policies, and options available. Ladder is one of those options; founded in California in 2015, Ladder is currently in 49 states and hopes to be in the 50th in the near future. Ladder has partnered with Fidelity Security Life Insurance Company, which has an A- rating from A.M. Best.

What sets Ladder apart is that it’s redesigned the process of buying life insurance offering direct-to-consumer coverage and a streamlined process that is much faster than what many other insurers offer. Ladder’s philosophy looks to combine the benefits of technology with the security of life insurance. Ladder’s life insurance process is built to be “instant, simple, and smart,” and they achieve that by waiving fees and allowing policyholders to apply, receive, and even maintain their policies completely online—no commissioned sales agents to deal with.

In this review:

• Ladder Life Insurance Coverage
• Ladder Term Life Insurance Costs
• Ladder Life Insurance Requirements
• Availability of Ladder Insurance
• Ladder Customer Service
• Pros and Cons

Learn More

on Ladder’s secure website

Ladder Life Insurance

• Apply online in as little as 5 minutes and get an instant decision
• Fully licensed and secured by Fidelity Security Life Insurance Company
• Flexible coverage. Get what you need today – anytime, apply for more or decrease your coverage as your needs change

Ladder Life Insurance Coverage

Ladder is able to underwrite  individuals from ages 20 to 60. While there are several different types of life insurance on the market, Ladder only offers term life policies. Even though universal or whole life policies offer a cash value, the company believes it’s financially smarter to purchase term life policies, and then use the difference in cost to invest elsewhere in something that will bring a higher rate of return.

You can choose between repayment 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

Ladder doesn’t offer optional riders or additional for-fee coverage—they want to keep things simple.

Ladder Term Life Insurance Costs

While each policy cost is based on the individual, they do offer a quick estimate on their site. A 44 year old female, for instance, may only pay $15.94 per month for $100,000 of coverage on a 10-year term life policy. Even $1 million in coverage is less than $90 per month, and coverage goes up to $8 million.

>> Read More: Is term life insurance worth it

Ladder Life Insurance Requirements

To be eligible for Ladder’s life insurance policies, you’ll need to be a U.S. citizen or lawful permanent resident who’s been in the country for at least 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 upon your application, you may need a lab test and medical exam. Ladder doesn’t expect you to drive to a lab, however; their 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 get your height and weight measured.

Availability of Ladder Insurance

Ladder is currently available in all states except New York. They plan to have coverage there as well in the near future.

Ladder Customer Service

Ladder has a 5-star rating on Trustpilot, with over 300 reviews. The large majority of the reviews are positive with the few that are not seeming to focus on 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.

Pros and Cons

Ladder offers the ability to adjust coverage all online with no fees. This can present cost savings for policyholders who need less coverage over time. Ladder’s streamlined process is great for those looking to minimize the time it takes to apply for a policy.

For those who prefer a more traditional relationship with an agent in the insurance industry, however, Ladder could seem impersonal. It’s straightforward and easy to apply for, but some consumers may find that to be too simplified and prefer a more robust offering with whole life options or rider availability. In addition, Ladder’s exclusive partnership with Fidelity means fewer product options for customers.

Bottom Line

Ladder is considered a next-generation insurance company, designed for the tech-savvy consumer who is looking for an easy, straightforward way to get a basic term life policy. For many customers that may be enough; for others, however, Ladder may not be the best term life insurance option.

Before choosing any life insurance company, you should first understand what you and your family’s needs are and compare your options. Ladder is a solid company, but if you need additional riders or prefer your insurance to be an investment vehicle, you will want to look at other opportunities.