Ladder only offers term life insurance policies. Term life insurance is worth considering if you want the most affordable type of life insurance to cover a specific period, such as your working years or the length of a mortgage.
With level term life insurance, you can lock in rates for a specific period, such as 10 or 20 years. Your premium will not change during this period. After that, you can renew a Ladder life insurance policy for just another five years.
Ladder describes itself as “100% digital” for fonts $3 million or less. You can complete the application and lock your policy online. However, a life insurance medical may be part of the process if you want a policy with a larger death benefit (up to $8 million).
The company offers policies issued by:
- Fidelity Security Life Insurance Co.
- Allianz Life Insurance Co. of New York
- Allianz Life Insurance Co. of North America
Related: Types of life insurance
Ladder term life insurance
Ladder offers policies with terms of 10, 15, 20, 25, and 30 years for people between the ages of 20 and 60. You can only buy a term that, in addition to your age, does not exceed 70 years. For example, if you are 50 years old, you cannot take out a term policy for more than 20 years.
Laddered term life insurance has a little something extra. The company name, Ladder, refers to the fact that you have the flexibility to scale your policy by increasing or decreasing coverage if your needs change over time.
For example, a couple with their first child may want to increase coverage levels. Conversely, once the children are grown, a couple may not need as much protection.
The “scheduling” is free and policyholders can make these changes as often as they wish.
Aside from the bonus of being able to adjust your coverage amount up or down, Ladder life insurance is rudimentary. You won’t have any options for riders, such as an accelerated death benefit. This feature would allow you to access your own death benefit if you become terminally ill and is readily available from other life insurance companies.