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Ladder Life Insurance insurance review 2023

Updated Feb 02, 2023
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At a glance

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Bottom Line

Ladder Life offers an entirely digital interface for purchasing and managing term life insurance. Policies are basic, though, with no riders available for customization, and there are strict age requirements for eligibility.

Pros
  • Fully digital platform for life insurance

  • Partner underwriting companies rated A (Excellent) or better by AM Best

  • Coverage options range from $100k to $8 million

  • No medical exam is required if applying for up to $3 million

Cons
  • Only adults between 20-60 can apply

  • The maximum term is defined by age plus term, without exceeding 70 years

  • Below average ranking with J.D. Power

  • Customer support is available from 8 am-5 pm PST

Ladder life insurance

Based on Bankrate’s analysis of Ladder Life, the company may be a choice worth considering for people between the ages of 20 and 60 who are interested in term life insurance policies. The company was founded in 2015 and offers term life insurance nationwide through a 100 percent online interface. That feature enables prospective policyholders to complete everything from comparing or obtaining a life insurance quote to filling out an application and securing coverage. In addition, no medical exams are required for those seeking policies with coverage amounts below $3 million.

Still, for those who want customization through riders or are looking for permanent life insurance, Ladder Life may not be the top choice. Ladder Life does not underwrite its own policies. Instead, they are issued by Fidelity Security Life Insurance Company and Allianz Life Insurance Company, both of which have high financial strength ratings with AM Best.

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Pros and cons of Ladder Life Insurance life insurance

PROS

  • Checkmark

    Policies under $3 million don't require medical exams

  • Checkmark

    Provides convenient digital platforms for managing and applying for policies

  • Checkmark

    Partner underwriting companies rated A (Excellent) or better by AM Best

CONS

  • Close X

    Only offers term life insurance policies

  • Close X

    Only adults between 20-60 can apply

  • Close X

    No policy riders available for personalization

Ladder Life Insurance life insurance endorsements

Ladder Life does not offer any policy endorsements or riders. Rather, the company takes a streamlined approach by only offering term plans with no endorsement options. Ladder Life has stated that they don't see the benefit of riders as being worth the increased premium costs to customers.

Ladder life insurance tools and benefits

Ladder partnered with SoFi to offer its members a quick and convenient way to purchase adequate life insurance, which has expanded to estate planning. SoFi members who buy life insurance through the SoFi Protect homepage can now get a step-by-step guide to gathering estate planning documents with the ability to draft and execute wills at no cost through NetLaw's legal document platform.

Ladder Life insurance customer satisfaction

There are several third party companies that rate or rank various aspects of insurance companies. The J.D. Power scores and National Association of Insurance Commissioners (NAIC) complaint ratios are among these. J.D. Power scores companies on customer satisfaction with a maximum score of 1,000 points, while the NAIC Complaint Index rates companies based on customer complaints. The NAIC system has a 1 rating as the baseline of average complaint levels. Higher complaints push companies over 1, while fewer complaints push them below 1.

Ladder Life was not scored by J.D. Power on its most recent customer service survey, likely due to its limited insurance offerings. However, the NAIC issued Ladder a 12.72 score, which indicates that the number of complaints it receives are much higher than the national average.

How to file a claim with Ladder Life Insurance

Ladder Life offers a three-step approach to filing claims. The first step is to contact them via email at claimhelp@ladderlife.com and inform them that you are filing a claim. Next, you'll need to provide them with details about the policy and policyholder. This step may involve filling out several forms. The third step is to wait for your claim to be processed. When the claim has been processed, a representative from Ladder Life will contact you.

Ladder Life Insurance availability

Ladder Life offers life insurance policies through its partnered underwriters in all 50 U.S. states. Depending on where you are in the country, your policy may be issued by one of the Allianz Life Insurance Companies or by the Fidelity Security Life Insurance Company.

Other Ladder Life perks worth considering

Ladder Life's goal is to make life insurance more accessible, and its life insurance does not come with additional perks, riders or other add-ons, aside from the ability to adjust your coverage as your needs change.

Ladder Life corporate sustainability

In 2019, Ladder Life donated 17,000 meals to Feeding America, a significant increase from its 2018 donation of just 250 meals. Although the company has limited publicity for its social responsibility endeavors, Ladder Life makes a point to prioritize the positive treatment of its employees.

Ladder Life was included in Fortune's Annual List of Best Workplaces for two straight years in 2020 and 2021, with 100 percent of employees naming it a great place to work based on culture, benefits and management actions. Ladder has also placed in the annual Best Places to Work Awards by Built In for 2022. Built In focuses on tech companies, determining winners based on benefits, compensation and programming.

If you're looking for different types of life insurance policies but are still interested in a digital insurance experience, there are other companies that may be worth investigating.

If you’re looking for the most affordable life insurance, it may benefit you to consider some of the best cheap life insurance companies. If you’re unsure how much you should be paying for quality life insurance, Bankrate’s guide on life insurance costs may help to clarify what might be a good deal for you.

Ladder Life Insurance vs. Bestow

Another digital life option, Bestow offers up to $1.5 million in term life insurance without a medical exam. Bestow might be a good choice for people interested in term policies for $1.5 million or below and those who either can't or don't want to find policies through Ladder Life. Those who do not qualify for Ladder Life due to their age may find this a viable alternative.

Learn more: Bestow Insurance review

Ladder Life Insurance vs. Ethos

Ethos uses algorithmic underwriting to offer many instant life insurance approvals for term or whole life through five highly-rated life insurance companies. In many cases, Ethos does not require medical exams of its applicants. People who want an online experience with life insurance but don't qualify for Ladder Life or are interested in whole life policies may find Ethos to be a good alternative.

Learn more: Ethos Insurance review

Ladder Life Insurance vs. Lemonade

Customers can apply for up to $1.5 million in term life insurance through a 100 percent digital platform, with leftover company profits donated annually to a charity of your choice. Lemonade also offers car and home insurance policies. Since Ladder Life only offers life insurance, those who want to bundle their policies for a discount may find Lemonade to be a better choice.

Learn more: Lemonade Insurance review

Is Ladder Life Insurance a good insurance company?

Ladder Life may be a good insurance company for some, but it has limited options when it comes to insurance products. The company only offers term life policies and does not allow for any riders (endorsements) on those policies. Still, the companies that underwrite Ladder Life policies are highly rated, and this company offers a host of digital conveniences for policyholders. If you're only interested in term life and prioritize digital policy management, Ladder Life could be a good choice for you.

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