Ladder Life has been a reputed firm that can hedge your financial losses. Jack Dubie, Jamie Hale, Jeff Merkel, and Laura Hale founded it in 2015. The headquarters are based in San Francisco Bay Area, Silicon Valley, and West Coast. Insurance policies aim to protect you from financial loss, but nowadays, it is becoming challenging for digital insurers to manage everything systematically. Multiple reasons have been cited for this. The ladder is one of the startups, is trying to revolutionize the purchase, consumption, and distribution of life insurance.
Ladder Life’s New Version
Ladder brings to you a new redesigned life insurance purchasing process facilitated with instant decision system, contrary to its previous version that made you wait for an average of six weeks. It is cost-effectively offering a fully underwritten term. This was made possible by leveraging AI algorithms. AI algorithms deliver an initial insurance quotation matching a prospect’s profile and needs in no time, thus helping in getting the new format ready and fulfill the regulatory requirements of underwriting life insurance.
Rates and Terms
• Age Required: 20 to 60 years
• Minimum Coverage: $100,000
• Maximum Coverage: $8 million
• Funding Terms: 10,15,20,25, 30 Years
Why is Ladder Life Customer-friendly?
• Easy Process: Get your coverage with a hassle-free online system. Just a couple of clicks and you have the insurance of your assets. Ladder’s great online term life insurance provides coverage with competitive rates, especially if a policy has a face value over $1 million.
• Less Time-consuming Methods: You can manage all aspects of your policy through the online forum. Except for a few cases (which may call for a medical examination), most of the cases will receive a decision immediately. That makes the new process less time-consuming. You may increase or decrease your policy size instantly online, rather than having it canceled before reapplying for a new policy.
Types of Insurance Provided by Ladder
• Term Life Insurance: “Term” describes the length of coverage. This is the purest form of life insurance. One can choose a 10, 15, 20, 25, or 30-year term. In case any mishap occurs within the term, your beneficiaries will receive the benefit of insurance.
• Whole Life Insurance: Ladder’s whole life insurance is a bundled insurance/investment product. To avoid the complexities and the high-cost involved in whole life insurance, Ladder Life provides lifelong coverage instead of coverage for a pre-set term. Prices are significantly higher than term policy rates.
Ladder Application Structure
Ladder offers an online application process through which you can apply for the insurance. The best characteristic of the insurance is that the policy keeps attuning to your changing financial needs. With this regard, the company offers two options:
• Ladder Up: If in case you need extra income to fulfill your requirements then you have an option to increase the face value of your policy. You can continue with the same policy but the added coverage will have a separate pricing structure.
• Ladder Down: You even have an option to reduce the face value of your policy if you do not require the existing face value of your insurance coverage. This structure comes into existence by reducing your premium in a proportionate manner.
Pros and Cons of Ladder Life
There are certain benefits of having Ladder Life insurance policies:
• You get a high value of your insurance from Ladder Life at an affordable price.
• The company is trustworthy and secured by Fidelity Security Life Insurance Company.
• You can cancel your policy whenever you want to if you do not wish to continue with the same.
• The price lock guarantees do not increase with health changes or as you age.
• The term life insurance policies are flexible with money back guarantee.
The policies have a few drawbacks too:
• At present, you can only buy life insurance from one company that is rated and cannot compare various company prices at one time on the website portal.
• Term life insurance policy will expire by the age 80 (or before), after which the terms and conditions are not specified for you.
• You are not allowed to buy life insurance if you more than 60 years of age.
• Insurance companies make a profit when outlive your policy as you pay the premiums for all those years and in the end, the company did not have to pay a claim.