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Ladder Insurance Review 2019

Jan. 2, 2019
Insurance, Life Insurance
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At a glance

  • Offers term life insurance nationwide, except in New York.
  • Customers apply for and manage policies directly online.
  • Many applicants can qualify without taking a medical exam.

Overview

Ladder is an insurance startup offering term life insurance to people ages 20 to 60. The company launched in California in January 2017 and has since expanded to all other states except New York. In 2018 it announced a partnership with personal finance company SoFi to provide quotes to its users.

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

Ladder lets customers decrease their coverage amount when their needs change. (You can also apply for more coverage as needed.)

Ladder policies are issued by Fidelity Security Life Insurance Co. Fidelity isn’t included in cheatgame.info’s rankings of life insurance companies because customer satisfaction ratings are unavailable. J.D. Power does not include the insurer in its annual U.S. Life Insurance Study, which measures customer satisfaction.

» MORE: The best life insurance companies

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A.M. Best financial strength rating: A- (excellent)

Fidelity Security Life Insurance Co., which issues Ladder policies, has excellent financial strength, according to ratings agency A.M. Best.

Financial strength is important because it indicates how likely it is that a claim will be paid. It’s especially important when choosing a life insurance company because claims might not be made until decades after a policy is purchased.

Consumer complaints: Worse than the median

Fidelity Security drew more than the median number of complaints to state regulators in 2017 compared to other companies with similar market share, according to the latest data from the National Association of Insurance Commissioners. However, it’s important to note that only two complaints were included in the calculation. The ratio score is high because it’s weighted against the company’s U.S. market share, which is tiny.

The association calculates a complaint ratio score for each insurance company, based on the number of complaints to state regulators, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints than the median, and a score above 1 means more complaints. Fidelity Security’s score for individual life insurance in 2017 was 7.39.

Ladder life insurance coverage information

Products offeredTerm life insurance
Term options10, 15, 20, 25 or 30 years
Age availability20 to 60, as of nearest birthday when applying
Medical exam required?Varies by applicant
Can be rejected?Yes
Available inAll states except New York