Ladder Term Life Insurance Review

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Ladder offers a quick, simple, and smart way for individuals to apply for a term life insurance policy at an affordable cost. They allow you to decrease and apply to increase coverage as your needs change.

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Best Term Life for People Ages 20 - 60

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Pros & Cons

Choosing to purchase life insurance in general can be an important step in helping provide financial stability for your loved ones.  Given that there are numerous companies to choose from, it can be hard to decide which one may be the best.

After all, you’re committing to the company for the foreseeable future for your life insurance needs.  Before applying with Ladder, consider the pros and cons so that you’re making an informed decision.


  • You can decrease or apply to increase policy coverage.
  • Quick application process
  • Issued through reputable insurance companies
  • Great customer service


  • No physical locations
  • No supplementary coverages or riders

Even the best laid plans don't always turn out the way we want them to. Maybe you exercise daily and eat well.  Or you’ve got enough money coming in so you can pay the mortgage.

Sadly, this doesn’t prevent a lot of known and unknown risks — like disease or even death.  Protecting yourself and your family is why the right life insurance coverage is so important.

It used to be that life insurance was difficult to get. You had to go through medical exams and see an agent.  Sure, it might not seem like it’s an important task on your to-do list if you’re single, but what if your life circumstances change?

As in, you want to get married or plan on having kids down the line?  Or, what if your income and expenses change in that you’re not sure if your loved ones can even pay for funeral expenses if you die?

The good news is that there are more insurance companies that make the process easier (and hopefully less painful). Ladder, an online life insurtech company, is one of them.

The process to get a quote is fast and many applicants receive offers for coverage immediately.  Want to know if Ladder may be the right fit for you?  Keep reading to find out.

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Quick Summary

Offering: Term Life Insurance

Fees: No policy fees

Promotion: No current promotions

About Ladder

Founded in 2015 and based in California, Ladder is an online insurance startup that offers term life insurance policies. 

Ladder claims to offer competitive rates, even for policies over $1 million. In 2018, the company partnered with SoFi, a personal finance Fintech company to provide insurance quotes to their members.

Ladder offers policies from $100,000 to $8 million and does not require a medical exam for coverage up to $3 million; you’ll just need to answer health questions as part of the online application.

It only offers term life insurance for the time being, meaning that you’ll pay a fixed price for your premium as long as you keep your policy.

Ladder offers a more streamlined experience in that you can apply for and purchase a policy completely online if approved, without needing to speak with an agent.

Instead, all you need to do is answer a series of questions Ladder provides in the application form to assess your eligibility and determine your price.

It takes about 5 minutes to complete the application, and you will receive a decision about your eligibility in seconds, much faster than the traditional days or weeks with many other life insurance providers.

How Does Ladder Work?

How Ladder Life Works

Ladder offers term life insurance and term length options range from 10 to 30 years.

You go through an application process which includes a series of questions to get to know you better and, if approved, you’re covered once you pay for your first month’s premium.

One of the unique features of a life insurance policy through Ladder is that you can decrease or apply to increase coverage over time.  If you recalculate how much coverage you need and want to increase your coverage, you may be able to apply for the added amount easily and quickly. 

Ladder understands that your financial and life circumstances can change, especially if you take out a policy with a lengthy term (a lot can happen even within a few years).

Other insurance companies require that you cancel your existing policy then apply for a new one if you need to change your limits. 

Once you have a policy with Ladder, you can use their ladder up and ladder down feature so you can adjust your policy limit whenever you wish - applying for more coverage or lowering your coverage as needed.

Your monthly premium will also adjust according to your new coverage limits.  If you decrease your coverage, your premiums will decrease proportionally which can result in cost savings over the length of the policy. 

What Does Term Life Insurance Mean?

Ladder only offers term life insurance, which is a policy that is fixed for an agreed upon term.  That means you’ll pay the same price each month in order to maintain your insurance policy.

Once the agreed upon term is over, the policy expires.  The idea behind this product is that your family will have enough life insurance coverage during the years where they more likely to need income in the event of your death.

In other words, your highest earning years is probably the time where you’re also paying for more expenses like a mortgage and other loans.

Term life insurance can be a great choice for many people.  If you've brushed up on your life insurance basics, you'll know the main advantages are that it’s typically more affordable than other types of insurance.

Also, this product can help protect your loved ones.  That’s not to say that other types of life insurance products aren’t great. It’s more whether one is a better fit for your situation.

Other products such as whole life insurance or renewable term life insurance, where you can maintain your policy until you’re 80 or 85 years old are another option.

There’s also term life insurance products with a convertible feature — you have the option to convert it to whole life insurance later on — that might be a great fit.

Both renewable or convertible life insurance may be a good fit if you want to make sure you have a policy once you’re older than 60.

Your best bet is to take a careful look at your situation and speak with a financial professional if you’re unsure of which course to take. 

Who is Ladder Best For?

To be able to purchase an insurance policy through Ladder, you must be between 20 and 60 years old.

Plus, you need to be a U.S. citizen or have resided in the U.S. for a minimum of two years.  It’s also a good option for those who want to take out a large insurance policy — Ladder offers coverage from $100K all the way up to $8M.

This means life insurance policies offered through Ladder could make sense for those who want a policy that’s at least a few hundred thousand dollars.  In other words, people who have a number of bills to pay or want to provide for loved ones after they pass.

For example, if you have multiple children you want to help put through college, the death benefit proceeds from your policy can help do that.

Ladder is also a great option for those who don’t want to go to an insurance agent and go through a medical exam for coverage up to $3 million. 

So if you’re someone who’s busy or rarely has time to run errands, give Ladder a try.

Ladder Customer Testimonials

Final Verdict

Applying for life insurance through Ladder can be a quick way to get simple term life insurance without going through a long drawn out process you find with many other life insurance companies. 

It’s also great if you’re looking for flexible coverage or a higher policy limit. Ladder offers $100K to $8M in coverage, and applicants seeking coverage up to $3M can go through the process 100% digitally without the need for a medical exam.

However, if you’re looking to purchase additional riders, you’ll have to look elsewhere.  Still, it doesn’t hurt to shop around and submit an application since you can complete one in just a few minutes.


Ladder is an insurance platform that was built to be an instant, simple, and smart way for individuals to buy term life insurance at an affordable cost. They allow you to decrease coverage as your needs change.

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Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see  All insurance products are governed by the terms set forth in the applicable insurance policy.  Each insurer has financial responsibility for its own products. Coverage amounts vary by state.

I'm a Fintech, personal finance, investing, alternative investments, credit, small business, careers, loans, money mindset, retirement and debt writer.

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