Ladder Life Insurance Review: Affordable Coverage in 5 Minutes or Less

If you’re looking for an affordable way to protect your family, getting life insurance coverage is easier than you think.
Last updated Nov 10, 2020 | By Lindsay Frankel
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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 your family to be taken care of if you die, the best way to provide a safety net is to get life insurance coverage.

Fortunately, even the best 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 coverage in just a few minutes with Ladder Life Insurance. Coverage is straightforward and flexible. You can increase or decrease 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 Life Insurance review.

In this Ladder Life Insurance review:

What is Ladder Life Insurance?

Silicon Valley startup Ladder was founded in 2015 and provides 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 enrollment process is easy and the customer service is excellent.

Ladder Life Insurance Benefits

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

How does Ladder work?

Ladder offers term life insurance policies and allows you to modify your coverage as your needs change over time. It’s totally flexible, so you can increase or decrease your coverage easily without paying any fees. It never charges policy fees, and your price gets locked in for the entire term. Even if your health worsens as you age, you’ll still pay the same low monthly premium. Ladder offers several different term and coverage amount options. You can also cancel any time.

Ladder doesn’t have commissioned brokers, but instead employs salaried workers to help you, so they won’t try to upsell you. And because the company operates online, it’s able to offer lower premiums than its competitors. Policies are issued through Fidelity Security Life Insurance Co. and Allianz Life Insurance Company of New York.

How to maximize your savings with Ladder

With Ladder, you’ll already be saving money by opting for term life insurance from an online company that comes with a locked-in premium. You’ll also have the option to increase or decrease 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 will 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 and build more savings, you can update your policy and secure a lower premium. Your premium will decrease by the same percentage that your coverage decreases.
  • Refer your friends. Ladder has a referral program that is currently available only for California residents. You can earn $50 for each friend you refer, up to $1,000. Ladder plans to expand the program to other states, so check back if you don’t live in California.

Common questions about Ladder Life Insurance

Is Ladder insurance reputable?

Yes. Ladder works with trusted financial partners Fidelity Security Life Insurance Co. and Allianz of New York. They’re 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 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 never expires. Whole life insurance works like a hybrid between insurance and investing. A percentage of your monthly premium is deposited into a tax-deferred savings account. 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 can cost up to 15 times more than a term life insurance policy. Term life insurance is usually sufficient for most families.

Does Ladder Life Insurance need my medical records?

Yes. 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 sign up for 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 an amount between $100,000 and $8 million and terms from 10 to 30 years. You’ll instantly see an estimated price.

  4. You’ll answer a few 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!

The bottom line on Ladder

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

  • The company is able to offer lower rates because it conducts business online
  • You won’t have to deal with commissioned brokers trying to upsell you
  • 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 experience changes to their coverage needs, a flexible life insurance policy is a win.

If you’ve been putting off applying for life insurance because you were worried about the cost or the hassle, now’s the time to get coverage. Premiums are lower for young, healthy people, and you’ll be able to lock in your price for the entire term. Plus, you won’t 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 apply for coverage online with Ladder.

A life insurance policy could take the weight off your shoulders when it comes to ensuring that your family is protected. All it takes is a few questions and clicks to apply, and you’ll be able to rest easy.

Ladder Life Insurance Benefits

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