Searching for a term life insurance policy can often feel like a grind. It usually involves going to the doctor for a physical and a lot of waiting for your quote before you decide to sign a contract. Wouldn’t it be nice if there was an option to be approved for term life insurance without the enormous hassle and the wait?
Ladder Life Insurance offers quick-term policies that often skip some of the more annoying steps typically involved in applying. They also provide term policies for more substantial estates, which are often harder to insure.
Is Ladder Life Insurance Reputable?
Ladder Life Insurance was established in 2017, so it’s a little challenging to get a solid opinion of their capabilities or long-term longevity. They have, however, made a name for themselves since their incorporation by offering term policies for larger estates.
Ladder is backed and underwritten by Fidelity Security Life Insurance Company, a company that has received A ratings from several different rating boards.
Ladder definitely has the financial security to make a decent showing in the life insurance market. But it may be too soon to definitively pronounce them “a good company.” The current customer reviews are all positive, proclaiming that the site is both easy to navigate and has excellent customer support.
What Does Ladder Life Offer?
Ladder offers term life insurance policies. Term policies are life insurance policies that expire within a set amount of time if the plan is not activated (the policyholder survives the term of the insurance). Term policies are often less expensive than universal life policies, which can run hundreds of dollars per month, but last as long as the policyholder is alive.
Term plans afford more flexibility, but some volatility in the level at which they protect their policyholders.
It’s often painful to find term plans that cover large estates. More substantial estates expose the insurer to additional risk and require more of a payout if the policy is activated. Also, term plans often require a level of underwriting in the form of complete medical physicals and application processing.
Ladder Life Insurance removes those problems. They make the application process simple for everyone by putting the application online and often approving plans without the need for a physical. And they offer term plans for large estates valued over 1 million dollars.
Ladder Life Term Insurance Policies
Ladder Life Insurance offers term policies of 10, 15, 20, 25, and 30 years with payoffs between $100,000 and $1 Million. Their lower-tiered, lower coverage policies are often slightly more expensive than the industry average. But their higher-end plans are cheaper than most similar products.
They may require additional security measures, however, so the easy application process may not be automatically available for all applicants.
Ladder Life Insurance Ratings
Ladder Life Insurance bases its financial security on the success of Fidelity Security Life Insurance. Fidelity Security consistently scores an A rating from most financial accounting companies. This reliable financial backing results in stable products that are securely funded and underwritten, so the level of risk associated with a new company is low.
The reviews written by Ladder’s customers are overwhelmingly positive. Most people appreciate how easy the system is to operate. And they’re quite happy with the conscientious level of customer service. Most reviews listed are in the four to five-star range, which suggests a very high level of satisfaction.
Ultimately, though, Ladder Life Insurance is a new company. It began in 2017, so it doesn’t have the longevity or endurance of other major term life insurance suppliers. Customers should take that into account when applying to purchase a policy.
Pros & Cons of Ladder LIfe
- Easy to sign up. Ladder makes applying (and getting accepted) a streamlined and straightforward process. Customers only need to sign up and apply online. Customer service is widely reported to be excellent. They’ll walk customers through the entire process to maximize the potential to get results much faster than other providers.
- More control. The easy application process makes adding or subtracting value or length of the terms a straightforward process without a lengthy application process. Customers can sign up for longer terms, or extend the value of their term policy with a few clicks.
- Online account management. Ladder Life Insurance keeps all of the vital information about your policies entirely online, so they can be reviewed and altered at will. Print your information directly from the website, review your plans, and pay premiums online.
- No permanent policies. Ladder offers no permanent policies, so there is no chance for policies to exceed their cash value. Nor is there any possibility to receive dividends from them after retirement. Ladder also refuses to approve any policies for people older than 60 regardless of the terms chosen.
- Higher Rates. The average premium cost for any of Ladder’s term policies is higher than the industry standard. The premium cost does go down in comparison with the amount of coverage chosen, however. And they offer higher cash values than many other life insurance companies. The higher cash value makes them an attractive option for those who may have had poor credit early in life but managed to come into a large estate.
- Customer service issues. Though most customers report favorable responses from Ladder’s customer service, some have said that it can be challenging to get a representative on the phone. For a company that operates almost entirely as an internet platform, this can be annoying and frustrating when you’re experiencing difficulty with your policies.
- Too Much Info Required. You need the same amount of information regardless if you’re looking for a quote or applying for a policy.