It is impossible to predict what the future holds. Life insurance can safeguard your finances if you need to protect your family.
The purchase of a life insurance policy in the past has involved insurance agents and medical tests. Now, a new wave of fintech companies makes it possible to buy life insurance much easier.
Do you need to quickly find life insurance online? Take a look at our Ladder review to help you make your decision.
Who is ladder life insurance for?
You are probably wondering, "How much life insurance do I need?" This depends on your age, circumstances and lifestyle.
The staircase is designed for policyholders between 20 and 60 years old. You will benefit from ladder life insurance if you are:
A young parent who is still building financial security. Life insurance can help cover mortgage payments and future education costs for your children. Adult children who financially support parents or other family members. Healthy candidates who can bypass a medical or blood test. Homeowners ready to buy a life insurance policy to cover mortgage debt. This will help you avoid paying additional insurance on your first home.
Life insurance products on the ladder
The scale is different from other insurance providers: it only offers term life insurance.
Term life insurance
The term life insurance pays the benefits in the event of the death of the insured during the established period. If the policyholder does not pass within the term, the policy lapses.
You have the option of choosing a term of 10, 15, 20, 25 or 30 years. Coverage ranges from $ 100,000 to $ 8 million.
There are restrictions on the length of the term based on your age. Your current age plus the term must not exceed 70 years.
Here is a simple demonstration.
Age Maximum duration 40 years Duration 30 years 45 years Duration 25 years 50 years Duration 20 years Duration 55 years Duration 15 years Duration 60 years Duration 10 years
Term life insurance is available for those between 20 and 60 years old. Ladder does not provide any permanent life insurance policy, but his term life insurance is suitable for most situations. The general philosophy is to buy term, to invest the rest.
Ladder allows you to purchase a term life insurance policy without a medical exam. However, some applicants may need a medical examination if more information about your health is needed to issue the policy.
Ladder is unique because it allows you to change the coverage along the way. It provides Ladder Up and Ladder Down options, so there is no need to cancel existing policy to adjust coverage.
Apply to increase the face value of your policy with Ladder Up. The additional coverage is priced separately and the premium is adjusted based on the new changes. Use Ladder Down to decrease your coverage amount and your premium will decrease proportionally.
Unlike most cheap life insurance companies, Ladder does not allow you to personalize your coverage with pilot policies. This is because it relies on algorithms to create an instant quote and cyclists would complicate the process.
Ladder Policy Prices
The cost of Ladder life insurance is based on age, health and family history and other factors. Your monthly premium will also depend on the length of your term and the desired coverage.
Ladder follows strict underwriting guidelines to evaluate candidates. Its underwriting process considers:
Age: younger and healthier applicants receive lower rates. Health: the courier examines blood pressure, cholesterol, BMI and family medical history. Rates increase with a history of diabetes or cardiovascular disease. Driving record: You will get a cheaper premium if your recent driving record is free of DUI or a serious traffic violation. Tobacco Use: Prove that you have had at least 3 years without tobacco to qualify for the highest fare class. Opportunity: You will pay a higher premium if you work in a dangerous sector. Dangerous lifestyle: the ladder is not lenient if you take part in high-risk activities such as bungee jumping or parachuting.
Take a look at some sample quotes based on specific profiles. The citations were collected on June 1, 2020.
An unprecedented 40-year-old male non-smoker, 2 children, who earns $ 50,000 annually with a mortgage balance of $ 200,000 qualifies for $ 1 million in coverage over a 20-year period at $ 85 a month.
A 40-year-old male who has used tobacco in the past 12 months, has a family medical history of diabetes, 2 children, earn $ 50,000 annually with a mortgage balance of $ 200,000 who can get $ 1 million in coverage over a period of 20 years for $ 389 per month.
Ladder customer service
Ladder relies on an entirely online insurance application platform, but his customer support team is available to help with technical problems or assistance on how to buy life insurance.
Reach customer service via online chat from 8:00 am to 5:00 pm PST on weekdays. Email Ladder 24/7 to email@example.com.
Support for compensation claims
Filing a claim with Ladder is simple. Here's what to expect from the complaint process:
Inform Ladder that the insured has died via email at firstname.lastname@example.org. You will need to provide the full name, date of birth and policyholder number of the policyholder. Complaint forms complete and provide all additional documents required by the company. Upon receiving all the documentation, Ladder sends them to the insurance carrier and keeps you updated with progress. The insurance company will process the complaint and may contact you for further information. If the claim is valid, payment is made to the beneficiaries.
Ladder also shares some tips for ensuring a smooth complaint process:
You can easily add or edit beneficiaries to your account at any time. Download and send your "Just in Case" card to all beneficiaries. The card includes the policy number and some important information about the policy.
Ready to consider life insurance?
Life insurance is important for the safety of your family. Start figuring out how much coverage you need with Ladder's life insurance calculator and request coverage in less than 10 minutes.
Ladder can also provide temporary insurance coverage while the underwriting process ends. Protect your family's financial future with Ladder's life insurance.