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. 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.
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|
|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|
What is Ladder?
Silicon Valley startup Ladder was founded in 2015 and provides 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 enrollment 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. It’s totally flexible, so you can decrease or apply to increase 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. Policies are issued through Fidelity Security Life Insurance Company® Kansas City, MO. 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 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 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 where you can earn $20 for each friend you refer, up to $1,000 — some state restrictions apply.
Common questions about Ladder
Is Ladder reputable?
Yes. Ladder works with trusted financial partners Fidelity Security Life Insurance Company® and Allianz Life 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 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. 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 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 apply for insurance with Ladder
- Visit the website and click “Get Started.”
- You’ll answer a series of questions and will need to provide the following:
- Your sex
- Your height
- Your weight
- Your history of tobacco use
- Your birthdate
- Your family history of certain diseases
- Your household income and remaining mortgage balance
- Number of children you have
- 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.
- You’ll answer a few more questions about your activities, travel plans, marijuana and other drug use, criminal and driving history, and medical history.
- Provide your name, address, and contact information.
- Apply for coverage!
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
- 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 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 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.