Ladder is an innovative insuretech company that offers term life insurance policies with coverage amounts that can be adjusted throughout the length of the term. The ability to make coverage adjustments to your term life policy makes Ladder stand out.
Coverage can be decreased at any time. Policyholders can also apply to increase their insurance coverage. A reduction in the death benefit amount will cause your premium to be lowered by the same percentage. This adjustable strategy can make it easier for people to have affordable life insurance and save money by just paying for the amount of coverage they need as their life changes.
Ladder's term life policies are issued by Fidelity Security Life Insurance Company® Kansas City, Missouri. Policies sold in New York are issued by Allianz Life Insurance Company of New York.
You can apply online. If you qualify, you can be approved for a policy online. Some applicants will be asked to complete a medical exam or an in-home saliva or blood test as part of the approval process and underwriting, which makes the application and approval process longer for some customers.
Those looking for a flexible and affordable term life insurance plan should consider coverage offered by Ladder. Learn more details by reading our Ladder review.
Consumers can apply through Ladder for a term life insurance policy using a quick online application. Some applicants are required to undergo additional underwriting.
Underwriting is how an insurer decides whether or not to accept your application. Life insurance companies also use underwriting to determine your life insurance rate.
Additional underwriting steps with Ladder include in-home saliva test, in-home blood test, or an in-home medical exam. If you need to complete a saliva test, you'll be sent a Spit kit.
You'll receive a Spot kit to complete the blood test. A Ladder technician will help you schedule a time for a medical exam if necessary.
The simple and convenient life insurance application process makes ensuring your family's financial security easy and is a positive aspect of choosing Ladder.
Ladder stands out for the level of flexibility incorporated into its term insurance plans.
With a policy offered by Ladder, you can instantly decrease or apply to increase coverage as your financial needs change.
For example, if you pay off your student loans, mortgage, or your financial obligations change, this flexibility allows you to raise or lower your coverage. The coverage is the death benefit amount the insurance company pays to the policy beneficiaries if the insured were to pass away during the policy term.
Increasing how much life insurance coverage you have will also increase the monthly life insurance premiums. Lowering your coverage decreases the monthly premium you pay.
Ladder also offers a 30-day, money-back guarantee.
When purchasing a term life insurance policy from Ladder, customers can choose a term length of 10, 15, 20, 25, or 30 years.
Policies can be purchased by U.S. citizens or permanent residents who have been in the country for at least two years. Applicants must also be between ages 20 and 60.
Policy coverage ends at the end of the term length selected. However, Ladder does not provide life insurance coverage past age 70.
Policies offered by Ladder are issued by Allianz Life of New York and Fidelity Security Life Insurance Company®, which have high financial strength ratings. A high rating indicates a life insurance company's financial stability and future ability to meet claims obligations. Go to www.ambest.com for the most recent ratings.
Policies offered by Ladder are also reinsured by Hannover Life Reassurance Company of America. This company also has high financial strength ratings.
Even though there are other companies with more industry experience, Ladder is trustworthy because the insurance policies it offers are issued by financially strong companies and reinsured by another financially strong company.
Ladder pays its licensed insurance representatives salaries, not commission. Customers can be confident that they will receive high quality customer service and will not be talked into a more expensive policy when working with a Ladder representative to buy life insurance.
While some life insurers offer multiple types of life insurance policies —both permanent and term — Ladder only offers term life insurance. Ladder does not offer permanent life insurance policies.
Unlike term life policies that offer temporary coverage, permanent life insurance policies remain in effect for your lifetime as long as you pay the premiums.
Permanent policies also accrue cash value that you can use while living. Whole life insurance policies accrue cash value at a set rate. Universal policies have more flexibility in investment choices.
Customers looking for a whole life policy or universal life policy will need to consider other companies.
Ladder also does not offer final expense insurance. Final expense insurance or burial insurance is designed to only provide coverage for final expenses. You can only buy a lower coverage amount with a final expense policy.
However, Ladder is an excellent choice if you're interested in term life insurance.
Ladder does not take applicants who are looking to cancel and replace an existing policy with one from Ladder.
If you're planning to cancel your current policy and replace it with a new term policy, Ladder is not an option for you.
Many life insurance companies offer riders that provide additional coverage or flexibility at an additional cost. Ladder does not offer riders. If you're interested in an insurance policy with riders, you'll need to consider another life insurance option.