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Ladder Insurance Review: A Game Changer On How You Buy Life Insurance

Reading a Ladder Insurance review will surely help those who are interested in getting low-cost life insurance policies through online insurance platforms like Ladder. This gives you an idea not just about what the company is all about, but also other essential information about it.

Ladder Insurance review what you need to know

Back in the days, getting life insurance requires going through a rigorous process. Needless to say, so much hassle comes along with it.

Imagine, you need to fill out long application forms, and then, you have to entertain a call with a life insurance agent who will help you decide the perfect policy for you. In most cases, this likely includes upsells to more expensive insurance products as well as higher-margin policies. And the process does not end there. After all that, you will also need to go through a medical exam. How excruciating and exhausting, right?

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But does not end there yet! After all those things, the insurance company would start the underwriting process wherein they will review your application, assess your risk, and then issue a policy if you pass their standards. What makes it a pain in the ass even is the fact that this whole process takes weeks! You see, this is a lot of paperwork, thus, the need for more time.

Fast-forward to today, insurance companies have become wiser. They have realized that while there are people who are risky and need that long underwriting process, there are also other people who are not that risky and do not need to go through the same level of scrutiny. Thus, for these types of people, bigger insurance entities partnered with more lithe companies to offer fast life insurance policy approvals – and one of these companies is Ladder Insurance.

Before we talk more about Ladder, here’s a quick fact about the insurance situation in the United States:

According to the Life Insurance Marketing and Research Association (LIMRA), only 59 percent of Americans have life insurance, while about half of those with insurance are underinsured.

Another thing is that nine million households do only have group life insurance, which is not enough. LIMRA estimates that those with only group insurance have coverage gaps of $225,000.

While having life insurance is an affordable way of protecting your family, many people feel like they cannot afford to have one.

Hopefully though, with companies like Ladder Insurance, which offers simple term life insurance at a low premium cost, and in just a quick span of time, this situation changes. Just to say, with Ladder Insurance, you can apply for as much as $8 million in coverage, get approved in just a few minutes, and in most cases, a medical exam is not a prerequisite.

But just like in anything, before you sign up and buy and insurance policy, it’s always best to fully understand and know who the company is. Thus, this Ladder Insurance review.

Specifically, we are going to look into the following areas:

  • What is Ladder Insurance?
  • Why the company is called “Ladder”?
  • What policies do they offer? How about policy riders?
  • How do Ladder works?
  • How to apply for life insurance with a Ladder? Who is the ideal applicant for Ladder?
  • What are the pros and cons of Ladder Insurance?

ABOUT LADDER INSURANCE

Ladder Insurance is an online insurance platform company that was launched in 2017 and is currently based in California. The platform was designed to specifically provide fast approvals, particularly for low-cost policies.

Ladder is ideal for those looking for policies with face values over $1 million. Furthermore, the company promotes streamlined experience with all policies that are bound and managed online without the need of an agent’s help.

With Insurtech’s growth, it has played a vital role in how Ladder quotes, underwrites, as well as manages policies. Ladder is ideal for those who are comfortable in managing financial decisions online.

As mentioned, Ladder usually no longer require a medical exam to get a quote. Instead, the platform asks a series of questions to help determine if you are in need of a medical exam. The determining factors include age, health, as well as the person’s lifestyle.

Normally, applicants get to receive a decision if they are eligible or not within 20 minutes. This helps reduce the usual application time that runs by days or even weeks in other cases.

Moreover, Ladder Insurance offers level term life insurance. This basically means that your premiums remain stable throughout the course of the policy. Ladder’s policies face value ranges from $100,000 to $8 million. As compared to other insurance providers, this is definitely significantly more coverage than what you can usually buy without a medical exam.

All insurance policies are provided by Ladder’s partners, which include Fidelity Security Life Insurance Company issues LadderLife policies and Hanover Life Reassurance Company of America. The all reinsure those policies.

Before we proceed, if you wish to hear it straight from people insured at Ladder, check this video below:

WHY IT’S CALLED LADDER

As part of our Ladder Insurance Review, we are going to look into why it is called Ladder in the first place.

Just like what a ladder does, it helps you get from one point to another (higher point) with ease.

Ladder, apart from the fact that it provides fast life insurance policy approvals, the company also lets you start with a base level of life insurance coverage that is within your capability to pay. However, as you grow older, and as your financial needs and obligations change, you can adjust your death benefits to match your circumstances. To put it simply, you can add your policy and “ladder up”. Meaning, increasing your coverage. Now, if you choose to decrease your coverage, then, that is called “laddering down”.

The good thing about Ladder is it lets you do both. You have the option to either increase or decrease your insurance coverage. Any of these you can do right at your fingertips. Furthermore, it will not cost you any additional charges. However, you will need to pay more or less because of the changes you made with your coverage.

POLICIES AND POLICY RIDERS OFFERED

This time around, for a more thorough Ladder Insurance review, we are going to tackle what policies Ladder Insurance offer.

Primarily, the company offers its LadderLife plan. This refers to insurance that covers death caused by either accidents or natural causes.

In the case of suicide, however, the company implements a two-year waiting period after a policy is signed before benefits are paid. If for example, the applicant died within those two years through suicide, no death benefit will be paid. However, all premiums paid will be refunded to the beneficiaries.

This is not new, though, as this is a usual provision in life insurance policies in all insurance providers.

Meanwhile, LadderLife policies are available in five terms. These are 10, 15, 20, 25 and 30 years. The particular term if the policy will depend on your age during the time of your application for insurance. Note that the length of the policy term should not surpass 70 minus your current age.

To give you an idea, here are the maximum term length based on particular ages:

  • 40 years old – 30-year term
  • 45 years old – 25-year term
  • 50 years old – 20-year term
  • 55 years old – 15-year term
  • 60 years old – 10-year term

As mentioned earlier, the coverage is available with death benefits that range from $100,000 up to $8 million.

In addition, Ladder also offers a “temporary coverage”. This is given to applicants whose underwriting is still being completed. The coverage, however, is rapid as there could be a delay in the underwriting decision especially if a medical examination is required.

What happens is, you will have to complete the application requirements, and then pay the first month’s premium. The policy will then be in full force and effect. Thus, if something unlikely happens to while your policy is still pending approval, your beneficiaries will still get paid by the policy. However, if the application is denied, a refund of the premium paid will be made.

As with policy riders, unlike other insurance companies, Ladder does not offer any. The company believes that riders increase the cost of the policy premium. Needless to say, it complicated life insurance. This belief reflects the policy of the company, which is to stay as a low-cost life insurance provider.

HOW LADDER INSURANCE WORKS

As mentioned earlier, Ladder is an online insurance platform company. This means everything is done online. Yes, including the application process.

Please note, however, that Ladder policies are available in all states except in New York.

Meanwhile, for questions and inquiries, Ladder does have customer service, which is available on an “as-needed” basis. The company, however, does have a “Help Center” wherein you can find answers to the most commonly asked questions.

Ladders do have live support if you need one. This one’s available through chat from Monday to Friday, 8 in the morning until 5 in the afternoon (Pacific Time).

Meanwhile, if you are wondering about how much life insurance coverage you need, you can check out its “Calculator“. This feature will help you make the right decision.

Furthermore, Ladder does also has a “Refer a Friend” program. This, however, is available only to residents of California. Basically, you will be provided with a unique referral link that is shareable to other people. Should the referral gets an offer, you will get to earn $50. This applies to all — regardless of where the referral is from except if it’s coming from California wherein you will only receive $10. According to the Ladder, anyone can get as much as $1,000 through their referral program.

LADDER LIFE INSURANCE APPLICATION PROCESS

As part of our Ladder Insurance review, we are going to check how the whole application process goes. As mentioned earlier, everything is done online. But first, let us look into who is eligible to process an application with Ladder Insurance.

So, who is eligible?

To qualify for the Ladder Term life insurance policy, the applicant must:

  • Be a U.S. citizen or Lawful Permanent Resident between the ages of 20 – 60
  • ​10, 15, 20, 25, & 30 Year Term Options Available
  • Not using it to replace another policy
  • Ladder Life Is Currently Expanding Nationwide

Now, as part of the application process, you will be asked a series of questions, which include the following:

  • What is your sex?
  • How tall are you?
  • How much do you weigh?
  • Have you used any form of tobacco or nicotine in the last three years?
  • What is your birthday?
  • Has a biological parent or sibling been diagnosed by a member of the medical profession with diabetes, cancer, or heart disease prior to the age of 60?
  • What is your household income?

Once you are done answering the above-mentioned questions, you will be redirected to a screen that will require you to choose your desired coverage amount, as well as the term length. Once done, an estimated monthly premium will be provided. Then, you will be taken to another set of questions, which include the following:

  • Do you have plans to engage in any of the following activities within the next two years? Options include skydiving or parachuting, skin or scuba diving, motor vehicle racing or boat racing, and other potentially hazardous pastimes.
  • Do you have plans to travel, live, or work outside the US within the next two years? If you answer yes, you’ll be asked to specify the country.
  • Do you have plans to fly as a student pilot, license pilot, or crew member in any aircraft within the next two years?
  • Have you used marijuana in the last 12 months?
  • In the last 10 years, have you used cocaine, heroin, narcotics, hallucinogens, or other controlled substances, not prescribed by a physician?
  • In the last five years, have you been convicted of a misdemeanor or felony, have you served in a probationary or parole program, or do you have any criminal charges pending?
  • In the last five years, how many moving violations or convictions have you had?

Please note that there are at least 20 questions in there. As you go through the questions, expect to be asked for personal information like your name, email, home address, as well as a phone number. Once all the information is completed, two things will happen — either you get instant approval of your application, complete with a final monthly premium payment, or you will be asked to undergo and submit a medical examination.

For the medical exam to take place, you will have to schedule an appointment with a lab technician at your home office. Generally, the examination takes place in less than 30 minutes. It includes basic medical history, weight and height measurements, as well as a collection of blood samples and urine. Your blood pressure and your pulse will also be checked. If you wish to check the result of your exam, you may access it through the accounts page. Please note that in some cases, a health check is required. This, unfortunately, may delay the final approval of your policy application by a couple of weeks.

PROS AND CONS OF LADDER INSURANCE

To conclude our Ladder Insurance review, here are some of the pros and cons we found:

PROS

Ladder provides financial security. One of the most important things that need to be considered when looking for a life insurance company is its financial stability. Good thing is, Ladder is financially secured. It underwrites its policies with Fidelity Security Life Insurance Company, which has an excellent rating (A-) with A.M. Best (a well-respected and trusted insurance rating agency).

It provides fast underwriting decisions. The company controls the underwriting as well as the risk analysis. This means they are able to provide a quick decision. In fact, they can provide one in as little as 5 minutes!

The company gives you the ability to increase or decrease coverage limits. As mentioned earlier, you can either “ladder up” or “ladder down” coverage limits depending on your circumstances or life changes.

The company provides excellent customer service. They have Help Center where you can find answers to most commonly asked questions. At the same time, Ladder also has live support that is available 5 times a week during the daytime. Another plus for us is the fact that all their customer service representatives are salaried and not commissioned, which means the company is focused on helping you rather than selling to you.

CONS

Ladder does not offer any rider or supplementary coverages. Unlike most insurers, Ladder does not offer riders and supplementary coverages, which means you cannot customize your life insurance coverage.

It is not available in New York. While Ladder insurance is available in all the other states in the country, it is not, however, available for New York residents. But, don’t worry, the company is already working on it.

FINAL THOUGHTS ON LADDER INSURANCE REVIEW

It is safe to say that Ladder Insurance is one of those insurance providers that made a difference in this industry by making policies available for purchase online.

With how challenging getting insurance was, back in the days, making it more accessible to people is just a great idea. It’s a game-changer, indeed. Needless to say, hopefully, by making it more accessible and fast, more people will become more interested in getting insured.

If you are someone who is having second thought about Ladder Insurance, we got to say that this one’s a great deal. Unless of course, you are looking for an insurance provider that allows you to customize your policy. Otherwise, with the price and the process, this is great.

Hopefully, this Ladder Insurance review was able to give you not just essential information about Ladder, but that it also helped you make a decision – that this one is indeed worth it.

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