This term life insurance is a game changer
With Ladder, you don’t have to keep track of multiple policies each with their own set of stipulations. You can change your coverage with the click of a mouse. Or you can let it ride and taper eventually because as you get older, you’re more likely to have your debts paid off. In our opinion, if you are a young family or a healthy individual looking for affordable coverage, Ladder is probably the best fit for you.
If we learned anything from Leigh Anne Tuohy in The Blind Side, “it’s that the first check you write is for the mortgage, but the second is for the insurance.” While you may not be in the market for a home at this moment, surely you can relate to the sentiment of wanting to protect what’s important to you. Ideally without paying an insane amount of money for “just in case”. Good news: we found - in our opinion - the best option for millennials when it comes to selecting insurance.
What is term life insurance?
Let’s back it up and break it down (no dance floor this time unless you feel so inclined). What is term life insurance and do you really need it when you're young? Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during a specified term (thank you, Investopedia). The jargon-free breakdown: when you kick the bucket, your debts are paid for and the people closest to you are taken care of financially. And while we’re at it, we’re going to clear up the difference between term and life insurance. In short, Term = you’re covered during a specific period of time if something happens to you. Whole = you’re covered for your whole life if something happens to you.
So why do you need term insurance?
Because everyone dies. And if you have someone depending on you, leaving them strapped with your debts is super inconvenient. For that reason, you choose to pay a little each month to help cover big costs like college, a mortgage, and living expenses if the unexpected happens. But as your life changes, the insurance you’d prefer to have to cover those changes will need to grow. Which is where Ladder thrives.
How Ladder does term insurance differently
Tons of financial advisors recommend clients to get multiple policies covering different terms and amounts. For example: you pay off your student loans and no longer need insurance, you buy a house and now need mortgage insurance, you have a kid and want to make sure they’re taken care of. Life changes. So Ladder uses a strategy called “layering”. It means Ladder tries to anticipate when the client's needs for coverage will drop in order to save them money over time. Rather than layering multiple policies, Ladder lets clients dynamically tailor their coverage to their needs as they change. Customers can also apply online to get more coverage at any point in time. Super convenient. And life insurance premiums matter — which is why Ladder offers affordable pricing. But when it comes to understanding the true cost of life insurance over time, Ladder's flexible coverage is a game changer.
Ladder Life Insurance review
Because everyone loves a review, we pulled our favorite from TrustPilot. Check out why Phillip thought Ladder was a no brainer: “Before Ladder, we spent about 3 hours of our time dealing with brokers, filling up paperwork, and going back and forth on a 15-email thread with their follow ups, questions, and more only to be told that the most we can do is $1.5M and if we want more we need to prove why we want more in a letter and maybe get $2M if we're lucky. Contrast this with Ladder that took 5 minutes, 0 back and forth, and a $3M term policy that rivals the rest for a similar if not cheaper price. It's simply a no-brainer in our view. We're healthy and in our 30s so not sure how it works for folks that are older but the time saved is incredible. "See? Major key for millennials.
Why we think Ladder is better
Because Ladder simplifies the process. Rather than having one giant block of coverage, you get to have 2 or 3, each decreasing in size over time.
This saves you money in the long run.
Instead of “layering”, Ladder - well - ladders the payments. That means you don’t have to keep track of multiple policies each with their own set of stipulations. You can change your coverage with the click of a mouse. Or you can let it ride and taper eventually because as you get older, you’re more likely to have your debts paid off. In our opinion, if you are a young family or a healthy individual looking for affordable coverage, Ladder is probably the best fit for you. And anyone between the ages of 20-60 is eligible.
How to get started
At the end of the day, Ladder is a great fit for most 20-30somethings. We believed it so much that we partnered with them. And now that you’ve done a decent amount of research, you’re probably at the point where you want to get started. We’re not going to leave you hanging. Get a price estimate in 5 minutes with this link. Looking forward to hearing how easy it was.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Priya Malani
Stash Wealth, Founder & CEO
Priya is a force in the personal finance space. As an industry disruptor, she specializes in bringing the unapproachable world of money to young professionals across the country.
