Life insurance plays an important role in personal finance. Yet, while personal finances seem to evolve every year, the life insurance industry has been largely stagnant. Ladder is changing that by bringing innovation to an archaic life insurance industry.
Ladder was built with the digital generation in mind, using technology to enable efficiency and value. Ladder has dramatically improved the overall customer experience by simplifying the application, underwriting, and binding processes.
Overall, Ladder has earned a Savology recommendation and a 4.5-star rating for their competitive prices, efficiency, flexibility, and trustworthiness.
Flexibility: 5 ★ / 5 ★ Rating by Savology
Perhaps Ladder’s biggest differentiator is the flexibility that they have introduced to life insurance. Your needs for life insurance change throughout your life, and that doesn’t mean you should have to replace your policy when you buy a house, pay off a debt, or have another child.
With Ladder, you can decrease your coverage anytime with just a few clicks. Ladder also makes it easy to apply for more coverage without fees or hassle.
To top it off, Ladder provides a 30-day money-back guarantee and will allow you to cancel your policy at any time.
Efficiency: 5 ★ / 5 ★ Rating by Savology
Some of the biggest roadblocks to obtaining life insurance are the inefficiency of the traditional paper process and the inconvenience of a medical exam. Ladder has all but eliminated those obstacles.
Ladder features an online application and real-time underwriting. You can apply in 5 minutes, get an instant quote and decision, and accept it or reject it at your convenience. For many applicants, a medical exam is not required, which means you can bind the coverage and have it take effect within minutes of starting.
Pricing: 4.5 ★ / 5 ★ by Savology
The efficiencies achieved with technology allow them to be very competitive in their pricing. Fewer medical exams also decrease overhead.
Sales commission has long been a significant cost of the life insurance industry. Ladder doesn’t have high pressure, commission-based sales agents that need to be paid on every policy.
Trustworthiness: 4.5 ★ / 5 ★ by Savology
Since Ladder is rather new to the scene, they don’t have decades worth of a track record of stability and success. But Ladder is backed by reputable investors such as Lightspeed and Canaan and uses Fidelity Security Life Insurance Company to issue their policies. Fidelity Security has an AM Best A (Excellent) rating for financial strength and long-term issuer credit rating.
Ladder also has an excellent rating on Trust Pilot with a 4.8/5 TrustScore with hundreds of excellent reviews.
Ladder has a few limitations that prevent it from being a perfect fit for everyone. Ladder only provides term life insurance and only in increments of 10, 15, 20, 25, or 30 years. Ladder is available in all states except New York and for applicants between the ages of 20 and 60.
Conclusion: 4.7 ★ / 5 ★ by Savology
Overall, Ladder provides an outstanding value and a remarkable experience at great prices for their target market. There may be a few low-cost competitors out there that can edge Ladder out in a price war, but not that also bring the same level of value, flexibility, and overall experience. For these reasons, Savology thinks Ladder is a great option for those looking for a term life policy.
This review is provided by and expresses the opinions of Savology to help users make informed financial decisions. Many of the featured products on this site connect to our affiliate partners. Partners may provide compensation to Savology for referrals, which in turn allows Savology to provide the free financial planning platform. Compensation does not influence the product evaluations or recommendations.
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