Ladder Life Insurance Review (2020)

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Affordable life insurance

If you have a family that depends on you, then life insurance is an important way to protect their future. Although it can be difficult to think about the possibility of you not being there to help them through life, you can safeguard their future with an affordable life insurance policy.

Ladder Life Insurance makes it easy to secure a worthwhile life insurance policy without many of the traditional obstacles. We will take a closer look at what this company has to offer you today.

What is Ladder Life Insurance?

When you start to shop for life insurance, you’ll quickly realize that there is a difference between whole and term life insurance. In most cases, term life insurance is a better option.

You’ll be able to cover the financial needs of your family for a specific period of time. If you pass away before the specified term limit, then your family will receive a death benefit that can help to sustain them financially.

You can factor in the different financial obligations that might fall on your family for a specified period of time. For example, you may include enough coverage to pay off the mortgage or to fund your child’s college education. If you aren’t exactly sure how much coverage your family needs, then Ladder can help you with their useful calculator.

Ladder Life Insurance offers term life insurance at competitive rates. As a relatively new company that was founded in 2015, Ladder provides a more streamlined approach to life insurance than some of the more traditional companies.

With less hassle and competitive policies, Ladder is a worthwhile option to consider when you are seeking out the right life insurance policy.

How does Ladder Life Insurance work?

Unlike most life insurance options, you will not have to work with a commissioned sales agent to buy your policy. Instead, you’ll be able to walk through the streamlined online process in a matter of minutes. Once you fill out the application, you’ll receive a decision instantly.

The decision may allow you to secure life insurance without a medical exam. However, in some cases, you may be required to complete a medical exam at your home.

With the information you provide to Ladder, they will determine your risk class and your monthly premium for the coverage selected. Not everyone will receive the same rate since age, health and other risk factors vary from person to person. But the policies offered provide solid protection at reasonable prices.

Features of Ladder Life Insurance

Now that you know a little bit more about Ladder, let’s dive into the details.

1. Affordable life insurance

Ladder offers term life insurance at an affordable rate. Although the company doesn’t offer whole life insurance, term life insurance is typically the better option. For anyone aged between 20 and 60 years old, Ladder offers a solid option.

2. Range of coverage options

When you apply with Ladder, you’ll be able to choose from multiple policy options. You can choose a term length for 10, 15, 20, 25, or 30 years. Beyond the term length, you’ll be able to choose a coverage amount in the range between $100,000 and $8 million.

Overall, Ladder offers flexible coverage options. Plus, you can change the amount of coverage you need throughout the term of the policy. Instead of canceling your existing policy when your needs change, you can adjust your coverage by “Laddering Up” by applying for more coverage and “Laddering Down” with a few clicks.

The ability to regularly update your policy to reflect your needs is a very useful feature. In fact, you may save thousands over the course of your policy if you regularly update your coverage needs.

3. Life insurance without medical exam

With insurance through Ladder, you have the opportunity to enjoy life insurance without a medical exam. Although not everyone will qualify for life insurance without a medical exam, many will.

If you do need to pass a medical exam to receive coverage, then Ladder will send a technician directly to your home. With that, you can enjoy a hassle-free medical exam process and move forward with your life insurance coverage.

4. Fast decision

You will receive a decision about your application within a few seconds. Instead of allowing the process to drag on for weeks, Ladder will help you secure the coverage you need and get back to the fun parts of life quickly.

Pros & Cons

As with all financial products, Ladder has pros and cons that you should be aware of.

Pros

  • Fast process. With a streamlined online application, Ladder is able to make a decision about your policy within seconds. You won’t be forced to watch as the process drags out for weeks.
  • Flexibility in adjusting coverage. You never know what life will throw your way. As our financial needs change, Ladder will allow you to decrease or apply to increase your coverage limits with minimal effort.
  • Accessible customer service. When you are applying for life insurance, you want to be able to ask questions and work through any problems with a friendly customer service agent. Ladder offers several ways to reach their customer service representatives that can assist you when questions arise.

Cons

  • No riders. With many life insurance policies, you have the option to add riders and supplemental coverage to customize your plan. Ladder doesn’t have these options which can be a problem if you have specific customizations in mind.

Ladder Life Insurance rates

Life insurance rates are the result of a combination of factors. A few factors that are considered in life insurance rates include:

  • Age. A younger applicant can generally expect a lower rate.
  • Health. A healthy person with a clean family health history can expect a lower rate.
  • Lifestyle. If you have a dangerous job or hobbies, then you should expect a higher rate.
  • Driving record. Safe drivers should expect lower rates.

When looking at the variety of factors, Ladder generally offers a competitive rate that offers you the coverage you need without any sticker shock. The streamlined process and no commissioned agents are some of the reasons the company is able to offer affordable rates.

How to apply life insurance through Ladder

If you are interested in working with Ladder, then it is easy to get started. First, head to the Ladder website and click “Get Started.

Next, select the coverage amount and term length that you want. If you aren’t sure what coverage amounts you need, then consider using the Ladder calculator to get a better idea of your insurance needs.

After you’ve selected the coverage amount you’d like, Ladder will request a variety of information about your health, lifestyle, and more. 

After you complete this information, you’ll need to provide some personal information. You’ll need to share your Social Security number, email address, phone number, and home address. It will help to have this information handy to keep the application process moving quickly.

Within a few minutes of completing this application, you’ll receive a decision.

Ladder may provide an offer for coverage for you to accept, a request for a medical exam, or a decision to deny your application. At this point, you can consider your options and move forward with the appropriate next step.

Is Ladder Life Insurance right for you?

Term life insurance offered through Ladder is a great product that can protect your dependents. However, it is not right for everyone. If you are over 60 or under 20, then you will not be able to work with this company.

If you have dependents and need life insurance to protect them, then Ladder is a worthwhile option to consider. You’ll enjoy a competitive rate coupled with a streamlined process that helps you check this item off your financial to-do list quickly.

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