Ladder life insurance review 2023
Life insurance gives you a way to protect your loved ones should you pass away. It offers your beneficiaries a cash payout, which they can use to cover funeral expenses, medical bills, outstanding debts, and just general living expenses. It can also, in some cases, act as an investment vehicle and be borrowed against should you need cash down the line.
But life insurance policies vary greatly, as do the companies that offer them. If you're looking to purchase a life insurance policy, make sure to shop around before choosing your provider.
One possible option is Ladder. Use this Ladder life insurance review to determine if the company is right for you. Start by getting a free price estimate to see what a Ladder policy would cost you.
Ladder life insurance overview
Ladder is an online life insurance agency offering term life insurance policies from partners like Fidelity Security Life Insurance Company and Allianz Life Insurance Company.
The company was launched in 2015 by Jamie Hale, who was inspired by the impact life insurance had on his family after his dad's passing. As Hale recently told CBS News, "My father passed unexpectedly when I was 11 years old, leaving my family facing an uncertain future in the face of tragedy. Thankfully, my father's life insurance policy offered financial stability at the most needed time, allowing my family to stay in our house and eventually helping me fund my college education."
With Ladder, customers can complete their full application online and, many times, receive on-the-spot coverage. Policies go up to $8 million in coverage. Those up to $3 million do not require medical exams or doctor's appointments.
Ladder life insurance cost
Ladder doesn't have an instant quote tool like some life insurance companies do. Instead, it requires a full application complete with your address, occupation, and the last four digits of your Social Security Number, among other details. Because of this, we could not pull a rough premium estimate for this review.
If you're interested in seeing what a Ladder life policy may cost you, you can get a personalized price estimate here now or plug in your zip code below to get started.
Pros and cons of Ladder life insurance
Before getting a policy with Ladder or any other life insurance company, be sure to weigh the pros and cons first. With Ladder, these include:
Ladder life insurance pros
- Coverage can be easily adjusted: Ladder lets policyholders increase or decrease coverage at any time. It calls this "laddering."
- All-online process: You can easily complete the entire application process online. Some policies are approved on the same day.
- Most plans require no medical exams: You won't need to make an appointment or wait to see a doctor for most policies. In some cases, larger coverage amounts will require a health check, though.
Ladder life insurance cons
- Limited policy options: Ladder only offers term life insurance policies. If you want another type, like whole life insurance, universal life insurance, or variable life insurance, you'll need to look elsewhere.
- Third-party providers: Ladder doesn't actually underwrite its policies. All policies are issued by third-party companies.
- No quick online quote tool: You'll need to go through the application process to get an idea of what a policy with Ladder may cost.
Unique Ladder life insurance benefits
What makes Ladder unique is its "laddering" approach, which allows policyholders to adjust their coverage — up or down — as their life changes. This gives policyholders a lot of flexibility in managing their coverage and premiums.
For example, someone may want to reduce their coverage as their children age, or they pay down their student loans or mortgage. On the flip side, they could increase their coverage if they have additional children or buy a new house.
Policyholders can "ladder" their coverage as many times as they need, and adjustments come at no extra cost. Increased coverage will mean a higher premium, though.
Another big perk is Ladder's 30-day money-back guarantee and its high customer reviews and ratings. The company currently boasts 4.8/5 stars on Trustpilot and 4.7/5 stars on Google.
Compare your options
Ladder life insurance has many advantages, including an all-online application process, highly-rated customer service, and flexible coverage. To be sure they're the right company for your needs and budget, make sure to compare at least a few other options. Every life insurance provider offers different types of policies, coverages, terms, and rates, so shopping around can help you get the best deal.
Start by getting a free price estimate from Ladder so you have a figure to compare other providers to.
