Ladder Life Insurance, a FinTech-based insurance company, was established in 2015. The company is entirely online and only sells term insurance policies in all 50 US states. Ladder’s innovative approach to Life Insurance emphasizes a simplified application process, flexible coverage, and affordable policies.
Ladder Life, a unique and digitally-enabled insurance provider is for individuals who want a seamless insurance experience. The company does have its strengths and weaknesses. Continue reading to find out more about Ladder Life Insurance policies and whether it is the right provider for you.
Ladder life insurance
Innovative is a description of Ladder Life Insurance. The online application is quick and easy to fill out. If you are eligible, you can receive coverage immediately. A majority of individuals don’t need to undergo a medical exam. Ladder insurance also offers policyholders the ability to “ladder,” or modify their coverage, as they need it over the term. Online customer accounts allow policyholders to increase or decrease coverage without having to speak with an agent.
There are many types of life insurance policies available
Ladder, a modern insurance company, appeals to young consumers who are looking for life insurance. However, the coverage offered is very limited. Ladder Insurance currently sells only term life insurance policies. There is no permanent option for life insurance.
Ladder Insurance doesn’t underwrite its own insurance policies. Allianz Life Insurance Company of New York issues Ladder’s policies for policies in New York State. Fidelity Life Insurance Company is responsible for policies in 49 other states. Both insurers are well-respected for their financial strength and extensive experience in the insurance business.
Term life insurance
Term life insurance provides limited coverage for a certain period. Ladder’s life insurance policies can be purchased in terms of 10, 15, 20, 25, 25 or 30 years. This insurance policy is great for young families or healthy individuals looking for affordable coverage. You can apply if you are between 20 and 60 years old.
The policyholder’s death during their term will result in a guaranteed, tax-free death benefit that can be used by any beneficiary. The policyholder has the option to increase or decrease their coverage limit at any time according to their family’s needs.
Ladder Life Insurance doesn’t offer permanent life insurance policies. However, policyholders can choose to renew their term policy for a specific period of time after the initial term expires. The premium will increase if you renew a term policy.
Ladder Life is a great choice
For young and healthy people who are looking for affordable term life insurance, Ladder Life is an excellent choice. It is easy to apply online for coverage or purchase a policy. There are no waiting periods, medical exams or other requirements for most applicants.
Ladder Life Insurance is a good choice for people looking to purchase life insurance. It is easy to calculate how much coverage you need with the online coverage calculator. Ladder offers a refer-a friend program where policyholders can earn up $1,000 by referring new customers.
Ladder’s customer service is another plus. Potential customers and policyholders can contact a service agent by phone, email, or live chat. Customers can be confident in the quality of service they receive because these agents are not commissioned agents but salaried employees.
Ladder Insurance does not offer permanent policies. This is the obvious drawback. Seniors over 60 are not recommended to use this insurance. It is best to look for an insurance company that offers both term and permanent insurance if you want to purchase a policy.
Ratings, reviews, customer satisfaction, and complaints about Ladder Life insurance
A quick internet search for “Ladder life insurance reviews” will only bring up a few results. J.D. has not rated the company. The company is not rated by J.D. Power or the National Association of Insurance Commissioners, and does not have a Better Business Bureau page (BBB).
AM Best has not rated Ladder because it does not insure its life insurance policies. Its partner companies however have high financial strength ratings. AM Best gives Allianz Life Insurance Company of New York an A+ rating, and best-insured life company. It all depends on what type of coverage you desire, how much coverage is needed, your age, health, and where you live. MetLife, Northwestern Mutual and Prudential Financial are some of the best-rated life insurance companies.
What amount of life insurance do you need?
Your financial situation and the needs of your family will determine how much life insurance you need. Add up all your debts and expenses, then subtract that amount from your income. You should have sufficient life insurance to cover the gap.
What is the difference between whole-life and term insurance?
Term life insurance provides coverage for a limited time. Whole life insurance covers you for the rest of your life. Unlike whole life policies, which have cash value, term life insurance doesn’t usually have any cash value. Price is the last significant difference. Term life insurance is less expensive than whole-life insurance because it offers limited coverage.