Ladder Life Insurance Review & Complaints: Life Insurance (2024)
Ladder Life Insurance Company offers term life insurance coverage to drivers between the ages of 20 and 60. Utilizing an entirely digital approach to insurance policy sales, the insurer offers instant coverage, quick decisions, and fully underwritten products.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
UPDATED: Feb 13, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Feb 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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A newcomer to the life insurance industry, Ladder Life aims to stand out from traditional insurers with a modern and flexible approach. They sell term life policies with a simplified application process and adjustable benefits.
What is Ladder Life?
Life insurance startup Ladder Life opened for business in January of 2017, first in California and then beyond into all states with the exception of New York, where they plan to offer coverage in the near future. They offer policies that are underwritten by an older company – the Fidelity Security Life insurance company – founded in 1969.
Ladder uses an entirely digital approach to sales of life insurance policies and offers quick decisions and instant coverage. Unlike other simplified issue policies, however, the site states that all of their products are, in fact, fully underwritten. The company uses an algorithm to determine acceptance and rates but does require medical history exams and lab work for some applicants.
The insurer partners with a membership-based financial planning company, SoFi, to provide insurance to its members but is also available to the general public. Quotes and coverage can be obtained online from the insurer; there are no agents or sales reps.
Ladder’s insurer company headquarters is located in Palo Alto, California, but they do not provide in person customer service.
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What types of insurance products are offered?
Ladder life insurance company writes only term life insurance for people between the ages of 20 and 60, with some limitations. The length of the term life policy plus your current age cannot be more than 70 years. Thus, and 60-year-old applicant can only apply for a 10-year term. The available term lengths are 10, 15, 20, 25, and 30 years. Supplementary coverage options are available through others types of policies in the life insurance industry.
They have a wide range of death benefit amounts for flexible coverage, starting at $100,000 and going up to $8,000,000. The insured has the option to adjust their death benefit amount over time as their needs change; Ladder states there is no fee for making these changes. The term length can also be adjusted over time. For increases in death benefits or extended-term length, the additional coverage will come with a newly added premium amount. They allow cancellation at any time without any penalties or fees. (For more information, read our “How much does a $100000 life insurance policy cost?“).
While Ladder uses an online application and states that coverage may be issued within minutes, that is not the case for every applicant. In some cases, the company will require a lab appointment to gather more health information. A mobile technician will be sent to the applicant’s home to complete this process. This differs from insurance companies that promise simplified or guaranteed issue policies with no medical exam; all of Ladder’s policies are fully underwritten and it is possible to be turned down for coverage. The initial questions asked during the online application will be used to determine whether a lab appointment is needed.
Ladder’s term life insurance products are meant to be simple and straightforward, so they do not offer any riders.
Are the company’s rates competitive?
There are two ways to get rates from Ladder’s website.
Their estimate tool is the quickest and simplest method and provides a number based on just a few simple details – people ages, gender, height, weight, and ZIP code. In order to get a more accurate rate, a full complement of health and history questions must be answered along with providing personal contact information.
We ran a quick quote using the estimate tool. Our sample was for a 30-year-old male, 6′ tall, and 180 lbs., living in Southern California.
For a 10-year term policy with a death benefit of $100,000, the sample rate came back at $9.36 a month.
We upped the coverage to $1,000,000 with the 10-year term and came back with a rate of $26.10. month.
Finally, we looked at both death benefit amounts with a 30-year term instead. The $100,000 policy came back at $15.35 costs a month, and the $1 million coverage amounts at $60.80 a month costs.
The online life insurance estimate tool is very easy to use and shows the price for each term length as you toggle through the death benefit amounts. The rates we saw for term life insurance are very reasonable when compared to other companies, particularly at the higher-end death benefit amount.
Ladder Life Insurance Claims Process
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps).
Ladder Life Insurance offers a digital and entirely online approach to filing insurance claims. Policyholders can initiate the claims process by sending an email to the company. Unfortunately, there is no option to file a claim over the phone or through a mobile app.
This fully digital process may appeal to those who prefer online interactions but may not be ideal for individuals who prefer more traditional claim filing methods.
Average Claim Processing Time.
Ladder Life does not specify the average claim processing time on their website. Policyholders will need to contact the company directly to inquire about the typical duration for claims to be processed. The absence of this information may be a drawback for individuals looking for transparency and predictability in the claims process.
Customer Feedback on Claim Resolutions and Payouts.
As of the time of this review, Ladder Life is a relatively new company, and there is limited customer feedback available regarding their claim resolutions and payouts. The absence of a Better Business Bureau (BBB) page for Ladder Life makes it challenging to access customer reviews and ratings.
Potential policyholders may need to wait a few more years to see a reputation form for the company in terms of claim resolutions and payouts.
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Ladder Life Insurance Digital and Technological Features
Mobile App Features and Functionality.
Ladder Life Insurance does not offer a dedicated mobile app for policy management or claims processing. While they emphasize a digital approach in their sales process, the absence of a mobile app may be a limitation for individuals who prefer the convenience of managing their policies on a mobile platform.
Online Account Management Capabilities.
Ladder Life’s primary digital platform for policy management is their website. Policyholders can access their accounts online to make adjustments to their coverage, such as changing the death benefit amount or term length. However, the absence of a dedicated mobile app for account management means that customers will need to rely on the website for online account access.
Digital Tools and Resources.
Ladder Life Insurance provides online tools, such as an estimate tool, on their website for obtaining insurance quotes. These tools allow potential policyholders to input basic information and receive initial rate estimates. However, the company does not offer extensive digital tools or resources beyond this, such as educational materials or interactive features to enhance the customer experience.
What’s the bottom line?
Ladder is likely to appeal to those who prefer a modern approach to insurance, have simple needs, and do not want to deal with agents and solicitation. They have good rates and high death benefit options, with the possibility of an instant life insurance policy issue.
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Frequently Asked Questions
What is Ladder Life?
Ladder Life is a life insurance startup that offers term life insurance policies. They have a modern and flexible approach, with a simplified application process and adjustable benefits. They use an entirely digital approach to sales, providing quick decisions and instant coverage.
How are claims processed?
Ladder Life accepts claims through email. They do not offer an online claim form or a phone number for claim assistance. After the initial email, the customer will be informed of the required forms and documentation. Ladder acts as an intermediary, and the policies are underwritten by Fidelity Security, which handles the claims and determines the benefits. Ladder provides “Just in Case” cards to beneficiaries, containing essential policy information to assist with the claims process.
Does Ladder Life offer any additional coverage options or riders?
No, Ladder Life focuses on providing simple and straightforward term life insurance policies.
Do I need to undergo a medical exam to qualify for Ladder Life insurance?
Ladder Life uses an algorithm to determine acceptance and rates for their policies. While they offer a simplified application process, not all applicants are guaranteed instant coverage. In some cases, Ladder may require a lab appointment to gather more health information. A mobile technician will be sent to your home to complete this process.
Can I adjust my coverage amount and term length with Ladder Life?
Yes, Ladder Life allows policyholders to adjust their coverage amount and term length over time. You can increase or decrease your death benefit amount as your needs change, and you can also extend or shorten the term length. These adjustments can be made without any fees.
How do I obtain a quote from Ladder Life?
To get a quote from Ladder Life, you can visit their website and use their estimate tool. Simply enter basic information like your age, gender, height, weight, and ZIP code. The estimate tool will provide you with an initial rate based on these details. For a more accurate quote, you can answer additional health and history questions.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.