Life insurance coverage is a great way to 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 at better rates than other online insurance providers. Better yet, many policies can be underwritten in 20 minutes often without a medical exam.
What is Ladder Life Insurance?
Founded in 2017, Ladder is a life insurance provider 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 providers, Ladder often does not require a medical exam to receive a quote.
Instead, Ladder asks a series of questions to determine if you are in need of a medical exam based on age, health, and lifestyle.
Applicants typically receive a decision about their eligibility within 20 minutes, which 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. This is significantly more coverage than you can typically purchase without a medical exam.
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 increase the face value of your policy or extend your term length. 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?
Quoting through Ladder is relatively straightforward and takes about 20 minutes. Here are some simple steps to obtaining your Ladder quote:
Select Your Coverage Limits and Term Length
First, 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
Next, Ladder will ask you a series of questions to determine your eligibility, including:
- Occupation
- Health History
- Family History
- Driving Record
- Lifestyle Choices
Any hazardous hobbies, such as smoking, also contribute to your eligibility for life insurance. Depending on your lifestyle, this process should take no more than a couple of minutes.
After you answer the qualifying questions, Ladder will return with a decision. Based on the information you provided, they will either return with a life insurance quote, a request for a medical exam, or a declination.
While unlikely, it is possible to be denied coverage based on health issues. Otherwise, you may need to take a medical exam.
If this is the case, Ladder will help you schedule the medical exam at your convenience. It can be performed at home or at work at no additional 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.
Currently, it does not offer coverage to New York residents, but it is in the process of filing with New York.
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 often does not require a medical exam, 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 company.
Below are some of the advantages and disadvantages of purchasing your life insurance through Ladder.
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 increase or decrease 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 underwrites its policies through Fidelity Security Life Insurance Company. Fidelity has an excellent rating (A-) with A.M. Best, a respected insurance rating agency. This rating indicates that Fidelity is 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
- Not available in New York: At this time, Ladder can offer life insurance to applicants in every state except New York. They are currently in the process of filing with New York.
Lack of educational resources: A common complaint among Ladder users is that there is a lack of educational resources available. If you would like to learn more about term life insurance or how much coverage you need, you will need to do additional research outside of Ladder. - 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.
Bottom Line
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.
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