Buying life insurance is a major commitment. You’re purchasing a policy that will provide for your family long after you’re gone, and you’ll likely sign up decades before it’s put to use.
Chances are, the policy you need at 25 years old is very different from what you need at 45 and beyond. Whether you get married, have children or accrue valuable assets, your coverage needs will likely change over time.
Most policies don’t allow you to adjust your coverage once you secure a policy, but Ladder understands the importance of doing so. Policyholders can decrease or apply to increase the death benefit as their situation changes. For this reason and more, we selected Ladder as the best life insurance company for flexible coverage.
Table of Contents
- Ladder life insurance pros and cons
- Ladder life insurance products
- Cost of Ladder life insurance products
- Ladder credentials
- Ladder accessibility
- Ladder customer satisfaction
- Ladder life insurance FAQs
- How we evaluated Ladder
- Summary of Money’s Ladder life insurance review
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Death benefit from $100,000 to $2 million
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- Traditional Insurance Carrier (expect to speak with agent)
- Offers a suite of life insurance products from reliable carriers
- Term Coverage: Customizable increments from 10 to 30 years
- Death benefit from $100,000 to $2 million
- Policies Offered: Term, Universal, Guaranteed Issue Whole
Offers no medical exams policies
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- No medical exams for policies under $2 Million. Just answer a few health questions online.
- A policy of up to $2 million in coverage starts around $32/month
- Get a quote in seconds with no obligation. Apply in minutes (most instantly approved)
- No need to talk to an agent unless you want to
- Rated “Excellent" by customers on Trustpilot
- Limited-time offer for new policyholders- access to estate planning tools at no extra cost ($449 value)
Instant coverage available for ages 20 to 60
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- 100% online process from start to finish for coverage up to $3M.
- Instant coverage available for ages 20 to 60 if approved
- Policies available with10- to 30-year terms
- Save money on premiums over time with Ladder’s flexible coverage feature
- No policy fees, 30-day money-back guarantee, cancel anytime
- Licensed and experienced customer service reps available to answer questions
Ladder life insurance pros and cons
Pros
- Sells flexible term life insurance policies
- Applications are completed entirely online
- High coverage amounts available
- Up to $3M in coverage with no medical exams
Cons
- Doesn't offer riders
- Maximum term length dependent on age
Pros explained
Sells flexible term life policies
Ladder term life insurance can be adjusted over time — or, as the company calls it, “laddered.” Whether you need more coverage or want to reduce your policy’s death benefit payout to save money, you have the flexibility to make changes.
Applications are completed online
The Ladder life insurance application process is entirely online. There are no sales agents or complicated paperwork as long as you’re applying for $3 million in coverage or less. If you’re approved, you’ll have coverage in minutes.
High coverage amounts available
Many direct-to-consumer companies have limited coverage amounts. Typically, you can only get $1 million less. However, Ladder allows you to apply for up to $8 million in term life coverage.
Up to $3 million in coverage with no medical exams
Ladder guarantees no-exam life insurance when you apply for $3 million in coverage or less. However, if you want more, you may need to complete a medical exam along with other requirements.
Cons explained
Doesn’t offer riders
Life insurance companies usually offer optional riders to enhance your coverage. However, Ladder doesn’t, so you can’t customize your policy in that way.
Maximum term length is dependent on age
Ladder offers term life policies to individuals between 20 and 60 years of age. However, your maximum term length is dependent on your age. Your current age plus the term length can’t exceed 70 years. That means the older you are, the shorter your max term length.
How does Ladder life insurance work?
A unique benefit of policies sold through Ladder is the ability to “ladder up” or “ladder down” your coverage. As your family or financial situation changes, you can decrease or apply to increase your policy’s death benefit based on how much life insurance you need.
For example, if you have children, you can increase your policy death benefit to ensure you leave enough money to pay for college and other expenses. Or, you can decide to decrease your coverage once you pay off your mortgage and other debt.
Ladder is the only company we know of that allows you to change your policy amount up or down whenever you like. In fact, it recommends that you complete an annual or quarterly review and adjust your policy accordingly.
Ladder life insurance products
Unlike other companies that may sell multiple forms of life insurance, Ladder only offers term life insurance. All policies are fully underwritten.
Term life insurance
While whole or universal life policies are permanent, term life insurance only provides coverage for a specific period. You select a term when you purchase your policy, and your beneficiaries receive a death benefit if you die during that time.
Because it only provides coverage for a specific period, term life coverage is usually much more affordable than permanent life insurance.
With Ladder, you can get up to $8 million in term life insurance. Terms range from 10 to 30 years, but the maximum term length is based on your age. Your current age plus your term length cannot exceed 70 years.
For example:
Age
Maximum Term Length
40
30 years
45
25 years
50
20 years
55
15 years
60
10 years
Insurance riders
Ladder doesn’t offer insurance riders for its policies.
Limitations
Ladder only sells term life insurance, and it doesn’t allow you to purchase coverage for loved ones such as a child or spouse. Each person seeking coverage must apply individually.
If you’re unsure whether you should get term vs. whole life insurance, be sure to research the differences to best determine your needs.
Cost of Ladder life insurance
When it comes to life insurance, it pays to start early. It’s generally cheaper to buy life insurance in your 20s or 30s because you’re likely to be in better health.
To get an idea of Ladder’s monthly premium, we requested life insurance quotes for term policies for a 30-year-old non-smoking male in excellent health.
$100,000 policy
$250,000 policy
$500,000 policy
$1M policy
10 years
$9.55
$11.88
$17.25
$26.62
20 years
$11.56
$15.84
$21.47
$36.78
30 years
$15.66
$21.64
$35.07
$55.05
The life insurance rates above are hypothetical. Your quotes may vary based on your location, age, gender and health history.
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Ladder is Life Insurance built to be instant, simple and smart.
Ladder credentials
Founded in 2015, Ladder is a relatively new company issuing policies in all 50 states. While it doesn’t underwrite its life insurance policies itself, it partners with established insurers to provide customers with quality coverage.
Financial stability
It’s wise to research the insurer’s financial stability and future outlook before purchasing a policy.
Credit rating agencies — including AM Best, Moody’s and S&P Global — evaluate insurance companies and issue ratings based on their opinions of companies’ financial strength and potential.
Ladder’s partners are highly rated by major credit rating agencies. Their ratings tend to be in the “superior” range, meaning these credit rating agencies believe these insurers are financially sound, able to handle economic changes and will likely be able to afford to pay out future claims.
A.M. Best
Allianz Life Insurance Company of New York
A+ (Superior)
Amica Life Insurance Company
A+ (Superior)
Fidelity Security Life Insurance
A (Excellent)
S.USA Life Insurance Company (a Prosperity Life Group subsidiary)
A- (Excellent)
Third-party ratings
Because Ladder’s partners are smaller insurance companies, they weren’t included in the 2023 J.D. Power Individual Life Insurance Study.
Ladder accessibility
The process of getting a Ladder life insurance is entirely online as long as you’re securing $3 million in coverage or less. Policies are available in all 50 states.
Contact information
The company offers several ways to get support, but the hours are limited. Customer support is available Monday through Friday from 7:00 a.m. until 1:00 p.m. PT.
Phone: 844-533-7206
Email: help@ladderlife.com
Chat: Ladder offers a live chat during business hours
User experience
Even though Ladder’s policies are issued by partner companies, you can manage your policies through its platform. You can create an account to change your beneficiaries, download policy documents, make payments and more.
Currently, Ladder only accepts monthly payments; you don’t have the option of quarterly or annual payments.
Ladder customer satisfaction
Although Ladder is a fairly new company, it’s typically well-reviewed by customers.
Customer reviews
Ladder has an excellent rating on Trustpilot. It scores a 4.8 out of five based on over 2,600 reviews. Reviews highlighted the easy online application on Ladder’s website, speed of policy processing, and available coverage options.
The company doesn't have a Better Business Bureau profile or rating.
Complaint index
Every year, the National Association of Insurance Commissioners (NAIC) releases complaint ratios that reflect the number of complaints customers submitted about a particular company relative to the insurer’s market share.
The industry standard complaint ratio is 1.0. If a company’s ratio is above 1.0, that means the NAIC received more complaints than is expected for a company of its size. Similarly, a ratio below 1.0 means the NAIC received fewer complaints about the insurer than expected.
Ladder doesn’t have an NAIC profile, but below are the complaint ratios for 2022 for Ladder’s partners’ individual life insurance segments:
Allianz Life Insurance Company of New York: 0.0 (Lower than average complaints)
Amica Life Insurance: 0.52 (Lower than average complaints)
Fidelity Security Life Insurance Company: 1.59 (Higher than average complaints)
S.USA Life Insurance Company: 3.52 (Higher than average complaints)
Prosperity Life Insurance Company: Not rated
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Ladder life insurance FAQs
What type of life insurance does Ladder offer?
Ladder only sells term coverage for individuals between the ages of 20 and 60. It doesn't offer whole or universal policies.
How much coverage can I get through Ladder?
With Ladder, you can purchase $100,000 to $8 million of term life coverage. There are no medical exams for coverage up to $3 million.
How long has Ladder life been around?
Ladder was initially launched in 2015. Since its inception, it has expanded to serve customers in all 50 states.
Does Ladder offer any money-back guarantee?
Yes. If you want to cancel within the first 30 days you'll receive a full refund. After 30 days, you can cancel anytime without paying a fee.
How do I know which term length is right for me?
Your age will play a major factor in the policy term that's right for you. Also, consider your financial obligations at different phases of your life. You'll want coverage to pay for those expenses as needed.
Another consideration is how much your insurance costs. Longer terms typically cost more than shorter terms.
How we evaluated Ladder life insurance
In our evaluation of Ladder and other life insurance companies, we looked at the following factors:
- Available plans and terms
- Insurance riders
- Policy exclusions
- Underwriting process
- Cost
- Financial stability
- Customer service
- Customer reviews
- Third-party ratings
Summary of Money’s Ladder life insurance review
Ladder offers a unique option for life insurance: you can get adjustable term life coverage and increase or decrease your death benefit as your needs change. You can purchase up to $8 million in coverage and apply online.
The company is best suited for individuals that want simple, straightforward coverage. It doesn’t offer any optional riders, and you typically won’t need a medical exam to qualify for coverage.
If you’re looking for a policy you can customize with insurance endorsem*nts or policies that are simplified, you may be better off with another life insurance company.
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