Updated April 20, 2020

Ladder Life Insurance Review

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Ladder Life Insurance promises instant approvals and lower premiums. But does this online insurance agency deliver? Read this review to find out.

Ladder

Overall Score

3.8

Price

3.0

Customer Service

4.0

Financial Strength

4.0

Ease of Use

4.0
5-point scale (the higher, the better)

Pros and Cons

  • Affordable rates
  • Adjustable coverage
  • Renewable policies
  • No riders
  • No applicants over 60

Bottom Line

Good adjustable term coverage for adults under 60

Life insurance is usually on the back burner. Yet, when you have a family, you need to make it a priority.

What if you could get term coverage in the time it takes to microwave popcorn?

Ladder Life insurance wants to do just that. Many can expect affordable rates without a medical exam. But the online insurance company is not for everyone.

Find out their pros and cons, plus who may need additional underwriting.

What is Ladder Life Insurance

Jamie Hale founded Ladder Life Insurance in 2015 with the goal of simplifying the life insurance process.

For decades, securing a life insurance policy involved a lengthy process of invasive medical exams and questioning.

Ladder, on the other hand, can offer term life policies in a fraction of the time due to their exclusively online application process. If your insurance needs change at any time, you can also increase or decrease your coverage with just a few clicks.

Although Ladder is relatively new to the insurance world, it's financially backed by the 50-year-old Fidelity Security Life Insurance Company, which has an A (excellent) rating from A.M. Best. Additionally, their reinsurance is issued by Hannover Life Reassurance Company of America.

Does Ladder have good customer service?
Yes. In addition to offering a variety of ways to get in touch (live chat, phone, email), Ladder's insurance professionals are licensed and non-commissioned, meaning no pushy up-selling.

What Ladder Offers

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Ladder offers up to 30-year term policies. But what makes the company stand out is their adjustable coverage.

They understand that your life insurance needs may change over time. So, you can change anything about your policy through their online portal without penalty.

For example, you can decrease coverage as your children grow into adulthood or as you pay down your mortgage. Need more coverage? Simply log into your account and request an upgrade.

Ladder offers:

  • 10-, 15-, 20-, 25-, or 30-year term policies with no fees

  • Coverage from $100K - $1M (up to $8M with underwriting)

  • Policies for people ages 20 - 60

  • Cancellation anytime, with no penalties or questions

  • Price lock guarantee (even if your health changes)

Maximum Term Limits
Ladder minimizes your term based on age. The term plus your current age cannot exceed 70. For example, a 40-year-old could take out a 30-year policy, but a 50-year-old can only get a 20-year policy.

Ladder also offers temporary coverage while you wait for an underwriting answer. This can protect you against the unknown until you have a longer-term policy in place.

If you decide not to accept a long-term policy, Ladder will refund the money paid toward the temporary coverage. Their flexibility with customers sets them apart from other providers.

Who is Ladder Best For?

Ladder Life Insurance is available to people between the ages of 20 and 60. Your current age plus your term length can't be more than 70 years. (For example, if you're 40 years old, your term length maximum would be 30 years.)

Ladder is a good option for:

  • People who need the ability to change their coverage
    (Ladder's policy adjustment features, Ladder Up and Ladder Down, let you easily change your coverage online.)

  • People looking for affordable high-coverage policies
    (Ladder's pricing is generally competitive, though small policies are not as good of a deal.)

Can I still be covered if I have health problems?
Health issues won't automatically disqualify you for coverage, but some conditions (such as cancer, unmanaged diabetes, or severe epilepsy) could result in being denied. Ladder will account for your current health, health history, and lifestyle in order to decide whether to insure you.

How to Apply

With Ladder, you'll apply for coverage online. Start by answering questions about:

  • Name, address, and Social Security number
  • Birthday
  • Your height, weight, and gender
  • Major health concerns
  • Drug use and criminal history
  • Nicotine use
  • Family medical history
  • Income, amount of desired coverage, and desired term
  • Lifestyle activities
  • Travel plans

Ladder's proprietary program verifies your information and underwrites the policy. You may get immediate approval or need additional underwriting and a health exam.

Each applicant is underwritten separately. The final cost and decision depend on your circumstances.

Ladder Life offers a 30-day guarantee. If you aren't happy within the first 30 days, you get a refund—no questions asked.

Reasons We Like Ladder Life Insurance

Their quick application process is great for people with busy lives. Here's what you can expect:

  • Easy Coverage Adjustment: If you need more or less coverage, you can change it immediately. With Ladder, you are never stuck with one amount or term.

  • Apply and Manage Your Account Online: Most Ladder applications occur online. If they have further questions, you may have to talk to a licensed agent and/or get a health exam.

    Ladder offers 24/7 access to your account. You don't have to wait for normal business hours to request coverage changes, switch beneficiaries, or review your policy.

  • 61-Day Grace Period: With other providers, missing one payment usually means a canceled policy. But Ladder gives a generous grace period of 61-days before canceling your policy.

  • Renewable Policies: You can extend the term annually for up to 5 years. Your premiums will likely increase, but you have the peace of mind of continued coverage.

  • Post-Offer Coverage Changes: Adjust your term and coverage amount even after you've accepted your initial policy offer. You can ask for quotes on any term or dollar amount up to your current offer.

  • Cancel Anytime: Ladder doesn't charge a cancellation fee or penalties. Simply cancel your policy anytime online if you decide the coverage isn't right for you.

  • Convenient Health Check: Ladder sends a licensed health professional to your home or place of employment for the 30 minute health check. You'll answer some questions, take basic measurements, get vitals, and provide blood and urine samples.

    Will I need a medical exam or lab appointment to get coverage?
    Most people qualify for a policy without needing a medical exam. However, Ladder may ask you to complete a medical exam if they need additional information. Any exam or lab appointment can be scheduled at your convenience, for free.

  • Quick Estimate Online: Enter basic information about your gender, age, height, and weight. You'll then choose the coverage amount and term and get a snapshot of estimated costs. Of course, your actual costs aren't official until you apply for coverage.

Ladder Life offers simple term policies. Unfortunately, they do not cover more complex coverage. Stick around to learn who shouldn't apply.

Downsides

  • No Coverage After Age 60: If you couldn't stash away enough savings for burial expenses or other financial concerns by the time you hit 60, you need to look elsewhere for coverage.

  • No Riders Available: Riders are optional coverages that help customize an insurance policy. A few examples include premium waiver, accelerated death benefits, and accidental death benefit. Ladder doesn't offer any riders in order to keep your life insurance offerings simple.

Average Rates by Age

20-Year Term Rates—Non-Smoking Female

Age$100,000$500,000$1,000,000
20$13$21$33
30$13$22$36
40$15$32$56
50$26$78$142

20-Year Term Rates—Non-Smoking Male

Age$100,000$500,000$1,000,000
20$13$25$44
30$14$25$53
40$17$48$66
50$32$105$197

Ladder Life FAQs

What are some common complaints about Ladder?
While Ladder is generally well-reviewed, there are a few complaints. Those with health issues can have trouble getting affordable rates or end up with rates much higher than what was initially quoted.

If you have health issues or a pre-existing condition, be sure to speak with Ladder's insurance professionals to see if their coverage is a good fit for you.

Is it safe to apply for life insurance online?
Yes. Any information shared during the application process is protected by various administrative, physical, and technical safeguards. These are designed to protect against any unauthorized access to your personal info.

For more in-depth information about their website security, refer to Ladder's terms.

Does Ladder offer any riders?
At this time, Ladder does not offer any riders. If you want a term life policy with rider options, check out our round-up of the best term life insurance companies.

Does Ladder offer family policies?
Currently, Ladder does not offer policies that cover multiple people. They also ask that you only apply on behalf of yourself. If a partner, spouse or family member wants coverage from Ladder, they will need to apply on their own.

How would I increase or decrease my coverage with Ladder?
Ladder's coverage adjustment features, Ladder Up and Ladder Down, allow you to easily decrease your coverage or apply for additional coverage on their website. Review your coverage needs and create a plan first to avoid overpaying for life insurance.

How Ladder Compares

Choosing a policy takes some thought. You need to compare rates to make your decision. Let's see how Ladder stacks up against other online providers.

vs Ethos
Ethos offers digital term life insurance in 10-, 15-, 20-, and 30-year terms. The application process is online. Some applicants need medical exams and underwriting, though.

The policies are available for ages 20 to 65. However, the older you get, the shorter the term they allow. Unlike Ladder, Ethos offers riders, including Critical Illness, Waiver of Premium, and Child Protection riders.

vs Haven Life
Haven Life, issued by MassMutual, is another digital term life insurance provider. They offer terms of 10, 20, and 30 years.

You can apply for coverage up to $3 million until age 60. Older applicants up to age 64 can apply for up to $1 million in coverage.

Haven Life offers instant approvals, but some applicants need a medical exam completed within 90 days of application.

vs Quotacy
Quotacy operates as a life insurance marketplace. It offers more options than your traditional online life insurance company, including term, whole life, and final expense policies.

To get started, you'll need to enter some basic information and then choose a company based on the coverage estimates that Quotacy provides.

More life insurance reviews:

Bottom Line

Life insurance is one of those things you wish you'll never use. But you're glad to have it.

Think about your financial situation. Do you have:

  • People who rely on you?
  • Remaining debt or other expenses?
  • A business venture?

If that's you, Ladder is worth checking out. Unlike other providers, Ladder lets you make instant changes to policy without fees. And many busy professionals like how quick and easy the application process is. Within minutes, you could get high-value coverage without a medical exam.

However, Ladder Life isn't for everyone. If you're over 60 or you require more complex coverage, consider these life insurance companies instead.

What's stopping you from getting a term policy? The peace of mind alone is worth it.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

More from CreditDonkey:


Online Life Insurance


Best Term Life Insurance


Adjustable Life Insurance



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Quotacy Review

Quotacy lets you get multiple life insurance quotes online in one place. It doesn't cost any money to use, but is it legit? Read this review for the pros and cons.

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