LIFE INSURANCE FOR THE DIGITAL GENERATION – SIMPLE & AFFORDABLE, IF YOU ARE YOUNG & HEALTHY!
This may come as a surprise to you, but Ladder doesn’t want “everyone’s” business. They cater especially to younger people who are in great health and specifically want term life insurance. They don’t offer permanent policies such as whole life insurance. In this review, we’ll dive into the pros and cons and frequently asked questions about Ladder, so you can compare them to other options.
Have you ever used Ladder’s online platform to apply for Life Insurance? We’d like to hear about it…
If you are looking for simple, affordable, online term life insurance —while you are young and healthy— Ladder might be an option for you.
But take the time to read the fine print.
Restrictions & limitations apply.
It is important to know what you are getting into, before you buy.
What is Ladder? A Quick Review:
As an insurtech startup, Ladder’s Direct-to-Consumer (D2C) Platform launched in 2017. Ladder is NOT a life insurance company. They are a licensed producer and third party administrator. Founded in 2015, Ladder has developed an online platform that allows you to apply for Term Life Insurance, with the possibility of getting instant approval. Ladder distributes term life insurance products issued by multiple insurers.
What Does Ladder Offer?
- Ladder allows applicants seeking up to $3M in coverage to go through the process 100% online from start to finish – no medical exams required, just answer health questions. Ladder still offers coverage up to $8M, and applicants seeking coverage above $3M will require additional underwriting.
- Competitive level 10, 15, 20, 25, and 30 year term life insurance policies from $100,000 to $8,000,000 for people ages 20 to 60 years old.
- Some applicants will receive an immediate decision. However, applicants seeking coverage over $3M will need to take a medical exam before receiving a decision.
- Ability to decrease or apply to increase coverage, online; as your financial needs change:
“Ladder up” means the policy holder can apply to increase their policy’s “face” value or extend the length of the term. Added coverage is priced separately, so the policy holder will receive a different cost for the higher amount of coverage and/or longer term.
“Ladder down” means the policy holder can reduce their policy’s face value if they need less life insurance. Premiums will decrease proportionately to the reduction in the policy’s “face” value.
Ladder doesn’t want everyone’s business! If you are NOT young enough and healthy enough to qualify for Ladder Term Life Insurance, we can help…
GET A FREE INSTANT LIFE INSURANCE QUOTE
Call Anytime for Assistance!
888-681-4952
Pros and Cons of Ladder
Pros
- High-value term life insurance policies
- An easy-to-use online life insurance application and management system
- Fast underwriting decisions. Ladder controls the underwriting and risk analysis. The application takes around 5 minutes to complete. When done, the applicant will either receive an approval, a rejection, or a request for a medical exam.
- Ability to adjust coverage online as your financial needs change
- Ladder does have a live chat option (with actual people) as well as a phone number posted to call in. Although the applicant could go through without having to communicate with anyone, there is a team available to help or answer questions if anything comes up. They are are a licensed and experienced team happy to help.
Cons
- No ability to compare other company’s costs.
- Not eligible if older than age 60!!!
your age plus the length of the term policy cannot exceed 70 - Maximum issue age for the 30 year term is age 40
- Maximum issue age for the 25 year term is 45
- Maximum issue age for the 20 year is age 50
- Maximum issue age for the 15 year is age 55
- Maximum issue age for the 10 year term is age 60
- Only offer term life insurance policies. Whole life insurance, universal life insurance or guaranteed life insurance are not available.
- No life insurance riders or supplementary coverage
Maximum Issue Age
YOU ARE NOT ELIGIBLE FOR LADDER TERM LIFE
***IF YOU ARE OVER 60***
Your age, plus the length of the term policy, cannot exceed 70
| 10 YEAR TERM | 15 YEAR TERM | 20 YEAR TERM | 25 YEAR TERM | 30 YEAR TERM |
|---|---|---|---|---|
| Maximum Issue Age | Maximum Issue Age | Maximum Issue Age | Maximum Issue Age | Maximum Issue Age |
| 60 | 55 | 50 | 45 | 40 |
Your age, plus the length of the term policy, cannot exceed 70
How Much Does Ladder Cost?
Your actual life insurance rates may be different that the sample quotes shown and will depend on your…
- Age
- Health
- Hobbies
- A smoker or not
Keep in mind you WILL NOT know your exact cost until you complete the application and are underwritten and approved by the life insurance company.
QUICK VIEW
- Product Name: Ladder Life Term
- Face Amount: $100,000 to $8,000,000
- Issue Ages: 20 to 60
- Level Period: 10 ,15, 20, 25, & 30 Years
***BUYER BEWARE***
Conversion: Ladder offers no permanent life insurance product, such as whole life or universal life, to convert into. Conversion may be a necessary feature to have if you become sick and uninsurable and are faced with an expiring term life insurance policy.
LADDER PRICING AND FEES
Ladder Life pricing is good to average relative to the competition in the life insurance market place. There are no hidden fees and it does not cost you anything to apply for coverage. The only money coming out of your pocket is the premium for the policy if you actually decide to buy.
HOW MUCH DOES LADDER TERM LIFE INSURANCE COST?
Ladder Term Life can cost as little as pennies per day if you are young and healthy and as much as hundreds of dollars per month if you are older and in average health. You can run a personalized quote on the Ladder website to see what your estimated cost will be. Your actual cost will come after you apply and are approved by the company.
WHAT IS THE COST OF LADDER GUARANTEED ISSUE WHOLE LIFE INSURANCE?
Ladder Life DOES NOT offer guaranteed issue whole life insurance.
WHAT IS THE PRICE FOR LADDER UNIVERSAL LIFE INSURANCE?
Ladder Life DOES NOT sell universal life.
Ladder – Term Life Insurance – Sample Monthly Quotes
Please Note: All Sample Rates (below) Assume “Excellent Health” and “Non Smoker”
| Coverage | Age 30 | Age 40 | Age 50 |
|---|---|---|---|
| $100,000 – 10 Year Term | Male – $11 | Female – $12 | Male – $32 |
| $250,000 – 15 Year Term | Female – $16 | Male – $20 | Female – $36 |
| $500,000 – 20 Year Term | Male – $25 | Female – $32 | Male – $105 |
| $1,000,000 – 30 Year Term | Female – $58 | Male – $122 | Female – N/A |
*Please note rates vary considerably based on your age, gender, tobacco use, health condition, state of residence, and even driving history. We recommend getting a quote directly from Ladder where you can fill in your personal details to get an accurate quote.
Monthly Term Life Insurance Quotes (Age 30 – Male)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $11 | $12 | $14 | $19 |
| $250,000 | $14 | $17 | $19 | $26 |
| $500,000 | $20 | $24 | $25 | $42 |
| $1,000,000 | $32 | $37 | $44 | $74 |
Monthly Term Life Insurance Quotes (Age 30 – Female)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $11 | $12 | $13 | $17 |
| $250,000 | $13 | $16 | $19 | $26 |
| $500,000 | $19 | $22 | $22 | $34 |
| $1,000,000 | $28 | $35 | $36 | $58 |
Monthly Term Life Insurance Quotes (Age 40 – Male)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $12 | $13 | $17 | $25 |
| $250,000 | $17 | $20 | $27 | $43 |
| $500,000 | $26 | $32 | $37 | $67 |
| $1,000,000 | $40 | $51 | $66 | $122 |
Monthly Term Life Insurance Quotes (Age 40 – Female)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $12 | $13 | $15 | $21 |
| $250,000 | $17 | $19 | $24 | $37 |
| $500,000 | $25 | $30 | $32 | $54 |
| $1,000,000 | $38 | $50 | $56 | $95 |
Monthly Term Life Insurance Quotes (Age 50 – Male)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $32 | $27 | $32 | N/A |
| $250,000 | $36 | $48 | $59 | N/A |
| $500,000 | $60 | $81 | $105 | N/A |
| $1,000,000 | $103 | $146 | $197 | N/A |
Monthly Term Life Insurance Quotes (Age 50 – Female)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $18 | $21 | $26 | N/A |
| $250,000 | $30 | $36 | $47 | N/A |
| $500,000 | $50 | $60 | $78 | N/A |
| $1,000,000 | $86 | $106 | $142 | N/A |
Monthly Term Life Insurance Quotes (Age 60 – Male)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $42 | N/A | N/A | N/A |
| $250,000 | $84 | N/A | N/A | N/A |
| $500,000 | $155 | N/A | N/A | N/A |
| $1,000,000 | $290 | N/A | N/A | N/A |
Monthly Term Life Insurance Quotes (Age 60 – Female)
| Coverage | 10 Year | 15 Year | 20 Year | 30 Year |
|---|---|---|---|---|
| $100,000 | $32 | N/A | N/A | N/A |
| $250,000 | $61 | N/A | N/A | N/A |
| $500,000 | $105 | N/A | N/A | N/A |
| $1,000,000 | $192 | N/A | N/A | N/A |
Frequently Asked Questions About Ladder
Are Ladder’s rates competitive?
YES. Ladder’s term life insurance rates aren’t the lowest available, but they are consistently better than average when compared to those of the top insurers. In addition, Ladder’s applicants may qualify for more coverage without a medical exam and pay significantly lower premiums verses a typical no exam policy.
Will I need a medical exam or lab appointment?
No medical exam is required for coverage up to $3 million, just answer health questions. For coverage greater than $3 million, a medical exam is required. If you do need a medical exam, it can be done conveniently at no expense to you.
Can I still get coverage even if I’ve had some health problems?
Possibly. Every customer is underwritten individually and receives a price based on many factors – (medical history, current health, age, and gender). It is possible to be denied coverage due to health issues.
Will applying hurt my credit score?
No. Insurers look at the data behind your credit score – timeliness of payments or if you’ve filed for bankruptcy – but not your credit score itself. The request for this data is only a soft credit inquiry and doesn’t impact your credit.
What do Ladder Reviews say about their customer service?
The reviews tend to be positive. Their website portal is very efficient in handling the life insurance application / underwriting process. They have live chat and a phone number to call if you need or want to speak to someone.
Are there any customer complaints about Ladder?
YES & NO. Check the reviews on Trustpilot.
Is the Ladder website good, safe and reliable to use when buying life insurance?
YES. The Ladder platform appears to be safe and secure. However, caution should be taken before entering your personal information on Ladder’s or any website.
Is Ladder a good company to use for estate planning?
YES. Life Insurance offered by Ladder, like all life insurance, can be an essential part of your estate plan.
What is life expectancy?
Life expectancy is the statistical expectation of how long someone will live at birth based on a number of factors such as socioeconomics, demographic, geographic, thermographic, stenographic, idiographic, and historiographics.
Have you had first-hand experience with Ladder? Let us know! We want to hear your story!
The Bottom Line
Ladder has affordable prices if you are young and healthy. However, it is unlikely you will be approved by the Ladder algorithm if you are not in great health. Even with mild “health conditions” you may be told you do not qualify.
Ladder makes buying life insurance easy. You may even get an instant approval, if you qualify. Their prices are competitive —compared to the competition— and they should be included in your life insurance shopping research.
Ladder is NOT a life insurance company. They are a licensed agent and third party administrator for Fidelity Security Life Insurance Company, in all 49 states (except for NY, where they are a licensed agent with Allianz Life Insurance Company Of New York).
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