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Ladder Life Insurance Review

The Pros and Cons to Ladder insurance app.

What Is Ladder Life Insurance?

Ladder insurance is different from most insurance providers because it only provides life insurance. It is not an app, but simply a digital insurance provider. 

How it works is you can purchase term life insurance coverage in a variety of amounts on their website. From 10 to 30-year term limits and up to $8 million of coverage. They restrict the term based on your age. You were age and the length of the term cannot add up to more than 70. You can increase and decrease the coverages around certain life events. 

Ladder Insurance Quick Facts:

Year Ladder Insurance Started: 2015

Insurance Provided By Ladder: Life Insurance

Ladder Apps Rating: Web Based (No App Available)

States Ladder Insurance Is Available In:

  • Life Insurance: Alaska, Arizona, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, Wisconsin, Wyoming

 

When Will Ladder Insurance Be Available In My State?

There are multiple reasons that Ladder insurance is not available in your state. Selling life insurance in your state might not be profitable, or they have yet to develop a software or algorithm that works with life insurance in your state. We will try to update the location information for Ladder insurance regularly.

What Are The Pros & Cons Of Ladder Insurance?

Ladder life insurance seems to be highly debated by different groups online. Some people advise people to use Ladder insurance while others indicate that there are large amounts of complaints revolving around the company. Here we will look at the pros and cons of using Ladder life insurance.

The Pros Of Ladder Insurance

The convenience of changing your life coverage as you go is undoubtedly a major selling point for Ladder. If you want to increase your coverage by 15% then your premium will also increase by 15% and vice versa. They don’t charge any extra to change that coverage. The other benefit of using Ladder life insurance is the ease of online use of managing your life insurance.

The other selling point of Ladder’s life insurance is that not everyone is required to get a medical exam for some policies. While you should make sure their insurance will still work if you were to die from certain pre-existing conditions, this can be beneficial for people that are normally denied life insurance due to medical reasons.

The Cons Of Ladder Insurance

Term life insurance is only one type of life insurance and it is extremely restrictive in how it can be used. Essentially it only provides for your survivors. When looking for life insurance there are many more factors that come into play with life insurance. Simplifying it can be a disservice to you and your family.

One of the negative aspects of using ladder life insurance is the lack of information and education on life insurance. Typically when you get life insurance with an insurance company your agent advises you and educates you on the different types of life insurance and which would best fit you and your family. Additionally, they do not allow riders to be added to your insurance policy.

Nerdwallet indicates there’s a large number of complaints. They reviewed ladder insurance and gave it only 2.5 stars out of five. Their primary indicator is the negative reviews from other sources. While they don’t go into detail of the reviews a large number of people indicate the lack of information around the insurance and the selling of their personal information what’s the most negative part of using ladder life insurance.

Compare Ladder Insurance To Strickler Insurance

We understand you want to shop around for life insurance. Contact us at Strickler Insurance to get a free quote on life insurance. We are located in Lebanon Pennsylvania and have been providing coverage for over 160 years. We provide insurance in PA, MD, NY, NJ, DE, and VA. Contact us to compare life insurance!

Learn about the pros and cons of other insurance apps.