Ladder offers great online term life insurance coverage with competitive rates, particularly if you want a policy with a face value over $1 million. You can apply for Ladder's life insurance coverage online and manage all aspects of your policy through its web portal. Though some applicants will need to take a medical exam before receiving an approval decision, many will receive a decision immediately, reducing the typical application time by several weeks. Ladder is also particularly convenient, as the company allows you to increase or decrease your policy size instantly online, as opposed to having to cancel and reapply for a new policy.
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 20 minutes to complete. Once you've completed the application, you'll either receive an approval, rejection or request for a medical exam, which you can schedule at your home or work at no charge.
You can 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. Haven Life, for example, only offers up to $1 million in coverage without an exam. In addition, the best feature of LadderLife policies 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 increase your policy's face value or extend the length of your term. 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 in place. This works by decreasing your premiums proportionately to the reduction in your policy's face value. So 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, 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 initially.
Ladder Coverage Restrictions
Ladder's life insurance is only offered to those between the ages of 20 and 60. And while LadderLife policies are available to most U.S. citizens, you can't currently purchase coverage if you're a resident of:
- New York
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 or worse than those you'd find from other online insurers. However, they offer the best quotes for large life insurance policies, particularly those over $1 million in value. Given that Ladder also offers some of the largest policies available online, and particularly without a medical exam, they're a great option for those who need a large amount of life insurance coverage.
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 is particularly helpful for those who are busy and comfortable managing financial decisions online, it's not ideal if you'd prefer to speak with a live agent. Ladder does have agents, but most communication with the company happens online. In addition, Ladder has received some negative reviews for its lack of educational resources, so you should be prepared to do a bit of research yourself when determining your life insurance needs.
While Ladder Financial is a relatively young startup, founded in California in 2017, its policies are underwritten by Fidelity Security Life Insurance Company, a well-established insurer. Fidelity Security has an Excellent (A-) financial strength rating from A.M. Best, indicating the company is capable of paying any claims by policyholders.