Ladder Life Insurance Review 2022
Life insurance coverage is a great way to help protect your family financially in the event that you pass unexpectedly.
However, it can be difficult to find a good rate for life insurance if you have a high-value estate.
Ladder offers high-value term life insurance policies often at better rates than other online insurance providers. Better yet, many policies can be underwritten in 5-20 minutes, often without a medical exam.
LADDER LIFE INSURANCE
- Rated 3.5 stars out of 5 by VanQuangBlog.
- Sells term life insurance nationwide with an online application.
- Many applicants can qualify without taking a medical exam.
Ladder is an insurance startup offering term life insurance to people ages 20 to 60. The company was founded in 2015 and has since expanded to all 50 states and Washington, D.C. In 2020, it announced a partnership with personal finance company SoFi and legal document platform NetLaw to allow SoFi members to create wills for free.
- Term life insurance
- Reviews and ratings
Ladder Term Life Insurance
Ladder offers level term life insurance policies, meaning premiums don’t change for the entire term length of the policy. Policies are available with term lengths of:
- 10 years
- 15 years
- 20 years
- 25 years
- 30 years
Ladder’s application is entirely online and typically takes around five minutes to complete. Once you’ve completed the application, you’ll either receive an approval, rejection or request for more information. If more information is needed, Ladder often sends a lab kit instead of requiring an in-person medical exam, which can be completed at home at no charge.
You can apply to purchase a term policy from Ladder with a face value between $100,000 and $8 million. This is significantly more coverage than you can typically purchase without a medical exam (for those who qualify). Haven Life, for example, only offers up to $3 million in coverage without an exam. In addition, the best feature of LadderLife policies (available outside of New York State) is that they’re simple to adjust as your financial needs change. Your policy is managed online, so you can always log in and update the details.
Ladder Up: You can apply to increase your policy’s face value. If, for example, you have another child, you may want to increase your family’s financial protection by adding to your life insurance coverage. This option typically isn’t available through other insurers unless you cancel your existing policy and purchase a new one. Just note that added coverage will be priced separately, so you may receive a different cost per amount of coverage.
Ladder Down: Similarly, you can reduce your policy’s face value if you need less life insurance. This works by decreasing your premiums proportionately to the reduction in your policy’s face value. So, for instance, if you had a $500,000 policy for $30 per month that you reduced to $400,000, your new premium would be $24 per month.
If you only need your coverage extended for a short period of time after your initial term expires, Ladder also gives you the option to renew your policy annually for up to five years. However, your premiums will increase over what they were during the initial term.
Ladder Coverage Restrictions
Ladder offers life insurance nationwide to those between the ages of 20 and 60.
Ladder only offers term life insurance policies, which is typical for online insurers, but it doesn’t offer any riders to customize your coverage. So, for example, most insurers offer an accidental death rider that would provide additional compensation to your family if you were killed in an accident. If you wanted this, or any other riders, you would need to apply for coverage with a different life insurance company.
Ladder Life Insurance Quotes
For smaller life insurance policies, Ladder’s rates are similar to those you’d find from other online insurers, but they are not the cheapest available in the market. However, they offer the best life insurance policy quotes for plans with small death benefits, particularly those under $250,000 in value. Given that Ladder also offers some of the largest policies available online, and particularly without a medical exam, for those who qualify, they’re a great option for people who need a large amount of life insurance coverage.
Ladder customer complaints and satisfaction
Over three years, Allianz Life has drawn fewer than the expected number of complaints to state regulators and Fidelity Security Life has drawn far more complaints than expected for companies of its size, according to a VanQuangBlog analysis of data from the National Association of Insurance Commissioners.
Ladder Reviews and Ratings
Ladder’s online life insurance application and management system is incredibly easy to use, and customers particularly enjoy how quick it is to receive an underwriting decision. While this feature can be helpful for those who are busy and comfortable managing financial decisions online, it’s not ideal if you prefer to speak with a live agent. Ladder does have agents, but most communication with the company happens online.
For those looking for more information about life insurance, Ladder has two main learning resources on their website. This includes a guide to the basics of life insurance, as well as a calculator that allows you to quickly estimate your coverage requirements based on some simple questions.
While Ladder is a relatively young startup, founded in California in 2015, its policies are issued by Fidelity Security Life Insurance Company, based in Kansas City, Mo., (policy form No. ICC17-M-1069, M-1069 and Policy No. TL-146) and Allianz Life Insurance Company of New York (policy form # MN-26), both well-established insurers. Fidelity Security Life Insurance Company has an Excellent (A) Financial Strength Rating from AM Best. Similarly, Allianz Life Insurance Company of New York has a Superior (A+) rating, indicating the company is capable of paying any claims by policyholders.