Ladder Life Insurance Reviews 2023: Everything You Need to Know

 Ladder Life Insurance came into existence in 2015, in California to offer online life insurance across the United States. Ladder’s Life Insurance is available in all 50 states, including Washington D.C.

In 2020, Ladder Life insurance went into partnership with SoFi, a personal finance company, and NetLaw (a legal document platform) that will enable SoFi members to generate a legal will for free.

Ladder’s life insurance is available for people from ages twenty to sixty. 

When it comes to life insurance, Ladder has set a standard for itself by simplifying the process of purchasing life insurance. Through the company’s online platform, it provides direct sales of life insurance to consumers.

It also simplifies the application process, which makes it faster than what is attainable from traditional insurance companies.  

The goal of ladder insurance is to utilize the benefits of technology in safeguarding life insurance. The process of applying for Ladder life insurance is designed to be simple, smart, and instant. There is no policy for Ladder Life.

From the policy application to maintenance, all Ladder processes are carried out online. Therefore, policyholders have full control over their policy.  

Ladder Life Insurance offers its services via a mobile/user-friendly website. One of the advantages of the website is that it has an online quote process that provides clients with an estimate of their policy cost in minutes.

However, to receive a more detailed/ complete quotation, customers need to provide more detailed information. 

Interested customers can download the free app online and start applying for their policy directly through it. They can also increase or reduce their policy any time the need arises.

It is important to keep in mind that ladder Life Insurance does not sell any other product apart from term life insurance. 

Ladder Life Insurance Review

Accessible Coverage Options from Ladder Life Insurance

Ladder life insurance provides coverage options for people who are at least 20 years and not over 60 years at the time of application. Policyholders can choose from one of the available coverage terms (10,15,20,25,30).

When applying for a life insurance policy with Ladder, your age and policy of choice may not exceed seventy years. At the death of the policyholder, the company provides payment of a lump sum (tax-free) to the policyholder’s beneficiary.

Ladder life relies on your risk factors to determine your monthly cost. The following factors can affect your monthly remittance to the company:  

• Your age 
• Your health status  
• The kind of work you do  
• Your medical history  
• The medical history of your family 
• Smoking status 

Ladder Life Insurance is determined to keep its process simple. Therefore, there are no optional riders or extra for-free coverage with the company.

The company provides clients the opportunity to either increase or reduce their policy amount online according to their current needs. 

Note that, Ladder Life Insurance does not offer permanent insurance coverage. However, policyholders can renew their insurance coverage terms for an added period after the original term elapses. 

Allianz Life Insurance company is responsible for issuing Ladder policies in New York, while Fidelity Security Life Insurance Company and Allianz Life Insurance Company are responsible for issuing Ladder policies in North America. 

See Also: Life Insurance Beneficiary: Overview, And Everything You Need To Know

Ladder Life Insurance Term Cost

The cost of a policy with Ladder Life Insurance depends on the individual applying. However, you can get an estimate of your fees on their official website.

For instance, a healthy female that is 33 years old may be required to pay only 13 dollars per month for 100,000 dollars of life insurance coverage on a ten years’ term.

Even if this individual wants to go for one million in policy coverage, the cost might still be less than 52 dollars’ monthly payment. Individuals can apply for as much as eight million dollars.

For people who are older or have some form of health complications, coverage monthly fees can be more expensive.  

Life Insurance Offer Requirements 

To be eligible for a Ladder Life Insurance offer, you need to be a United States citizen or a legally registered residence who has lived in the country for at least two years.

Also, applicants must be at least 20 years and not more than 60 from their nearest birthday. Therefore, if your current age is closer to your next birthday than your previous one, you are considered the next age.  

 Ladder Life Insurance underwrites every customer individually according to their application. Therefore, each customer’s price is tailored according to his or her application.

For coverage up to 3 million dollars, Ladder Life Insurance does not require the applicant to provide a medical examination.

However, Ladder’s technical team will visit you at your home or office to take a blood sample and urine sample and also take a measurement of your height and weight. 

See Also: How Much Life Insurance Do You Need?

Ladder Life Insurance Availability 

Ladder Life is available in all 50 states including Washington DC.   

Ladder Insurance Customer Satisfaction and Complaints

According to information from 1,650 reviews from Trustpilot, Ladder insurance has a 4.8/5-star rating (November 5, 2021). The reviews show a positive response as to the length of time spent to receive approval from Ladder insurance.

Nonetheless, there are a few times that customers have to spend more than the required time to get approved.  

All activities and communications with the company are transacted online. They also have licensed staff and insurance agent that responds to all queries concerning insurance policies.

You can reach ladder life insurance at (855) 543-3944 or through their customer care email help@ladderlife.com.

They promise a fast response to all emails and queries that arrive within normal working hours (8 am to 5 pm PST) from Monday to Friday.  

Ladder Life Insurance Pros and Cons

Pros 

• An easy online application process 
• Coverage up to 3 million dollars does not require a medical examination 
• Policyholders have the option to reduce their coverage online without attracting extra charges 
• Ladder Insurance employs only licensed paid professionals 
• Policyholders can cancel their policy whenever they feel like doing so. If you are not satisfied within the first 30 days, you can apply for a full refund of your money 
• It offers a price lock guarantee, which means customers premiums will not change as a result of health challenges and age 

Cons 

• Ladder Life Insurance provides term life coverage  
• For those that prefer the more traditional way of applying for coverage, ladder Life insurance online coverage can be a disadvantage to them 
• Some of its policies are handled by companies with a lot of complaints that are above the state stipulated average 
• It does not provide riders for its policies 

See Also: Globe Life Insurance Reviews: Should You Invest Your Money Or Not

How to Purchase a Life Insurance Policy

 The first step to buying a life insurance policy is understanding and selecting the type of policy that is most suitable for you (e.g. Term or Whole life policy). Scout for the type of riders your wish to be included in the policy (Ladder Life Insurance does not offer any riders).

Once you select the type of insurance you need and riders (if any), the next step is to calculate the amount and duration of life insurance you require. Ensure that your choice Insurer offers services that meet your requirement before settling down with the company. 

When you are comparing coverage rates from different companies, ensure that the price is for the same coverage term and duration. It is also essential to ensure that the company provides a medical examination that you are comfortable with before signing the required documents.

For example, those who are not comfortable with a medical examination but can answer medical questions can look for a company that provides the same services.  

When it comes to life insurance policies, the price may not necessarily be the biggest determiner of your decision.

There are other factors like customer criticisms, and approval duration to consider before making the final decision. A company with a high-complaint level may not be the best option for you.  

Reason Why You Should Consider Ladder Life Insurance

If you are young and healthy, Ladder Life Insurance might just be your best option. The company provides reasonably priced life coverage using a digital approach to make the process faster than traditional coverage providers.

For the majority of the applicants, there is no need for medical examination, the requirements are also not so severe and the waiting period is usually short.  

Ladder life insurance is also suitable for first-time buyers of a life insurance policy. If you wish to have an idea of the cost of your life insurance policy before making a payment, the company provides you with an online policy calculator. Therefore, you have an idea of what you are expecting to pay.

Ladder Life Insurance, through its refer-a-friend program, offers customers the opportunity to gain as much as 1,000 dollars in benefits for bringing their friends to sign up with them.  

Another reason why you should consider Ladder insurance services is because of their good customer service. Contacting a Ladder agent is just a phone call away or via email or live chat.

They also work with salary agents and not commissioned ones. Ladder customers can get better quality of service and will be sure of the services they receive.  

Nonetheless, the fact that Ladder Life insurance does not provide a whole-life insurance policy and riders can be a turn-off for most people. This insurance is also not suitable for seniors (those above 60).

For those hoping to buy a term policy that they will convert to a permanent policy after some time, it is best to go for an insurer that provides both types of insurance offers.  

See Also: 10 Best Cheap Life Insurance for Seniors in 2023

Rating

Ladder Life Insurance is relatively young. Therefore, if you are looking for the company’s rating from popular dating sites like J.D. Power or the National Association of Insurance Commissioner (NAIC), you may not find any information.

There is also no Better Business Bureau page for the company at the moment.

Your best option is to rely on Ladder Life Insurance Reviews from other verified sources like Investopedia and Nerdwallet.
 

There is also no AM Best rating available for Ladder Life Insurance because it does not underwrite its life insurance policy. Nonetheless, the company’s partners Allianz Life Insurance Company of New York and Fidelity Security Life Insurance Company have A+ and A ratings respectively in terms of financial strength.   

F.A.Q. About Ladder Life Insurance 

Conclusion

Ladder Life Insurance is a next-generation forward-thinking life insurance company that is suitable for technologically inclined individuals. It is an easy way to purchase a life insurance policy and is suitable for tech-savvy individuals.  

Before choosing an insurance company it is essential to consider the needs of your family and compare various options. However, if you are looking for an insurance company that provides whole life insurance as well as offers additional riders, Ladder-life is not the company for you.

References

• Lendedu
• Nerdwallet  
• Investopedia
• Bankrate

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