Luis Pazos 
If you’re searching for an affordable term life insurance policy that you can get quickly, you should check out Ladder. Their easy online application process can get you approved in minutes. Many applicants even get approved without needing a medical exam.
In this review, I’ll break down the types of policies Ladder offers, their main features, who can get coverage, and what you might pay.
Introducing Ladder Insurance
Ladder is an online life insurance provider based in California. They offer coverage through established companies like Allianz Life Insurance Company of New York and Fidelity Security Life Insurance Company. Founded in 2015 and launched in 2017, Ladder partners with reputable insurance firms. The whole application process is online, but licensed professionals are available to help if needed.
How Ladder Term Life Insurance Works
Ladder focuses solely on term life insurance, aiming to provide affordable policies quickly and easily. They don’t offer policy riders, which are additional benefits that can increase your premium. What sets Ladder apart is their feature that lets you increase or decrease your coverage as needed, a process they call ‘laddering up’ or ‘laddering down.’ This can be done anytime for free, and you can adjust your policy as often as you wish.
Term Length Options
Ladder offers term lengths from 10 to 30 years, depending on your age at the time of application. The maximum term you can qualify for is up to age 60. They use a simple formula: your age plus the term length can’t exceed 70. For example, if you’re 40, the longest term you can get is 30 years. Policies are renewable for up to 5 more years after the guaranteed term, although the premium will be higher based on your age at renewal.
Ladder Pricing
Ladder policy premiums depend on several factors, including your age, health, occupation, hobbies, and location. For a non-smoking, healthy 40-year-old male, the quotes for $1 million in coverage are as follows:
- 10 years – $37.50 per month
- 15 years – $47.70 per month
- 20 years – $61.80 per month
- 25 years – $96.90 per month
- 30 years – $114.30 per month
For a non-smoking, healthy 40-year-old female, the quotes are:
- 10 years – $35.40 per month
- 15 years – $46.80 per month
- 20 years – $52.50 per month
- 25 years – $77.10 per month
- 30 years – $88.50 per month
Generally, women have slightly lower premiums than men because they statistically live longer. Premiums increase with longer terms due to the higher likelihood of a payout.
Ladder Maximum Coverage Limits
Ladder offers coverage from $100,000 to $8 million (up to $3 million in CA). No medical exam is needed for coverage up to $3 million; you’ll only need to answer some health questions. For amounts above $3 million, a medical exam may be required. The policies have a single death benefit payout, paid as a lump sum to beneficiaries.
Ladder Coverage Eligibility
Eligibility is for those aged 20 to 60. Each application covers a single person, so you’ll need separate applications for a spouse or children. Policies are available for U.S. citizens and lawful permanent residents who have lived in the U.S. for at least two years. Ladder’s policies are offered in all 50 states and D.C.
Ladder Application Process
The application process is entirely online and takes about 5 minutes. No medical exam is required for coverage up to $3 million, though applications for more than $3 million may take a few weeks for approval.
Ladder Underwriting
Your eligibility and premium depend on your answers to questions about your height, weight, tobacco use, date of birth, family medical history, income, number of children, and mortgage balance.
Is Ladder Legit?
Ladder is a legitimate service offering term life insurance across all U.S. states. Though Ladder itself isn’t rated by A.M. Best, its insurance partners have strong financial strength ratings, ensuring they can pay out claims. Customers rate Ladder highly on Trustpilot, with an Excellent score of 4.8/5 based on over 2,600 reviews.
Is Ladder a Good Company?
Ladder excels as an online provider of term life insurance, offering affordable, straightforward policies without riders. If you’re healthy and fit their eligibility criteria, Ladder is a fantastic option for term life insurance. If you need more specialized coverage or fall outside their age range, you might need to look elsewhere.
