Ladder life insurance review 2024

In a nutshell

Ladder focuses on helping customers in all 50 states adjust their coverage as life situations change.

• This innovative approach may work for younger adults who value digital tools, low premium prices, and longer term lengths.
• Various reputable insurers hold each policy, all with stellar financial credibility.
• However, Ladder cuts off coverage at age 70, and those 60 or over need not apply, making it a no-go for older adults and seniors.

Ladder Life Insurance

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Ladder Life Insurance

Coverage max

$8 million

Term

10 - 30 year terms

Eligible ages

Under the age 60

Am rating

A+

Ladder life insurance overview

Ladder is a 100% online insurance service provider that offers term life insurance policies for adults up to the age of 60. Founded in 2015, it is a California company that distributes products issued by multiple highly rated insurers so that it can reach all 50 states with its policies. It offers no additional riders.

For those seeking just term life with no frills or hassle, Ladder’s online application process may be seamless. It also represents some of the best insurers in the industry with excellent ratings. ust be aware they offer better pricing and policy term lengths to younger applicants.

Ladder life insurance coverage options

Ladder represents a few insurers but focuses on just one life insurance product: term life. With policies of up to $8 million in coverage and up to 30-year terms, it’s a flexible company with affordable options for a variety of financial and lifestyle needs.

Note that where you live, and your personal situation will determine what's available when you complete your application. Ladder also only takes applications from those aged 20 to 60.

Policies offered through Ladder are not convertible, meaning you can't turn them into whole life policies at some point. It's not permanent life insurance coverage, so you'll need to make plans for other coverage if your policy is set to run out at age 60.

Most adults in good health can apply completely online, with no in-person medical exam necessary (just health questions asked on the online application), for coverage up to $3 million and receive instant approval. Coverage above $3 million requires a medical exam and Ladder will help to schedule one in your home or workplace.

Ladder prides itself on making it easy to "ladder" up or down as your life situation changes the amount of coverage you need. If you need less coverage, you can seamlessly choose to lower your coverage amount, thus lowering your monthly premiums payments with a click of a button online. If you need more, it's also easy, but you'll actually be completing a new application to make this happen. (Ladder saves your information to make the already quick application process just that more convenient.)

Ladder life insurance riders

Unlike some other online life insurance brands, Ladder does not offer additional coverage riders. It claims that it does this to avoid making life insurance unnecessarily complicated or expensive.

Ladder life insurance rates

Ladder offers coverage to all 50 states, but that requires it to use policies from several insurers. Pricing, therefore, can vary, but it’s generally an affordable pick for those under 60.

A sample price for a 25-year-old female non-smoker in excellent health needing $250,000 in coverage for a 20-year term is just $14.40 a month.

For a male, it’s $15.30.

This seems very reasonable, and your health and lifestyle can affect these prices. However, purchasing a 30-year term is still the best way to save money in the long run, and these longer terms aren’t available for older applicants. So rates, while low for younger adults, may be disproportionately high for anyone in their later years.

Ladder life insurance customer service

Because Ladder offers policies from multiple insurers, it can only be rated on customer service. Reviews about the service overwhelmingly praise the simple online application, but unhappy customers mention that it can take many weeks to complete the actual underwriting process. This isn’t unusual for a life insurer, but those expecting the 5-minute application to result in immediate approval may be surprised to learn that the application must still go to the underwriters for approval.

The Better Business Bureau (BBB) gives Ladder an A+ rating with no customer complaints or cases filed. Ladder's carrier partners are highly rated by A.M. Best, with ratings ranging from A- to A+.

How Ladder life insurance compares with other brands

Ladder has a sleek online interface, making the process of completing an initial application hassle-free. Because it sells policies from multiple insurers, consumers in all 50 states can apply. Not every company can promise such wide availability.

However, Ladder offers just one type of policy: term life insurance. It doesn’t allow for conversion, unlike some other companies. Policies are competitively priced for younger adults, but once you hit age 60, applying for a new policy is not possible. In fact, terms can’t last longer than when you reach age 70. Although, coverage is renewable for up to 5 years.

This makes Ladder out of reach for older adults, especially those who want to take advantage of the "ladder up" concept of raising coverage as life situations change. This isn't particularly unique to Ladder; most companies do require a new application for additional coverage. However, when comparing policies to see you through your entire life, not everyone will want to jump ship when they get older. It also has no riders to sell, making it impossible to diversify coverage from just this one company.

Ladder Life Insurance

View Offer

Ladder Life Insurance

Coverage max

$8 million

Term

10 - 30 year terms

Eligible ages

Under the age 60

Am rating

A+

Methodology

Our analysis begins with customer feedback on the company under review from J.D. Power and studies from Life Happens and LIMRA. Next, we look at the following metrics:

• Cost relative to the company’s competitors
• Financial strength and ability to meet obligations
• Policy types, features, and riders
• Customer satisfaction

Frequently Asked Questions (FAQs)

Is Ladder life insurance legit?

Ladder  is a real life insurance services provider offering term life insurance policies by reputable companies. It has issued over $69 billion in coverage to customers across the U.S.

Who is Ladder life insurance backed by?

Ladder helps match customers to the policies available in their area and does not do all of its own underwriting.

Does Ladder life insurance require a medical exam?

Like most online insurance companies, Ladder accepts applications and can issue insurance without the need for a medical exam in most cases, including if the policy coverage amount is $3 million or less. Policies over $3 million require a medical exam.

Does Ladder life insurance have a waiting period?

Ladder doesn’t mention a waiting period. However, policies are provided by individual insurers and may have their own regulations for policies.