Online Life Insurance Companies

Ladder life insurance review

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Best for: People who are environmentally conscious

Our take: Ladder life insurance is affordable and the application process is quick. But what makes it actually stand out from its competitors is that it’s also climate-friendly. The company uses zero paper — that’s right, no trees are cut down to produce a policy. And the insurer takes it one step further and plants a tree for every policy it does issue.

Eco-friendly, affordable, and expedient — Insure.com found Ladder to be all three. Ladder’s flexible coverage becomes active almost immediately after approval, and its promise to be good for the environment includes planting a tree for every active policy. Another note: Ladder, along with Fabric, received the top Trustpilot customer experience rating of the online life insurance companies we reviewed.

Pros:

  • Instant approval
  • Well-known and trusted
  • Application is easy to resume if you leave the page

Cons:

  • Customer service isn’t always available during business hours
  • Online chat agents respond over email rather than within the chat
  • No riders offered

Ladder’s third-party ratings

Trustworthiness
A+
Financial Strength
A
Customer Experience
4.8

Trustworthiness: The Better Business Bureau evaluates businesses on their behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments. The BBB gives Ladder an A+.

Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. A.M. Best gives Ladder an A.

Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives Ladder a rating of 4.8 out of a possible 5. Scores as of October 4, 2022.

How Ladder stacks up against selected competitors

Third-party ratingsLadderEthosBestowSoFi
TrustworthinessA+A+A+A+
Financial StrengthAA+A+A+
Customer Experience4.84.64.64

More details about Ladder life insurance

Policies offered:

  • Life products offered: Term life

Rates:

  • Term coverage starts at $5 a month.

Insurance partners:

  • The company’s policies are issued by Fidelity Security Life Insurance Co, Allianz Life Insurance Co. of New York and Allianz Life Insurance Co. of North America.

Other details:

  • Ages and coverage limits: The company offers insurance to those 20 to 60 years old. It offers up to $8 million in 10- to 30-year terms. U.S. citizens or lawful permanent residents who have lived in the U.S. for more than two years are eligible.
  • Waiting period: The policy is in force immediately after the first payment is made.
  • Medical requirements: Those applying for less than $3 million in coverage do not need to complete a medical exam.
  • Application time: The company promises an application that can be completed in minutes and can provide instant approval.

Additional product line details: Ladder only offers its individual term life insurance policy. You can get up to $3 million in coverage without taking a medical exam or doing any lab work. Additionally, coverage starts at just $5 a month (depending on your age and health).

How much does Ladder life insurance cost?

For healthy non-smokers:

The following table shows Ladder’s monthly rates by age and gender for healthy non-smokers purchasing 20-year term policies. Note: Applicants age 55 who don’t smoke are only eligible for 10-year policies.

AgeSex$500,000 in coverage$1,000,000 in coverage
25Female$18.00$29.40
25Male$20.07$35.40
35Female$20.10$33.90
35Male$22.80$39.00
45Female$48.60$86.10
45Male$62.10$112.80
55Female$63.30$114.30
55Male$86.40$160.20

For smokers:

The following table shows Ladder’s monthly rates by age and gender for smokers purchasing 20-year term policies. Note: Applicants age 55 who smoke are only eligible for 10-year policies.

AgeGender$500,000 in coverage$1,000,000 in coverage
25Female$44.10$76.80
25Male$66.60$123.00
35Female$79.80$147.60
35Male$99.90$187.20
45Female$177.90$336.00
45Male$227.70$436.80
55Female$215.10$408.30
55Male$341.40$620.70

How its rates stack up:

The following table shows how Ladder’s monthly rates for a healthy 35-year-old compares with selected competitors for $500,000 in coverage for 20-year terms.

GenderLadderFabricWyshboxBestow
Female$20.10$20.62$20.03$23.08
Male$22.80$23.72$28.96$30.58

Company background: The company was founded in 2015 by Jamie Hale, his wife Laura and two tech veterans, Jeff Merkel and Jack Dubie. The company offers flexible life insurance that allows people to adjust their coverage up or down as their lives change – such as when a child is born, a house is bought or children age. The company calls this process “laddering.”

Interesting tidbit: The father of Jamie Hale, one of the company’s founders and its chief executive, died unexpectedly when Jamie was 11. Hale credits his father’s life insurance policy for sustaining the family financially.

States where Ladder is available

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States where Ladder is available
Alabama
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Delaware
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AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY
Available
Not available

About Ladder

  • Company address: 100 Forest Avenue, Palo Alto, CA 94301
  • Company website: https://www.ladderlife.com/
  • Company email: help@ladderlife.com
  • Company phone: 844-533-7206

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