Buying life insurance is one of those important “to do’s” that can get repeatedly swept aside in the daily hustle of parenting. That’s why we’re happy to partner with the user- and family-friendly life insurance brand Ladder. “Think of it as an act of love. You’re taking an action not for yourself, but for your people,” says Ladder CEO and co-founder Jamie Hale. He came to this realization through personal experience, having lost his father when he was 11 years old. “My father had a life insurance policy that allowed my brother, my mom and me to stay in our home surrounded by our community during one of the toughest times. It meant my brother and I could also both go to college—one of my dad’s dreams for us,” says Hale. Once working in finance, he realized how agent-focused the life insurance industry had become and decided to offer a more modern, digital-first approach—Ladder. Here’s more about the brand and why life insurance should skip up to the top of that long “to do” list.
Ladder Makes Buying Life Insurance Easy
Ladder offers affordable, flexible term life insurance and an application that can be completed online—in about five minutes. It will save you a lot of time and hassle over traditional options. “Many insurers today are oriented around the agent’s time—which isn’t always what’s easiest for the consumer. They also require that all applicants go through the same standardized 6-8 week process (submit information, wait for an agent to call, answer application questions, schedule/go through the medical exam process, wait, get a result, and then potentially get a policy in place),” says Hale. With Ladder, you can get a quote, complete your application, and, if qualified, be issued a policy in as little as five minutes. The application is 100% digital meaning you can easily apply for life insurance on your phone or laptop in minutes. Ladder offers resources like a calculator to help you pick how much coverage you need, and if you’d rather talk to someone, their licensed agents can answer any question you may have. The best part? They don’t work on commission and are just here to help, not sell.
Life Insurance is Crucial for Parents
As parents, hoping for the best but preparing for the worst is something we do every day. “In most cases, the loss of a parent would cause financial strain on the family, and it’s therefore valuable to consider life insurance,” says Hale. He adds: “Concretely, a life insurance policy can help families pay off the mortgage, wipe out debt, maintain a standard of living, send kids to college and more. It reduces one of the biggest financial risks to families (a premature death), all for a cost generally comparable to a cell phone subscription plan.”
You Can Lock in a Rate
With Ladder, policyholders are able to lock in their best rate today (life insurance generally gets more expensive with age) and have the flexibility to adjust their policy over time as their needs change. This way, Ladder customers never end up paying for more than they need. “For example the balance on their mortgage will shrink or they’ll start paying down their kid’s college tuition, (which will lower their coverage needs). Or maybe they’ll have more kids, or start their own business, which will increase their coverage needs,” explains Hale.
You Won’t Get Upsold
If you don’t need a whole life insurance policy (experts agree the majority of people don’t), you won’t be pressured to buy that if a term policy fits your needs. “We’ve built a straightforward term life insurance product with no policy or hidden fees and built-in flexibility, because we believe it’s what’s best for families — not agents,” says Hale. Because with Ladder there isn’t a middleman, Ladder allows users to calculate their needs and buy a policy that aligns with them.
You Can Get Coverage, Fast
“As you answer questions on our site, our algorithms work behind the scenes so that we can offer you our best, fully-underwritten price. If you qualify, we’re able to make an instant offer and get you covered with the click of a button. In other cases, we might need a little more information to determine your price,” says Hale. For example, they’ll ship you an easy test kit that can be completed at home.
You’ll be Adequately Covered
Coverage through work is often not enough, says Hale. “As a general rule of thumb, individuals should have about 10x their annual income in coverage. Coverage through work is usually 1 or 2x an individual’s salary and not portable, meaning if a person changes jobs, their insurance doesn’t come with them and they would likely re-enter the market at a higher price point,” he adds.
Want more info? Got to ladderlife.com!
What people are saying about Ladder:
“I really enjoyed the process of starting the policy and being able to do it from home. I’m a mama with young kids so being able to apply and be approved for a policy in my yoga pants, was a plus.”
- Natasha C.
“The process was so simple and straightforward. And it felt very personal, even though everything was online.”
- Jessica M.
This story is sponsored by Ladder.