Founded in 2015, Ladder prides itself on bringing an intuitive, human approach to life insurance. It accomplishes this through easy online applications, the flexibility to adjust coverage on a need-be basis, and a no-commission support team. The company also uses real-time underwriting to provide near-instant coverage. Additionally, Ladder prides itself on offering affordable coverage with no hidden fees.
In order to help you decide if Ladder’s right for you, let’s take a closer look at everything the life insurance company offers.
Pros and Cons of Ladder
- 100% online process for up to $3M policy
- Affordable prices starting at $5/month
- Ability to decrease or increase coverage
- No riders or supplementary coverage
- Not eligible for those older than 60
What Does Ladder Offer?
Ladder offers term life insurance with up to $8 million in coverage. If you’re looking for an entirely digital experience, though, you can apply for up to $3 million in coverage without a doctor’s appointment. At a glance, you can expect the following with Ladder:
- 100% digital experience: When you choose up to $3 million in coverage, the sign-up process is fully online — no extra paperwork or medical exams.
- Term life insurance: Ladder offers fully underwritten individual term life insurance because it is cost-effective and financially savvy.
- Competitive prices: Ladder is committed to giving you great value for your money.
- Flexibility: Get what you need today, and then, apply for more or decrease at any time without fees or hassle.
- Wide range of coverage amounts: Available coverage amounts range from $100,000 to $8 million, so you can find the right coverage for your family.
- No brokers, no upselling: Ladder insurance professionals are licensed, salaried, and there to help you in any way they can.
- Trustworthiness: Policies are issued by Fidelity Security Life Insurance Company® Kansas City, MO, and in New York by Allianz Life Insurance Company of New York.
- Price lock guarantee: With Ladder, your price is locked in. It does not increase if your health changes or as you age.
- Money-back guarantee: If you’re not happy, then Ladder will refund your money within the first 30 days.
- Anytime cancellation: You can cancel your policy whenever you want to, for any reason. No questions asked.
- No policy fees: Ladder never charges policy fees.
What To Expect on the Site
One of Ladder’s biggest advantages is how easy it makes it to get customized coverage. This is thanks to Ladder’s online application that only takes minutes to complete. After filling out the application, you may get an offer for immediate coverage. The application asks questions about you and your lifestyle. See below in order to understand the types of questions:
- When is your birthday? (They use your birthday to calculate your age and help them verify your identity.)
- When was the last time you used tobacco or a nicotine product? (Includes cigarettes, chewing tobacco, smokeless tobacco, cigars, nicotine gum, patch, vaping or electronic cigarette.)
- Has a biological parent or sibling been diagnosed by a physician with diabetes, cancer, heart disease, Huntington’s Disease, or Lynch Syndrome prior to the age of 60?
- What is your annual household income? (Includes the pre-tax income for all members of your household)
- What is your remaining mortgage balance? ($0 – $2 million or more)
Finally, after confirming your U.S. citizenship (Ladder is only available to U.S. citizens or permanent residents who have been in the U.S. for more than 2 years), you’re asked to verify your identity by providing the last four digits of your Social Security Number. After submitting your application, based on your eligibility, you may get approved and have immediate coverage within minutes.
Ladder says its term life insurance starts at $5 per month. However, pricing for life insurance varies based on factors like age and health, plus the term and coverage amount. You can use Ladder’s estimate tool to get a good idea of what you’ll pay. By simply providing your age, sex, height, weight, zip code, and the amount of desired coverage, Ladder will give you an estimate of how much you can expect to pay for different term lengths.
What People Are Saying About Ladder
Ladder may be a relatively new life insurance provider, but it’s quickly established a good reputation. As of September 2021, Ladder has an excellent Trustpilot score. Based on more than 1,600 customer reviews, Bestow has 4.7 out of 5 stars:
- 87% of customer reviews give Ladder 5 out 5 stars
- 93% of customer reviews give Ladder at least 4 out of 5 stars
The Bottom Line
Convenience, flexibility, and affordability sum up the Ladder experience. Whether you’re completely new to life insurance or know exactly what you need, Ladder can make the process easy. The site has a handy estimate tool that provides estimates in a few quicks. And if you’re not sure about how much coverage you need, then the site’s insurance calculator can help you decide. All in all, there are many reasons to include Ladder in your comparison of top life insurance companies.