Ladder Life Insurance Review
I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Mar 24, 2022
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Here’s the Scoop
Ladder Life Insurance operates exclusively online
Ladder Life Insurance only sells term life insurance policies
Term life insurance policies are typically less expensive than other types of insurance
Consumers these days need to know the best life insurance companies for individuals or families on a budget. A solid life insurance policy could help your loved ones combat inflation and unforeseen disruptions in life if you were to pass away unexpectedly.
A modern company like Ladder Life Insurance can help you purchase coverage that is not only affordable but is adaptable. Keep reading this Ladder Life Insurance review to learn more about this company’s policies and discover if Ladder Life Insurance can provide you with the coverage you need.
What is Ladder Life Insurance?
Founded in 2015, Ladder Life Insurance is a FinTech insurance company. A life insurance company of the modern age, Ladder Life operates 100% online and provides life insurance coverage in all 50 states.
Now, I’m sure you’ve wondered, “How much life insurance do I need?” Ladder Life provides useful tools like an insurance calculator and a free insurance guide to help you estimate how much coverage is necessary for you and your loved ones.
If you want to reach out to the company, you can’t call a representative since Ladder Life doesn’t list a phone number under the “Contact Us” section. However, you can mail documents to Ladder Life at P.O. Box 456, Menlo Park, CA 94026. You can also use the virtual chat option to reach out to a company representative or send an email to [email protected]
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What life insurance products does Ladder Life Insurance sell?
You can only buy term life insurance from Ladder Life, but some applicants aren’t required to take a medical exam, an exciting feature of Ladder Life. A Ladder Life Insurance term policy only runs for a set period. If you are between 20 and 60, you are eligible to apply and can choose to have your policy last for:
10 years
15 years
20 years
25 years
30 years
You can also choose to renew your coverage at the end of your policy’s term, but bear in mind that extending your coverage could increase your rates. If you die while your policy is active, your beneficiary receives the tax-free death benefit.
What makes a Ladder Life policy stand out is the consumer’s ability to adjust coverage during the policy’s life. For example, if you bought a Ladder Life Insurance policy, you could increase or decrease your coverage through your online Ladder Life account.
Are Ladder Life Insurance policies affordable?
Ladder Life advertises that you can purchase coverage starting at $5 a month. While term life insurance policies are typically less expensive than other types of insurance, rates may change based on the coverage amount, age, and overall health.
Who should buy term life insurance?
Due to its low cost, term life insurance could be a good option for young families or healthy individuals. It’s a common misconception that only married people or parents should buy life insurance. Even single, healthy individuals who want to leave something behind to their favorite institution or a dear friend can buy life insurance. Since you own your life insurance policy, you can name anyone you like as your beneficiary.
Term life insurance may not be the best fit if you are shopping for a policy that provides permanent coverage or can increase your wealth. To achieve those goals, you may consider purchasing a whole or universal life insurance policy. The cost of a whole life insurance policy can be higher than a term life insurance policy, as you can see here:
Average Monthly Rates for A $100,000 Whole Life Policy
AgeWhole Life Insurance Monthly Rates (Male)Whole Life Insurance Monthly Rates (Female)
25$93.70$84.91
30$107.71$97.35
35$128.24$112.93
40$153.90$132.15
45$190.79$156.17
50$234.90$191.66
55$294.84$243.17
60$399.24$311.63
65$528.00$421.69
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Other benefits to whole life insurance policies besides permanent coverage can make a policy more expensive. For example, a whole life insurance policy can build cash value. This cash value is yours to use as you like; you could take out a loan to build a new roof, buy a car, or fund a new business venture.
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How much coverage does a person need?
Each person is different regarding the amount of coverage they need. You’ll need to be honest about your current financial situation and the needs of your loved ones. You can do this by subtracting any expenses and debts from your income. Typically, you’ll want to purchase enough life insurance coverage to cover that gap.
Is it easy to file a claim with Ladder Life Insurance?
Filing a claim with Ladder Life Insurance is simple. Your beneficiary must email [email protected] to start the claim filing process.
They must also share your full name, date of birth, and policy number, so it would be helpful to tell your beneficiary where to locate that information. Once Ladder Life Insurance gets notified of a loss, your beneficiary must complete some claims forms.
Is Ladder Life highly rated?
If you like to use reviews and ratings as your guide to making purchases, Ladder Life Insurance may not be the best fit for you. Ladder Life has no ratings from A.M. Best, J.D. Power, or the Better Business Bureau. However, you can review some life insurance companies that have top ratings in the industry:
Top 10 Life Insurance Companies By Ratings
A.M. BestFitchMoody’sS&PJ.D. Power
NorthwesternA++AAAAaaAA+810
New York LifeA++AAAAaaAA+770
AARPA++AAAAaaAA+N/A
TIAA-CREFA++AAAAa1AA+N/A
Guardian LifeA++AA+Aa2AA+796
Massachusetts MutualA++AA+Aa3AA+751
ProgressiveA+AAAa2AAN/A
USAAA++N/AAa1AA+N/A
Columbus LifeA+AAAa3AA-N/A
Minnesota LifeA+AAAa3AA-739
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In addition to reviewing ratings, you should also request free quotes from at least five companies. This simple step will allow you to effectively compare quotes and discover which companies offer the best coverage at the lowest rates.
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What You Need to Know About Ladder Life Insurance
Ladder Life Insurance sells term life insurance throughout the United States. You can increase or decrease your coverage with Ladder Life during your policy’s life, which sets Ladder Life Insurance apart from other companies. However, you can’t purchase any other life insurance product through Ladder Life.
If you are interested in building cash value or permanent coverage, you can shop online for whole or universal life insurance policies.
