Ladder Life Insurance: A NerdWallet Review
Ladder Life Insurance offers instant term life insurance policies across the country. This review assesses the company’s offerings, customer experience, and how it stacks up against other insurers.
Overview
NerdWallet rating: 4.5 out of 5 stars
Bottom line: Ladder provides quick online access to life insurance, often without requiring a medical exam. However, if you’re looking for permanent coverage, you’ll need to consider other options.
Pros:
- Quick and easy online application process
- Medical exams often not required
- Coverage limits up to $8 million
Cons:
- Few riders available
Ladder was established in 2015 and offers term life insurance through a fully digital application. The company operates in all states and provides significant coverage amounts without requiring a medical exam. However, it’s important to note that Ladder has received a higher-than-expected number of consumer complaints.
Ladder’s policies may be issued by Ladder Life Insurance Company or its partners, including Allianz Life Insurance Company, Amica Life Insurance Company, Prudential, TruStage, S.USA Life Insurance Company, and Fidelity Security Life Insurance Company.
Ladder Life Insurance Policies
Term Life Insurance:
- Available for people ages 20 to 60.
- Apply online with most policies issued quickly.
- Coverage amounts from $100,000 to $3 million typically available without a medical exam. Coverage up to $8 million requires an exam.
- Term lengths: 10, 15, 20, 25, and 30 years.
Ladder stands out because it allows policyholders to adjust their coverage at any time and re-evaluates premiums to match. For example, decreasing coverage from $1 million to $750,000 would lower your premium.
Customer Complaints and Satisfaction
Analysis of data from the National Association of Insurance Commissioners indicates that the companies that issue Ladder policies have drawn fewer complaints than expected for their size over a three-year period.
How Ladder Compares to Other Insurers
Ladder competes with other insurtech companies. Here’s a quick comparison:
What Reddit Users Say About Ladder
Reddit discussions contain varied comments about Ladder. Some users find the premiums affordable and the application process simple. Other users mention that Ladder’s policies are underwritten by various companies, recommending checking their financial strength ratings first. Some negative experiences noted include denials or final rates being higher than initial quotes.
Questions from Reddit: Expert Answers
Why did Ladder deny my life insurance application?
Life insurance companies may deny applications for various reasons, including criminal convictions, specific medical conditions, substance abuse, or a high-risk profession. If denied, explore other insurers with the help of a life insurance broker or agent.
Why is my Ladder life insurance quote so cheap (or expensive)?
Premium rates vary based on the underwriting process. Factors such as tobacco use or pre-existing medical conditions influence the price. Getting quotes from multiple insurance companies can help you find the best price.
Applying for a Policy with Ladder
The application process starts on Ladder’s homepage. The application includes several screens for providing contact information and basic details, like your sex at birth, height, weight, and nicotine use. Additional information, such as Social Security Number, is required to receive a quote.
Ladder’s Customer Experience
Ladder’s website is mobile-friendly and offers online quotes. It also features helpful guides and a calculator to determine how much life insurance you need. The FAQ section includes information on available policies, such as term lengths available and, currently, the unavailability of riders.
Customer service can be accessed online through a phone number or email. However, customer service is limited to a few hours per day. Customer service representatives were found to be helpful, and could explain the maximum amount of term life insurance available and provide accurate information about riders.
More About Ladder
Ladder has partnered with the personal finance company SoFi, which allows SoFi members to create wills for free.
How to Contact Ladder Life
- Phone: 844-533-7206 (weekdays, 9 a.m. to 12 p.m. PT)
- Email: [email protected] or use the contact form on their website.
- Live chat: Not available
