Ladder Life Insurance offers life insurance and it is known for the ability to let customers increase to decrease their coverage as the needs change. It is this capability that gives the company its name. The company helps the customers save thousands of dollars by adjusting their coverage as their life changes.
It offers only one policy-term life insurance. You can choose the policy length based on your age. It can range between 10 to 30 years and has five-year increments. The coverage amount will start at $100,000 and can be as high as $8 million. All U.S. citizens and permanent residents who have been in the country for more than two years and aged between 20 to 60 years are eligible for the policy. After you hit 40, the maximum tenure you qualify for is 30 years.
- A competitive level 10, 15, 20, 25, and 30-year term insurance plans ranging from $100,000 to $8 million for individuals aged between 20 to 60 years.
- It offers more life insurance coverage than you can purchase without a medical exam.
- Some applicants get an immediate decision while many need to take a medical exam to get approval.
- Allows you to increase or decrease the coverage as your financial needs change. You can increase the face value of the policy or extend the length of the term. It is known as Ladder up. In contrast, Ladder down means that you can reduce the face value of the policy if you require less life insurance and the premium amount will decrease proportionately.
Pros of Ladder Life Insurance
- There is an easy to use online life insurance application.
- Enjoy high-value term life insurance.
- Quick underwriting process and decisions. Your application will take about 20 minutes to complete and once done, you will receive an approval or rejection quickly.
- Change the coverage online as your financial needs change.
- There is a live chat option and a phone number to contact the executives. There is always a team available to help you.
Cons of Ladder Life Insurance
- It only represents Fidelity Security Life Insurance Company which means you cannot compare the costs of other companies.
- You are not eligible if you are older than 60 years.
- They only offer term life insurance policies and no permanent life insurance.
- There is no additional coverage or riders.
They do not offer the lowest available insurance rates but they are consistently better than average if compared to other top insurers. Additionally, you may qualify for extra coverage without a medical exam and enjoy a low and competitive premium versus a no exam policy. If you are looking for a traditional term insurance plan, Ladder has one of the best in the industry. The feature of increasing or decreasing the coverage works perfectly well as you age. With the changes in your health and financial requirement, you can choose to enhance or reduce the coverage and pay the premium accordingly.