The name “Ladder Life Insurance” may sound catchy. You may associate ladders with reaching higher grounds of levels. It is easy to understand the symbolism between ladders and progression. The higher you are, the closer you are to your destination.
When a life insurance company names itself after ladders, you may associate it with achieving your financial goals and securing your loved ones’ futures. But what does this company do?
And is it legitimate? Here in this article, we will tell you what a ladder life insurance policy is and if it is legitimate or not.
Is Ladder Life Insurance Legit?
The short answer to that is it depends. Ladder Life Insurance has its ups and downs, and reviewers have mixed feelings about their life insurance policies.
They claim that Ladder Life Insurance is changing the life insurance industry by utilizing an entirely digital application process that does not require the participation of doctors or medical exams. Ladder Life Insurance is a life insurance company that provides affordable coverage for the average person.
This company provides a straightforward online platform that allows you to obtain coverage and make changes to your policy with the least amount of effort. Ladder Insurance Company provides Term Life Insurance.
Ladder is a new insurance company that provides term life insurance to people between 20 and 60. Formed in 2015, the company has since expanded to include all 50 states and Washington DC.
The Pros and Cons
What are reputable sources saying about Ladder Life Insurance?
For starters, the website paramountquote.com does not recommend them.
They say Ladder Life Insurance offers policies from only a few companies, which does not guarantee you the lowest rate. In fact, it may result in an overpayment if you choose a carrier like Fidelity Life. You cannot view correct pricing to determine the exact cost.
It’s also said that they employ deceptive gimmicks such as “starting at $5 a day” when this is not the case. The only true advantage we see is that they are a legitimate agency and that if you contact them, they will be able to obtain term life insurance for you; however, it will not be the greatest plan and premium for you.
Nerdwallet gave them 3.5 stars out of 5 stars. They were able to see some good and bad qualities in the company.
For the advantages, Nerdwallet saw:
- Applying for and managing your account is simple when done online.
- The majority of candidates will not be required to undergo a medical examination.
- Coverage levels of up to $8 million are available.
Meanwhile, the cons are:
- The firm that provided some Ladder policies got much more customer complaints to state regulators than would be expected for a company of its size.
- There are no riders to include in your insurance.
Most importantly, let’s take a look at what customers said about them.
Customers have given decent feedback on the company. In addition, it is simple to use, and underwriting decisions are provided much more swiftly than with other service providers.
Ladder Life Insurance has one significant drawback: most discussions must take place online. Even though the company has agents, all communication is online. So, you will need to be experienced in online communication, as all other modes of communication are not available.
Add to that, the company doesn’t provide a lot of information on life insurance policies, so if you’re seeking more information about how you’ll be covered, you’ll have to conduct your own research on the subject.