October 30, 2019

Ladder Life Insurance Review

Read more about Life Insurance

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

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Ladder Life Insurance claims you can apply and get approved online in the time it takes to get coffee.

Of course, this depends on the situation. Some applicants get instant approval, while others may need additional underwriting.

Read on to learn more about Ladder.

Jamie Hale founded Ladder Life in 2015 with the goal of simplifying the life insurance process. It's backed by Fidelity Security Life Insurance Company, which has an A (excellent) A.M. Best Rating. Reinsurance is issued by Hannover Life Reassurance Company of America.

What Ladder Offers

Ladder offers term life insurance for a variety of time periods. But the company also understands that your life insurance needs may change over time.

With Ladder, you can change anything about your policy through their online portal without penalty. That means the ability to decrease coverage as your children grow into adulthood or 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 $100,000 to $1 million (up to $8 million with underwriting)

  • Availability for people ages 20 to 60

  • Cancellation anytime without penalties or questions

  • Price lock guarantee—the cost won't change even as your age and health do

Maximum Term Limits
Ladder minimizes your term based on your 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.

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

Dynamic Coverage
If you need less coverage, you can change it immediately only. If you need more, apply for more and get the same fast treatment you received when you first applied. With Ladder, you are never stuck with one amount or term.

Apply and Manage Your Account Online
A majority of the Ladder application process occurs 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 changes in coverage, switch your beneficiaries, or review your policy.

61-Day Grace Period
Non-payment of life insurance usually means a canceled policy. But Ladder gives a generous grace period. If you don't pay your premiums within 61 days of the due date, however, they will cancel 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 Adjustment
Adjust the term and the face value of the policy before you accept an offer. You can ask for quotes for 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 should 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 health check. You'll answer some questions, take basic measurements, get vitals, and provide blood and urine samples. The visit typically takes about 30 minutes.

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.

Downsides

No Coverage After Age 60
If you weren't able to 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 an effort to keep your life insurance offerings simple.

No Coverage in New York
Ladder is in the process of trying to change this, but for the time being, coverage isn't available in New York.

How Ladder Compares

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 Insurance
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.

Bottom Line

While you could get term life insurance anywhere, Ladder lets you make instant changes to your policy without hassle or fees. Compare their rates with other insurance providers to ensure you get the right premiums before making a decision.

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