Life insurance coverage is a great way to help protect your family financially in the event that you pass unexpectedly.
However, it can be difficult to find a good rate for life insurance if you have a high-value estate.
Ladder offers high-value term life insurance policies often at better rates than other online insurance providers. The application process can be completed in 5 – 15 minutes and you’ll receive a nearly instant decision.
What is Ladder Life Insurance?
Founded in 2015, Ladder is a life insurtech company that offers term life policies at competitive rates, especially if you are looking for policies with face values over $1 million.
Ladder promotes a streamlined experience with all policies bound and managed online without the use of an agent.
The rise of Insurtech has played a large role in how Ladder quotes, underwrites, and manages policies.
Those comfortable managing financial decisions online will enjoy Ladder’s easy-to-use platform and quick underwriting decisions.
Unlike other online life insurance platforms, Ladder does not require a medical exam for applicants seeking coverage up to $3M.
Instead, Ladder asks a series of questions about your age, health, lifestyle, and other factors to determine your eligibility and price, health, lifestyle, and other factors.
It takes anywhere from 5 to 15 minutes to complete Ladder’s online application. After this, you should receive a decision in a matter of seconds. This can reduce the typical application time by days or weeks.
Ladder offers level term life insurance, which means that your premiums remain stable throughout the course of the policy.
The face value of their policies ranges from $100,000 to $8 million with no medical exam required for coverage up to $3 million. This is considerably more coverage than you can typically purchase without a medical exam.
Deciding How Much Insurance You Need
Determining how much life insurance you need can be tricky. There are several rules of thumbs you can follow such as a multiple of your income – 15x is a common one for someone in their 20-30s.
Instead of trying to take an educated guess, Ladder provides a simple life insurance calculator so you can pick the appropriate coverage with confidence. Here’s how the calculator looks:
You’ll need to know some of your financial numbers such as mortgage balance, outstanding debt. etc. But this should all be simple information you’ll be able to input rather quickly and get the coverage amount.
Can I Adjust My Coverage Limits with Ladder?
Many people’s financial circumstances change over the course of a life insurance policy.
Through other insurance providers, you must cancel your existing policy and purchase a new one in order to change your policy limits.
Ladder believes that you should be able to adjust your coverage at any time to meet your specific needs.
Through their Ladder Up and Ladder Down feature, Ladder gives you the freedom to adjust your policy limits as your financial needs change. This ensures that you are never paying for more coverage than you need.
The Ladder Up feature allows you to apply to increase the face value of your policy. The added coverage will be priced separately, and your premium will change based on your new coverage limits.
Alternatively, the Ladder Down feature lets you reduce your policy amount if you would like less coverage in place. This will decrease your premium proportionately with the reduction in coverage.
How Do I Quote Through Ladder?
Getting a quote and applying for life insurance through Ladder is relatively straightforward and takes about 5-20 minutes. Here are some simple steps to obtaining your Ladder quote:
Enter Basic Details To Get An Initial Quote
First, you provide a few details to get an initial quote. You’ll be asked for information like:
- Date of Birth
- Smoking Status
Select Your Coverage Limits and Term Length
Next, you will select your coverage limits and term length.
Ladder’s coverage amounts range from $100,000 to $8 million.
Ladder offers terms of 10, 15, 20, 25, and 30 years.
Be Prepared To Answer Eligibility Questions
Then, Ladder will ask you a series of questions to determine your eligibility and price, including:
- Health History
- Family History
- Driving Record
- Lifestyle Choices
After you answer the qualifying questions, Ladder will return with a decision. Based on the information you provided, they will either return with an offer for a life insurance policy, a request for more information, or a declination.
While unlikely, it is possible to be denied coverage based on health issues.
If you’re applying for more than $3M in coverage and a health check is required, Ladder will either send you a lab kit that can be completed at home or help you schedule the medical exam at your convenience. The medical exam can be performed at home or at work at no cost to you.
Who is the Ideal Ladder Applicant?
Ladder life insurance is only offered to applicants between the ages of 20 – 60.
You must be a lawful resident of the US that has lived here for at least 2 years.
Those wishing to purchase larger life insurance policies may benefit from Ladder’s competitive pricing and quick underwriting decisions.
Ladder’s rates can be higher for those wishing to purchase smaller life insurance policies. Given that Ladder does not require a medical exam for coverage up to $3M, it can be a great option for those with larger policy limit needs.
Should I Use Ladder to Purchase Life Insurance?
The decision to purchase life insurance is important to the financial security of your family.
There are several points to consider before committing to a life insurance agency.
Below are some of the advantages and disadvantages of purchasing your life insurance through Ladder.
If you need help exploring your options, click on your state below to find more reputable life insurance companies in your area.
Pros of Ladder Life Insurance
- Quick underwriting decisions: Ladder controls the underwriting and risk analysis, which means they are able to return quickly with a decision. In as little as 5 minutes, Ladder is able to come to a conclusion regarding your life insurance eligibility. This can save enormous amounts of time in what is normally a long, slow process.
- Ability to decrease or apply to increase coverage limits: The process to adjust your policy limits through other life insurance providers is exhausting, often involving canceling your current policy and purchasing a new policy altogether. The Ladder Up and Ladder Down features make it easy to adjust your coverage to include everything you need.
- Excellent customer service: Ladder efficiently handles customer concerns through their online portal. There are representatives available to chat online or assist over the phone if you have questions about your policy or the process. All representatives are salaried, not commissioned. This means their focus is to help you rather than sell to you.
- Financial security: Financial security is important when considering a life insurance company. An insurance company with poor financial security can take decades to pay a claim. Ladder issues its policies through Allianz Life Insurance Company of New York in New York and Allianz Life Insurance Company of North America in all other states. Both companies have been rated A+ (Superior) affirmed in October 2021, by A.M. Best Company, an independent analyst of the insurance industry. For the latest rating, access www.ambest.com. This rating indicates that Ladder’s carrier partners are capable of paying any claims made by policyholders. This should ease any worries about Ladder’s legitimacy as a life insurer.
Cons of Ladder Life Insurance
- No riders or supplementary coverages: Most insurers allow you to customize your life insurance coverage through the purchase of riders. For instance, if you wanted protection against accidental death, a rider would provide this coverage in addition to circumstances underwritten in the policy. Ladder does not allow for the purchase of supplementary coverages or riders, which can limit your coverage.
Is Ladder Life Insurance Legit?
For any insurance company to exist they have to go through a stringent approval process and be licensed to conduct business in each individual state, according to the Insurance Information Institute. They also have to adhere to strict standards by the NAIC (National Association of Insurance Commissioners) to ensure they’re able to offer their products and services to consumers.
As mentioned above, they issue all of their policies through Allianz Life Insurance company which has been a top rated insurance company for many years that was founded in 1896 currently serving 1.2 million customers.
And if you’re worried about solvency they currently have a portfolio of $153.8 billion on their books.
Here’s a look at Allianz’s current ratings at the top ratings agencies:
|A.M. Best||A+ (Superior)|
|Standard & Poor’s||AA (Very Strong)|
All this to say that Ladder Life passes the Legit Check ✅
While Ladder does not have the lowest prices available, their rates are consistently better than that of top insurers.
Applicants can also qualify for more coverage than they typically would with a no-exam policy.
Ladder offers competitive prices for high-value life insurance policies, but it is important to compare rates before making a final decision.
If you have questions, please consult with your insurance agent or financial advisor to ensure that you make the best decision regarding your coverage.