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9/4/2018 0 Comments

REVIEW & COMPARE Ladder LIFE INSURANCE | Pros & Cons | FAQs

​Ladderlife.com —an insurtech startup, founded in 2015— offers policies issued by Fidelity Security Life Insurance Company.  Fidelity Security Life Insurance Company has an Excellent (A-) rating for financial strength from A.M. Best.  
Ladder Life Insurtech

***Ladder only sells policies issued by one company***

REVIEW & COMPARE LIFE INSURANCE QUOTES
​​FROM ALL OF THE TOP COMPANIES HERE

WHAT DOES LadderLife.com OFFER?

  • Competitive level 10, 15, 20, 25, and 30 year term life insurance policies from $100,000 to $8,000,000 for people ages 20-60 years old.
  • Ladder offers significantly more life insurance coverage than you can buy without a medical exam compared to other companies.  Some applicants will receive an immediate decision.  Some applicants may need to take a medical exam before receiving an approval.
  • Ability to increase or decrease coverage online as your financial needs change .  "Ladder up" means the policy holder can increase their policy’s face value or extend the length of the term.   The added coverage is priced separately, so the policy holder will receive a different cost for the higher amount of coverage and/or longer term.  "Ladder down" means the policy holder can reduce their policy’s face value if they need less life insurance.  Premiums will decrease proportionately to the reduction in the policy’s face value.

PROs & CONs of LadderLife.com

PROS

  • High-value term life insurance policies
  • An easy to use online life insurance application and management system.
  • Fast underwriting decisions.  LadderLife’s application takes around 20 minutes to complete.  Once complete, the applicant will either receive an approval, a rejection, or a request for a medical exam.
  • Ability to increase or decrease coverage online as your financial needs change.

CONS

  • Only represents one life insurance company. The policies are issued by Fidelity Security Life, but Ladder controls the underwriting and risk analysis.
  • Not eligible if older than age 60.
  • Only term life insurance policies.  No permanent life insurance
  • No riders or supplementary coverage
  • Most communication with the company happens online.  They do have a live chat option (with actual people) as well as a phone number posted to call in. That said, the applicant could go through without having to communicate with anyone, but Ladders team is available to help or answer questions if anything comes up. They're salaried, not commissioned, so their role is help, not sell. 

Frequently Asked Questions about LadderLife.com

  1. Are Ladder’s rates competitive.
    YES.  Ladder’s term life insurance rates aren’t the lowest available, but they are consistently better than average when compared to those of the top insurers.  In addition, Ladder’s applicants may qualify for more coverage without a medical exam and pay significantly lower premiums verses a typical no exam policy. 

  2. Does Ladder have good customer service?
    IT APPEARS SO, YES.  Ladder's website portal appears to be very efficient in handling the life insurance application / underwriting process.  While an applicant could go through without having to communicate with anyone, there is a team available (a live chat option, as well as a phone number posted to call in) to help answer questions, if anything comes up.  They're salaried —not commissioned— so their role is help, not sell. 
    ​
  3. Are there any customer complaints about Ladder?
    YES & NO.  Check the reviews on Trustpilot.
    ​
  4. Is Ladder’s direct-to-consumer online platform a good, safe, and reliable place to buy life insurance?
    YES...  But, in fairness —as with all insurtech startups— it may be 'too soon to tell'.  Based on the "backing" (i.e. the reputation of Fidelity Security Life Insurance Company), we can only assume Ladder's platform is safe and that their offerings are reliable.
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get a quick quote from ladder
more Frequently Asked Questions

—Related Reading--

LADDER LIFE INSURANCE IN THE NEWS

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Ladder Launches Ladder For Advisors To Further Streamline Consumer Access To Life Insurance
Financial Advisors Get Access to a Customized Toolkit and Detailed Dashboard Making It Easy to Further Engage Their Clients

https://www.prnewswire.com/news-releases/ladder-launches-ladder-for-advisors-to-further-streamline-consumer-access-to-life-insurance-300785795.html
Ladder To Unveil Latest Innovations At InsureTech Connect
CEO Jamie Hale Speaking at the World's Largest Gathering of Insurance Leaders and Innovators

https://www.prnewswire.com/news-releases/ladder-to-unveil-latest-innovations-at-insuretech-connect-300709454.html
Ladder And SoFi Partner To Power A New Approach To Life Insurance
The Financial Industry's New Guard Joining Forces To Drive True Innovation

https://www.prnewswire.com/news-releases/ladder-and-sofi-partner-to-power-a-new-approach-to-life-insurance-300681915.html
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Ladder is Partnering to Power a New Approach to Life Insurance
Ladder and SoFi are teaming up to fundamentally change how people access and manage life insurance over time

https://medium.com/ladderlife/ladder-is-partnering-to-power-a-new-approach-to-life-insurance-85195cca6a59

Shopping For Life Insurance in The Digital Age

DARE TO COMPARE? LET'S TAKE A LOOK!
$1 MILLION
$1MIL 30YR Term Life Insurance— Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$1MIL 20YR Term Life Insurance— Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$1MIL 15YR Term Life Insurance— Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$1MIL 10YR Term Life Insurance— Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow​


$500,000
$500K 30YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$500K 20YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$500K 15YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$500K 10YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$250,000
$250K 30YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$250K 20YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$250K 15YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$250K 10YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$100,000
$100K 30YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$100K 20YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$100K 15YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow

$100K 10YR Term Life Insurance- Haven vs Ladder vs Bestow vs Ethos vs Fabric vs SagicorNow
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1/17/2018 0 Comments

AAA Insurance "Exclusive Members-Only Group Term Life Insurance" Review

If you are a AAA member, chances are you have received this “Exclusive Members Only Group Term Life Insurance” application & information packet in your mailbox— at least once, if not once a month.
 
Perhaps it met with a quick end in your recycling bin.  Or --if shopping for life insurance has been on your “TO DO” list—​ maybe it caught your eye and you kept it around to review later. 
 
As a AAA member myself, I have accumulated several copies of my own.  As an independent life insurance broker, I can offer a unique perspective regarding the offer itself, the eligibility details, and the corresponding policy premiums.

I would be happy to review the details with you over the phone: (888) 681-4952.  You can also ​run personalized life insurance quotes and compare top rated companies here.
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PROs & CONs of AAA's "Exclusive Members Only Group Term Life Insurance"

ADVANTAGES OF BUYING THIS POLICY

  • The application is easy to complete and a postage paid envelope is provided to mail it back.
  • Only have to answer “NO” on 3 health questions & have no red flags on other information you give AAA permission to obtain.
  • No medical exam or lab tests.
  • Quick approval.
  • As long as your surviving spouse is a AAA member when you die,  he or she will receive a free basic/classic lifetime AAA membership for life.

DISADVANTAGES OF BUYING THIS POLICY

  • Premiums increase every 5 years.  Other leading life insurance companies offer policies that will guarantee the premiums not to increase for 10, 15, 20, 25, & 30 years or even for the rest of your life.
  • Premiums are more expensive then a fully underwritten policies from other life insurance companies.  For example, a male age 40, excellent health, can get a fully underwritten, $100,000 10 year term policy from a leading life insurance company for $8.78/month x 12 months x 10 years = $1,053.60 total cost.  The AAA Exclusive Members Only Group Term Life Insurance is $18/month x 12 months x 5 years PLUS $27/month x 12 months x 5 years = $2,700.00 total cost.  The AAA Exclusive Members Only Group Term Life Insurance is $1,646.40 MORE EXPENSIVE in total cost.
  • Limited benefit amounts.  The AAA Exclusive Members Only Group Term Life Insurance only offers $50,000, $100,000, $200.000 or $300,000 of coverage.  There are no other options.  Other leading companies will customize the coverage amount to what ever you want or need and will not limit the amounts you can buy.
  • The AAA Exclusive Members Only Group Term Life Insurance expires at age 80.  This might be when you need it the most.  Other leading life insurance companies offer policies that expire at age 90, 95, 100, or even older!

Benefits of AAA's "Exclusive Members Only Group Term Life Insurance"

​INSURANCE GUARANTEES 
  • Guaranteed Renewal
Only you can discontinue this insurance once you are covered.  As long as the Group Master Policy stays in effect and the premiums are paid when due, you can never be singled out for cancellation no matter what happens to your health.  You can renew this coverage up to age 80, for as long as you choose, even if your health deteriorates.
  • Guaranteed Level Benefit
The benefit amount you choose will never go down, regardless of any change in your health.
  • Guaranteed Payment With A Covered Claim
Your beneficiaries will get the benefit amount you selected for a covered loss with no waiting periods or partial payments.  Once in effect, you are covered.
  • Guaranteed Spouse Eligibility
Your spouse, age 18-74, is guaranteed to be eligible to apply even if you don’t apply and even if they are not a AAA member.  The definition of spouse includes Registered Domestic Partner, Civil Union Partner, or party to a domestic partnership between two adults, as recognized by state law.
 
​"LIVING BENEFIT" 
Your AAA Exclusive Members Only Group Term Life Insurance allows you to collect benefits while you’re alive thru the “Accelerated Death Benefit”.  This means if you’re ever diagnosed with a terminal illness, and death is anticipated within 12 months or less, you can get up to half of your benefits early to help with expenses.
 
​CONVERSION PRIVILEGE 
At any time before you turn 65, you can convert your Exclusive Members Only Group Term Life Insurance coverage to a permanent life insurance policy from AAA.    Conversion is guaranteed regardless of your health at the time.

Cost of AAA's "Exclusive Members Only Group Term Life Insurance"

HOW MUCH ARE THE PREMIUMS? 

  • You must be a AAA member ages 18-74 to purchase.  The policy can be renewed until it expires at age 80.
  • There are 4 Benefit Amounts to choose from.  $50,000, $100,000, $200,000, & $300,000.
  • There are different monthly premiums for nicotine vs. non-nicotine users.
  • The premiums are banded into age brackets.   Ages 18 to 34 the premium stays the same.  At age 34 the premiums start to increase and will increase every 5 years until the policy expires at age 80.   Although you cannot be singled out for a rate increase, the premiums are NOT guaranteed.   Your premiums may change only if they are changed for all other insureds with the same age, gender, nicotine use, coverage amount, and year of issue.
  • Premiums payments can be made from a checking account or credit card.  A $3 charge will be added to your premium if you wish to receive a monthly bill.
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Applying for AAA's "Exclusive Members Only Group Term Life Insurance"

ONE-PAGE FIVE-STEP APPLICATION PROCESS

Step 1.  Member Information & Spouse Information – if applying.
  • Name
  • Home Address
  • Phone #
  • Email Address
  • Beneficiary Name
  • Beneficiary Relationship
  • Amount of Coverage Desired
  • In the last 12 months, have you used nicotine in any form?  Yes or NO
  • Gender
  • Date of Birth (Must be 18-74 to apply)
  • Height & Weight

​Step 2.  Provide Payment Method
  • Deduct payment from checking account each month.  Will need to provide account & routing number as well as a copy of a voided check.
OR
  • Charge payment to a credit/debit card each month.  Visa, MasterCard Discover and AmEx accepted. Need to provide card number, expiration date, and the name as it appears on the account or card.

​Step 3. Statement of Health
Each of the following questions are answered by checking the box yes or no.
  1. In the past 12 months, have you been admitted to a hospital or had diagnostic testing performed or recommended by a doctor for an diagnosed condition?
  2. In the past three years, have you been treated OR diagnosed by a doctor as having heart trouble, cancer, stroke, lung disease, liver disease, kidney disease, AIDS, lupus, diabetes treated with insulin, ALS, or dementia?
  3. In the past three years, have you been confined to a nursing home, or special treatment facility OR convicted of a felony or driving under the influence?

​Step 4. Other Insurance
Yes or No.  Is there insurance applied for intended to replace, discontinue, or change any existing insurance or annuity?
​
Step 5. Read, Sign, and Date
  • All answers in the application are, to the best of my knowledge and belief, true.  I understand the answers will be used to determine if coverage will be issued, and the application will be part of the Certificate of Insurance.
  • In accordance with its incontestability provision, if I misstate any of the information on this application, the Certificate my be voidable for 24 months from the effective date by AAA Life Insurance Company.
  • I authorize the Company to use the payment method I indicated on this application.  This authorization will remain in effect until I notify the Company in writing to cancel it.
  • Coverage will take effect on the Effective Date shown on the Certificate, provided the first premium has been paid and there has been no change in my health since the date of the application.  If my health changes prior to the Effective Date of the Certificate, I must promptly inform the Company in writing.
  • I authorize any licensed physician, medical  practitioner, hospital, clinic, pharmacy, pharmacy benefit manager or other medical relate facility, consumer reporting agency, insurance company, or other organization that has any records or knowledge of my medical or prescription history, credit attributes, public records, driving record, or social security number, to give any such information to the Company, its re-insurers or any entity retained by the Company to collect and transmit such information.
  • The company will not use or disclose medical information for any purpose other than stated above except as may be required or permitted by law.  Such medical information may be subject to re-disclosure and may no longer be protected by federal privacy regulation.
  • The authorization shall be valid for 24 months from the date signed.  I understand I or my representative have a right to a copy of this authorization.
  • I may revoke this authorization at any time by writing to the Company, and if I do, the Company may decline my application.

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