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Home » Insurance » Life » Life Insurance Companies » Ladder Life Insurance Review 2022

Ladder Life Insurance Review 2022

Updated: July 6, 2022 By Robert Farrington

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Ladder life insurance review

Have you recently looked into your crystal ball to determine what the rest of your life holds? Unless you’re a clairvoyant, planning for the future involves a lot of known and unknown risks. That’s why buying appropriate insurance products is so important.

One of the most difficult insurance products to buy is life insurance. If you’re hoping to marry or have kids one day, but you’re currently single, should you buy insurance today while you’re young and healthy? If you have one kid, but you hope for more, should you buy more insurance?

Unfortunately, figuring out how much insurance to buy is never an easy task. However, Ladder, an online life insurance agency, is making it a little bit easier to buy life insurance that scales with your life. See why we put Ladder on our list of the best online term life insurance companies.

Here’s how it works.


Ladder Life Insurance Logo

Quick Summary

  • Online term life insurance
  • Policies available up to $8 million, one of the highest amounts available online
  • Easy policy adjustments
GET A QUOTE

Ladder Details

Company Name

Ladder

Min Coverage

$100,000

Max Coverage

$8,000,000

Terms Offered

10, 15, 20, 25, 30 Year

Insurance Type

Term

Table of Contents
What Is Ladder?
How Does Ladder Work?
Is Level Term Life Insurance the Right Kind of Life Insurance for Me?
How Does Ladder Compare?
Final Thoughts
Ladder Features

What Is Ladder?

Ladder is an online life insurtech company that issues term life insurance policies online. Some people may qualify to buy an insurance policy directly from the Ladder portal. Ladder guarantees no medical exams for coverage up to $3,000,000 — just answer a few health questions on the application.

The cool thing about Ladder is that applicants can gain coverage right away, if approved.

Unlike most life insurance companies, insurance from Ladder allows you to decrease coverage over time (if you want). You can also quickly and easily apply for more coverage.

To buy an insurance policy from Ladder, you must be between 20 and 60 years old. You must have lived in the United States for the last two years. Insurance policies from Ladder will not extend past age 70. The maximum benefit you can take out depends on a variety of factors, but Ladder will underwrite policies up to $8 million.

Ladder is available in all 50 states.

How Does Ladder Work?

The most unique part of Ladder is that policyholders can decrease their coverage (and their corresponding monthly payment) over time. Ladder calls this “laddering down” your life insurance. Essentially, as you save more money, pay off debts, or launch your kids out of the house, you don’t need as much life insurance.

With Ladder you can easily adjust your policy of $1.5 million to a policy of $1 million (and reduce your monthly costs) simply by requesting a decrease.

You cannot “ladder up” quite so easily. With Ladder, you do have to apply (and possibly undergo medical underwriting) each time you want more life insurance. That said, the application process is quick and easy.

Is Level Term Life Insurance the Right Kind of Life Insurance for Me?

Ladder only sells a product called level term life insurance. This means that you’ll pay the same amount (every month) to keep your life insurance policy in force. After a set period of time (anywhere from 10 to 30 years), the policy expires.

Level term life insurance tends to be a sensible insurance product for most people. It’s relatively inexpensive, and it can protect your loved ones.

That said, there are other types of life insurance products that may make sense for you. A life insurance policy with a convertible feature (meaning you can convert it to whole life insurance) could make sense for some people.

I am also a fan of annual renewable term life insurance which gives you the privilege of keeping your policy in force at a growing rate until around age 80 or 85. This is a helpful type of insurance for people that buy insurance at a young age (say 23), but end up needing a policy until their 60s.

How Does Ladder Compare?

Ladder is one of many online term life insurance companies. While they offer one of the highest amounts of insurance compared to other companies, they may not be the best for you.

As always, make sure you shop around and see the list here of the best online life insurance companies. 

With that in mind, here's a quick comparison:

Header
ladder comparison
ladder comparison: bestow
ladder comparison: haven life

Rating

Min Coverage

$100,000

$50,000

$100,000

Max Coverage

$8,000,000

$1,500,000

$3,000,000

Terms

10, 15, 20, 25, 30 Year

10, 15, 20, 25, 30 Year

10, 15, 20, 30 Year

Types

Only Term

Only Term

Only Term

Exam?

No, up to $3M

Not Required

Maybe

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

Final Thoughts

If you want to buy a level term life insurance policy, buying through Ladder makes a lot of sense. The ability to reduce your monthly premiums (and your overall death benefit) over time is great for people who are working towards early financial independence.

Plus, many policyholders get coverage in place right away, and there are no medical exams for up to $3,000,000 in coverage.

Ladder Features

Min Policy Amount

$100,000

Max Policy Amount

$8,000,000

Policy Terms

10, 15, 20, 25, 30 Years

Policy Types

Term

Riders/Customization

Flexible coverage, no riders

Medical Exam

Not required on policies up to $3M

Online Account Management

Yes

Policy Issuers

Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York 

AM Best Rating

Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York have A+ (Superior) ratings

Availability

All 50 States and Washington D.C.

Customer Service Phone Number

N/A (Chat or Message Only)

Customer Service Hours

Mon-Fri, 8 AM - 5 PM (PT)

Mailing Address

Ladder Financial Inc.

P.O. Box 456

Menlo Park, CA 94026

Promotions

None

Ladder Insurance Services, LLC (CA license # 0K22568; AR license # 3000140372) offers term life insurance policies: (i) in New York, on behalf of Allianz Life Insurance Company of New York, New York, NY (policy form # MN-26); and (ii) in all other states and the District of Columbia on behalf of Allianz Life Insurance Company of North America, Minneapolis, MN (policy form # ICC20P-AZ100 and # P-AZ100). Only Allianz Life Insurance Company of New York is authorized to issue life insurance in the state of New York. Insurance policy prices, coverages, features, terms, benefits, exclusions, limitations and available discounts vary between these insurers and are subject to qualifications. Each insurer is solely responsible for any claims and has financial responsibility for its own products.

Ladder Review
  • Pricing
  • Ease of Use
  • Products and Services
  • Customer Service
Overall
4

Summary

Ladder is an online term life insurance agency that sells term life insurance only. They are offering policies issued by Allianz Life Insurance Company Of North America and Allianz Life Insurance Company Of New York.

Pros

  • Easy to get a quote and manage policies online
  • Applicants seeking up to $3M in coverage won’t need a medical exam
  • One of the largest death benefits available online

Cons

  • Only offers term life insurance
  • No riders or customization of policies
  • Get A Quote
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Ladder Life Insurance Review 2022
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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