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finder.com's rating: 2.5 / 5
★★★★★
20 to 60
Issue Age
$100,000 to $8,000,000
Coverage
Depends on policy
Medical Exam Required
Policies | Term life insurance |
---|---|
Coverage maximum | $8,000,000 |
Term lengths | 10, 15, 20, 25 or 30 years |
Medical exam required | Depends on policy |
Available states | Available in all states & DC |
Issue age | 20 - 60 years old |
Riders |
No riders available |
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Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
With its streamlined site, on-the-spot underwriting, and fee-free policies, Ladder offers innovative life insurance. It stands out for offering coverage up to $8 million, and giving customers the ability to reduce coverage without applying for a new policy — making it easier to factor life insurance into your ongoing financial plan.
But it’s not for everyone. If you’re not comfortable managing your policy online, it may not be the right fit. And if you want to add riders or convert to a permanent policy later on, that’s not possible.
Ladder offers term life insurance for those between 20 - 60 years old. The simplest and most cost-effective policy, term life offers coverage for a set period of time — in this case, 10, 15, 20, 25 or 30 years. The premium stays the same for the duration of the policy, unless you decide to adjust the amount of coverage. You can purchase a term life policy with a face value between $100,000 and $8 million.
You can also change your coverage amount after you’ve signed up for your policy. If you choose to decrease (ladder down) your coverage, you don’t need to apply for a new policy. Log in to your Ladder account online to drop your coverage, and your premium decreases proportionally. This is a rare offering you won’t find with most insurers. However, to increase your coverage, you’ll need to apply for the additional increased coverage amount. If you’re approved, your premiums will reflect the increased coverage amount.
Ladder doesn’t allow policyholders to customize their term life coverage with riders. This is because it relies on algorithms to create quick quotes, and riders would complicate that process. If you’re looking for riders to customize your policy, you’ll need to look elsewhere.
Your rate reflects your age, health, gender lifestyle, occupation, hobbies and other personal factors, as well as the length and amount of coverage. Like most insurers, Ladder reserves its best rates for its least risky applicants.
Its underwriting considers similar factors as other life insurers, including:
Ladder isn’t rated or accredited with the Better Business Bureau, which is typical for a young startup. This company shines on customer forums, with 4.8 out of 5 star rating on TrustPilot. Customers praise the easy signup, affordable rates, responsive service and streamlined application process.
However, one reviewer mentioned bait and switch tactics, and another claimed his final rate was double what he was quoted, but at the time of writing, the negative reviews were few and far between.
Ladder’s carrier partners, Fidelity Security Life Insurance Company and Allianz Life of New York, have an A and A+ rating respectively from AM Best. Reinsurer Hanover also scores an A+. This confirms Ladder’s financial strength and capability to pay out claims.
Though it only launched in 2017, the startup has also received a lot of positive press attention for its fresh approach to life insurance.
AM Best financial rating |
Not Rated |
BBB accredited | No |
BBB rating | Not Rated |
Trustpilot score | 4.8/5 out of 1100 customer reviews |
Customer reviews verified as of | 21 January 2021 |
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.