Are you still struggling with where to get affordable and flexible life insurance? Long gone are those days, you do not have to be worried anymore because Ladder Life Insurance Company got your back.
Ladder Life Insurance is an entire online term life insurance platform that provides you with low-cost and simple policies, with fast approval. Ladder allows you to get term life insurance within minutes by simply answering a couple of online questions, and in case no medical exam is required, then you get instant approval. The Ladder also provides you with temporary coverage to cover you during the underwriting process, which might take several weeks before approval.
Are you interested in such life insurance? This is your article. It will provide you with all details you require to know about Ladder Life Insurance. Let’s dive in.
What is Ladder Life Insurance?
The Ladder is an online insurance program based in California. The platform launched back in 2017 and is specifically designed to provide clients with easy and quick life insurance policy approvals at a low cost. To your surprise, chances are high that you will be approved immediately after you apply for the policy since everything is processed online. This means that you don’t have to meet with the insurance agent face-to-face.
The Ladder life insurance only provides term life insurance without policy riders, thereby allowing them to offer low-cost life insurance without policy riders.
Usually, the various insurance policies from Ladder are provided and reinsured by Ladder’s partners, which include Fidelity Security Life Insurance company and Hanover Life Reassurance Company of America.
Why call them “Ladder”?
Besides being the platform’s name, it also has a lot more. Ladder allows you to start a life insurance policy right from the base level coverage available for you. Then, you can later advance as you grow old as well as your financial needs. This is to provide you with the chance of adjusting your death benefit depending on the current needs; meaning you can either ladder up or ladder down depending on your needs.
For instance, as your family grows, you can ladder up your policy to increase the death benefit, and when your children are already grown up and stable, you can ladder down your policy to pay less and decrease the death benefit.
Ladder Life Insurance is an exclusive platform that allows you to adjust your policy, which is not possible with other insurance companies. It allows you to either increase or decrease, your coverage by simply touching a button. However, expect to pay more as your ladder up due to the higher coverage.
Policies offered by Ladder
Just like the platform name – Ladder Life Insurance – then it is very obvious the main policy they offer. Generally, the primary policy offered by Ladder is the LadderLife plan, which is a term insurance policy covering death in the case of either a natural death or accidental.
Besides, Ladder also considers death policy by suicide, just like all the insurance companies offering life insurance policy does. However, in the case of suicide, the benefits are only eligible after a waiting period of 2 years, after the policy is signed.
However, in the case where the applicant dies within the 2-year waiting period by suicide, then no death benefits are given to the beneficiaries, but they will be refunded all the premiums paid. This is the typical provision given for all life insurance policies, regardless of the company.
Usually, Ladder Life Insurance Company provides the LadderLife policy for various terms that include: 10, 15, 20, 25, and 30 years. However, your current age during application determines the specific policy term you can get. This is because the policy term can only cover up to 70 years maximum with your current age included.
Here is an example of the maximum policy term you can get at various ages from Ladder.
- 60 years, 10-year term
- 55 years, 15-year term
- 50 years, 20-year term
- 45 years, 25-year term
- 40 years, 30-year term
Generally, Ladder provides death coverage benefits ranging from $100,000 up to $8 million.
Furthermore, Ladder also provides temporary coverage to cover you, as the process of the policy underwriting is being completed. This is because the policy underwriting might take some time which might cause delays, especially if you or your policy requires a health check-up.
What about the temporary coverage?
Usually, the temporary coverage starts immediately after you complete the application and payment of your first month’s premium. This policy is only active until when the underwriting decision is made. In the unfortunate case where you die during this period, your beneficiaries will be paid the death benefit by the policy. On the other hand, if the policy underwriting is denied, then you will be refunded all your premiums paid.
Do Ladder offer Policy Riders?
Just like I mentioned earlier, Ladder is a top-leading low-cost life insurance platform, which is enabled by the lack of policy riders.
Generally, Ladder does not offer this policy due to various reasons. Ladder believes that policy riders are a liability that increases the policy premium cost, as well as complicating the life insurance policy. On the other hand, the riders provide insufficient benefits to offset the higher cost, which would provoke the low-cost policy.
What about the Ladder application process?
Already in love with Ladder, and worried about the application process? Here is all that you need to know. Remember! The Ladder is an online platform, therefore, expect online application only.
Before going through the application process, it is good to know the qualification requirements first.
To qualify for any Ladder life insurance policy, you must either be a US citizen, or a permanent resident in the US, living lawfully for a minimum of 2 years. Also, Ladder requires you to be between the age of 20 – 60 years, as Ladder offers coverage through 70 years.
Having satisfied those requirements, now let’s move to the application process which is entirely done online. Usually, the process involves answering several questions through a series of screens. The questions include:
– What is your sex?
– What is your height and weight?
– Have you ever used nicotine, tobacco, or any other form of either in the last 3 years?
– When is your birthday?
– Has any member of your biological family been diagnosed with cancer, diabetes, or heart disease by a medical professional before the age of 60 years?
– What is your household salary/income?
This is the first set of questions, and on completion, you will be taken to a new screen, where you will be answering questions about your policy coverage and term length. On completion, you will get an estimation of your monthly premium, and then take you to the 2nd set of questions.
Usually, this set of questions consists of at least 20 questions, however, the following are the first 5 questions to give you a general idea.
– Do you plan to engage in any of these activities in the next 2 years?
They include parachuting, skydiving, scuba or skin diving, boat racing, car racing, among other hazardous activities.
– Do you plan to live, work, or travel outside the US in the next 2 years? If yes, specify the country.
– Do you plan to fly any aircraft as a licensed pilot, student pilot, or onboard crew in the next 2 years?
– Have you taken marijuana in the last 1 year?
– Have you ever used heroin, cocaine, hallucinogens, narcotics, or other hard substances in the last 10 years without a physician prescription?
As you continue answering questions, you will also provide your personal information including name, phone number, address, among other information.
After completing all the questions, Ladder will either grant you immediate approval together with the exact monthly premium cost, or you will be required to provide a medical exam. In the latter case, you will make an appointment with a lab professional at your home, for the medical exam.
Generally, the exam takes about 30 minutes and involves a review of your basic medical history, weight, and height measurements, blood and urine samples collection, pulse, and blood pressure checking as well. The medical exam may take several weeks, which causes a delay in the policy approval, while the results are posted on your account page.
Ladder Pros:
- It is possible to apply and get instant approval
- The laddering feature enhances flexibility in the amount of coverage within the term
- Low-cost monthly premiums
- Availability of temporary coverage during the underwriting period
- Salaried and noncommissioned Ladder employees
- California residents can earn up to $1,000 from referring friends to Ladder
Ladder Cons:
- They do not offer policy riders for policy customization
- No phone contact with customers, only a live chat
- They only provide term life insurance policies
Conclusion
The Ladder is an online term life insurance platform that allows you to do the entire application online in minutes, and get instant approval if you are lucky enough not to require a medical exam.
However, Ladder does not accommodate individuals past 60 years and does not offer policy riders, or any other type of insurance apart from term life insurance.
Ladder Life Insurance is an excellent choice for people looking for low-cost basic term life insurance. It is easy and fast to apply, while on the other hand, it is flexible and affordable to keep. Just visit the official Ladder website to apply.
