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Ladder Life Insurance Review 2021

Jan. 4, 2021
Insurance, Life Insurance
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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Ladder Life Insurance

  • Rated 2.5 stars out of 5 by NerdWallet.
  • Sells term life insurance nationwide with an online application.
  • Many applicants can qualify without taking a medical exam.

Ladder is an insurance startup offering term life insurance to people ages 20 to 60. The company was founded in 2015 and has since expanded to all 50 states and Washington, D.C. In 2020, it announced a partnership with personal finance company SoFi and legal document platform NetLaw to allow SoFi members to create wills for free.

Ladder life insurance

2.5 NerdWallet rating

Ladder earned 2.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.

» MORE: The best life insurance companies

Ladder life insurance policies

Ladder promotes a streamlined experience, with policies sold and managed online without the use of agents, and instant coverage decisions that allow some customers to get insured minutes after applying.

Ladder offers policies up to $8 million for 10-, 15-, 20-, 25- and 30-year terms, depending on your age. Your age plus the length of your chosen term may not add up to more than 70. There are no riders available to add to a policy. Applications for coverage of $3 million or less can be completed online, without the need for a medical exam.

Ladder lets customers increase or decrease their coverage amount online when their needs change.

Ladder policies are issued by Allianz Life Insurance Company of New York, Fidelity Security Life Insurance Company and Allianz Life Insurance Company of North America.

» MORE: Compare life insurance quotes

Consumer complaints

Over three years, Fidelity Security Life Insurance and Allianz Life Insurance Company of New York have drawn far more than the expected number of complaints to state regulators for companies of their size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

More about Ladder life insurance

Ladder’s website is cleanly designed and mobile-friendly, with an online quote process that gives you a quick cost estimate within a few clicks. (For a final quote, you’ll need to provide more in-depth information.)

The site offers a guide to life insurance basics as well as a calculator to help you figure out how much coverage you need.

The Ladder mobile app is free to download. You can apply for coverage directly through the app in five minutes, and increase or decrease coverage at any time.

Ladder doesn’t sell any products beyond term life insurance.

Ladder life insurance pros and cons

ProsCons
Easy to apply and manage your account online.The company that issues Ladder policies in most states receives far more consumer complaints to state regulators than expected for a company of its size.
Some applicants won't need a medical exam.No riders to add to your policy.
Coverage limits up to $8 million.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.