2024 Ladder Life Insurance Review

Ladder is a digital-first term life insurance company that offers flexible coverage adjustments, allowing you to increase or decrease your coverage as needed without any additional fees. This feature is particularly useful as you go through different life stages and your requirements change. We appreciate that Ladder provides affordable coverage for younger adults who are generally healthy and have a straightforward online application process that often eliminates the need for a medical exam.

Ladder's term life insurance is not suitable for everyone because it only offers term life insurance, and it's only available to people between 20 and 60 years old, making it unsuitable for seniors.

Ladder life insurance pros and cons

Types of Ladder life insurance

Allianz, Amica, S.USA Life Insurance Company, and Fidelity Security Life Insurance Company underwrite term life insurance offered by Ladder in all 50 states and Washington, D.C.

Term life insurance

Ladder provides term life insurance policies to adults aged 20 to 60 with coverage terms of 10, 15, 20, 25, or 30 years and a death benefit ranging from $100,000 to $8 million. No medical examination is required if the coverage amount is less than $3 million.

Your total age plus the length of your term cannot exceed 70 years.

The unique feature of a ladder is its flexibility to adjust coverage according to your changing needs. You can make as many adjustments as needed without any cost, whether it's for a major life event like getting married or having a child, or simply paying off the mortgage.

You cannot convert your Ladder term life plan into a permanent policy, unlike many other providers that offer this feature.

Ladder life insurance riders

Some insurance companies offer a return of premium rider, which allows you to recoup some or all of your premiums if the term ends before you die, but Ladder does not provide any life insurance riders, limiting your ability to customize your policy.

Ladder customer service

Since Ladder was established in 2015, it lacks the extensive experience in claims processing and customer service that older companies may have.

Despite not being ranked in J.D. Power's 2024 U.S. Individual Life Insurance Study, the company has fewer complaints than other providers and received an A+ rating from the Better Business Bureau.

You can easily obtain a term life policy by visiting Ladder's user-friendly website, where you can request a quote, apply, and receive approval entirely online.

Weekdays from 9 a.m. to noon PT, customer service is only available by phone, which can be frustrating if additional help is needed. There's no online chat feature, but email customer support is an option.

Other types of Ladder insurance

Unlike many providers, Ladder specializes solely in life insurance, which allows for a more streamlined and focused approach. However, this also means that there are no bundling discounts and policies cannot be kept with one company.

How does Ladder compare to other life insurance?

Ladder vs Ethos

While both Ladder and Ethos are affordable providers with quick online applications and no-medical-exam policies, Ladder offers plans for up to $8 million, while Ethos caps out at $2 million. Additionally, Ladder issues policies in all 50 states, whereas Ethos is not licensed in New York.

While neither company is particularly noteworthy for endorsements, Ethos distinguishes itself by providing an accelerated death benefit, unlike Ladder which lacks riders.

Ethos offers guaranteed whole life policies for up to $30,000, which can pay for funeral and other end-of-life expenses, and is more senior-friendly with age limits of 65 for term life and 85 for whole life.

Ladder vs. Nationwide

One of the largest life insurance providers in the U.S., Nationwide offers a range of term, whole life, and universal life policies. The Nationwide Life Essentials plan closely resembles Ladder's offerings, featuring low rates, online approval, and the option to skip the medical exam.

While Life Essentials has a maximum coverage of $1.5 million with terms of 10 or 20 years, Ladder offers no-exam policies for up to $3 million in coverage with terms ranging from 10 to 30 years. Additionally, Life Essentials is only available to applicants under the age of 55, while Ladder allows applicants up to the age of 60.

Neither Ladder nor Nationwide Life Essentials provide any riders.

While Nationwide Life Essentials policyholders can adjust their coverage, the process may be more complex and may require a fee or exam.

How do I buy life insurance from Ladder?

You can purchase life insurance from Ladder online, quickly obtain rate quotes, complete the application, and receive approval through its user-friendly digital platform. Policies under $3 million do not require a medical exam.

You can speak with a Ladder agent over the phone at 844-533-7206, but customer service is only available from 9 a.m. to 12 p.m. PT on weekdays.

Is Ladder Life Insurance right for me?

If you need a term life policy with flexibility to adjust the death benefit, a ladder policy may be the best option. It's also convenient with a digital application and no medical exam for policies up to $3 million. However, if you think you might want to convert to a permanent life insurance policy, need customization options, or prefer to work with agents, you may need to continue shopping for the right provider.

Why trust CNBC Select?

Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of insurance products. At CNBC Select, we are committed to maintaining our journalistic standards and ethics, even though we earn a commission from our affiliate partners on many offers and links.

Our methodology

CNBC Select evaluates life insurance companies based on several factors, including policy types, availability, rates and terms, number of riders, medical exam requirements, online quote availability, and customer satisfaction.

We took into account J.D. Power's life insurance customer satisfaction ratings, A.M. Best's financial strength ratings, Better Business Bureau scores, and the National Association of Insurance Commissioners' complaint index in addition to our own research.

The sources of life insurance rates can include the provider and state insurance departments.

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