Ladder Review [2024]: Affordable Term Life Coverage in 10 Minutes or Less

If you’re looking for an affordable way to help protect your family, applying for life insurance could be easier than you think.
Updated Jan. 5, 2024
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No one likes to imagine the worst-case scenario, but being prepared for the unexpected requires more than just an emergency fund. If you want to help protect your family if you die, one way to create a possible safety net is to get life insurance coverage.

Fortunately, life insurance doesn’t have to be costly, nor does it necessarily require a trip to the doctor for medical testing. You may be able to lock in your price and get a decision on coverage in just a few minutes with Ladder.1

Coverage is straightforward and flexible. You can decrease or apply to increase your coverage, depending on what life throws at you. And you have the option to cancel at any time. What’s more, you can depend on superior customer service and some of the best rates in the industry. Find out more details in our Ladder review.

Quick Summary

Easy Application & Flexible Coverage

  • Policies From $100,000 To $8,000,000
  • Price Lock Guarantee
  • Cancel or Reduce Coverage Anytime
In this Ladder review

Ladder life insurance basics

Type(s) of life insurance offered Term life insurance
Coverage amount $100,000 to $8,000,000
Medical exam required No (for coverage up to $3,000,000)2
Term options 10, 15, 20, 25, or 30 years
Eligible ages Anyone between the ages of 20 and 60 may apply
Availability U.S. citizens or lawful permanent residents who have lived in the United States for more than 2 years
Visit Ladder

What is Ladder?

Silicon Valley startup Ladder was founded in 2015 and offers term life insurance to individuals between the ages of 20 and 60. Its goal is to be more affordable and intuitive than its competitors. Ladder is a legitimate, trusted company that has been featured in publications such as The Wall Street Journal and Fast Company. Customers rave about the convenience Ladder offers, and the company has hundreds of five-star reviews on Trustpilot. Many people comment that the application process is easy and the customer service is excellent.

How does Ladder work?

Ladder offers term life insurance policies and allows you to modify your coverage as your needs change over time. Ladder life insurance policies are totally flexible, so you can decrease or apply to increase your amount of coverage easily without paying any fees. It never charges policy fees, and your price gets locked in for the entire term. Ladder offers several different term and coverage amount options. Policyholders can also cancel any time.

Ladder employs salaried licensed customer service representatives to help you. Ladder doesn't offer any riders (policy add-ons), so you can't add features like an accidental death benefit. 

How to maximize your savings with Ladder

With Ladder, you’ll already be saving money by opting for a term policy from an online company that comes with a locked-in premium. You’ll also have the option to decrease or apply to increase your coverage at any time, which could save you even more in the long run. Here are some ways to maximize your savings:

  • Start now. The younger and healthier you are when you apply for life insurance, the lower your monthly premium could be. And that premium will be locked in for the entire term.
  • Ladder down when you can. If you need less coverage as you age, you can update your policy and secure a lower premium. Your premium will decrease by the same percentage that your coverage decreases.

Common questions about Ladder

Is Ladder reputable?

Yes. Ladder is backed by investors such as Northwestern Mutual Future Ventures, and the company has excellent customer reviews on Trustpilot.

What types of insurance does Ladder offer?

Ladder offers only term life insurance. You can choose from a variety of term lengths and coverage options to meet your needs.

What's the difference between term and whole life insurance?

Term life insurance covers you for a specific period; whole life insurance may never expire, provided you keep making payments. Whole life insurance has a cash component. A percentage of your monthly premium is deposited into a tax-deferred savings account. Generally, you can borrow from your policy’s cash value or allow it to grow over time. Whole life insurance encourages you to save, but it comes at a cost. A whole life insurance policy often costs a lot more than a term life insurance policy. Term life insurance is usually sufficient for most families.

Does Ladder need my medical records?

Yes, Ladder needs your medical records. Ladder uses your medical records to assess your risk and determine your monthly premium. It’s easy to connect your electronic medical records to Ladder, it’s a secure process, and it takes just minutes.

How to apply for insurance with Ladder

  1. Visit the website and click “Get Started.” 
  2. You’ll answer a series of questions and will need to provide the following:
    1. Your sex
    2. Your height
    3. Your weight
    4. Your history of tobacco use
    5. Your birthdate
    6. Your family history of certain diseases
    7. Your household income and remaining mortgage balance
    8. Number of children you have
  3. Next, select your coverage amount and term length. You can choose a death benefit amount between $100,000 and $8 million and you have 10-year to 30-year term options. You’ll instantly see an estimated life insurance rate. 
  4. You’ll answer more questions about your activities, travel plans, marijuana and other drug use, criminal and driving history, and medical history.
  5. Provide your name, address, and contact information.
  6. Apply for coverage and find out if you're approved.

The bottom line on Ladder

Ladder offers an easy, convenient, and straightforward way to apply for coverage. What’s more, it saves you money in three ways:

  • The company conducts business online
  • Their licensed customer support agents are salaried employees
  • You can change your coverage at any time

The product makes sense for people who expect major life events to change their needs, such as a growing family or a new home. Because most people in the 20-to-60 age group will have their financial needs change, a flexible life insurance policy is a win.

If you’ve been putting off completing a life insurance application because you were worried about the cost or the hassle, now’s the time to get coverage. Premiums are lower for younger, healthier people, and you’ll be able to lock in your price for the entire term. Plus, depending on underwriting requirements, you may not have to visit a doctor’s office or get stuck with needles to get coverage. For most people, it just takes a few minutes to complete the online application with Ladder.

Ladder Benefits

  • Policies From $100,000 To $8,000,000
  • Price Lock Guarantee
  • Cancel or Reduce Coverage Anytime
  • No Policy Fees. Ever.

Author Details

Lindsay Frankel Lindsay Frankel is a Denver-based freelance writer who specializes in credit cards, travel, budgeting/saving, and shopping. She has been featured in several finance publications, including LendingTree. When she's not writing, you can find her enjoying the great outdoors, playing music, or cuddling with her rescue pup.