You probably think you know everything there is to know about life insurance, right? Not quite. There’s an innovative new tool on the market that lets you adjust your coverage at will, without needing approval from an agent or anyone else. To help educate you on this new product, here’s a step-by-step guide to ladder life insurance.
If you’re looking to increase your life insurance coverage, it can seem like a hassle to have to call up an agent and get him or her involved in the process. However, with ladder life insurance from SafeGuard Life Insurance Company, you can increase or decrease your coverage without getting anyone else involved. All you need to do is fill out the form on their website and let them know what you want out of your life insurance, and they’ll take care of the rest!
Ladder Life Insurance is an innovative tool that lets you customize your life insurance coverage without having to involve anyone else or get approval from anyone. Since the creation of Ladder Life Insurance, many new companies have launched similar life insurance products, but none have been able to surpass the speed and simplicity that Ladder Life Insurance provides. Learn more about Ladder Life Insurance in this article.
- How Does it Work?
- Are There Any Fees?
- Do I Need To Meet With Someone In Person?
- How Can I Use Ladder Life Insurance?
- How Much Does It Cost?
- Can I Use This Multiple Times?
How Does it Work?
When you purchase a life insurance policy, you can choose a base amount of coverage. If that number is too low or too high for your current needs, you may be able to get more coverage after purchasing your policy if it’s still in effect and if any changes have happened in your life since you originally bought it. Before any new policies are approved, however, there are some steps that must be followed—which is where Ladder Life Insurance comes in.
Are There Any Fees?
Ladder Life Insurance is a tool that’s available at no additional cost. It works directly with your life insurance policy, so there are no additional fees associated with its use. When it comes time to file a claim, Ladder will simply work with your life insurance provider directly and you won’t even be aware of what’s going on behind the scenes.
Do I Need To Meet With Someone In Person?
There are a few reasons you may need to meet with an agent or policy specialist in person, and one of them is if you want a rider that modifies your existing life insurance policy. Another reason is for those who want customized coverage, as we mentioned above. We live in a digital age and prefer not doing anything in person that we can do online (especially when it comes to finances), but there’s something reassuring about talking things over with someone face-to-face and getting their opinion on what will work best for you. If you fall into either of these categories, then Ladder does offer agents who can meet with you one-on-one at any time.
How Can I Use Ladder Life Insurance?
First, find out if you’re already covered. If you already have an existing life insurance policy, look at your death benefit—the payout amount when a policyholder dies. This is also known as cash value or face value. If your face value is less than what you want for your family’s future, Ladder Life can help you increase that value without impacting monthly premiums, term length, or anything else on your existing plan.
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How Much Does It Cost?
At Ladder, you can get term life insurance with fixed premiums. Premiums are based on a number of factors, including your age and gender, but range from $8 to $20 per month for coverage levels up to $1,000,000 in death benefits. The only things that can impact how much your premium will be are your health (there’s no medical exam when you buy a ladder) and whether or not you smoke. Smokers pay an additional 5% above non-smokers. All policies include free policy reviews every year.
Can I Use This Multiple Times?
Yes, so long as you are truthful about your credit situation. Also, make sure that you apply for a credit card with a limit big enough to cover your potential maximum needs (you can only borrow up to 100% of available credit on one card) but not so high that it will hurt your credit score. One of our expert sources says a rule of thumb is that your debt should be less than 10% of your total available credit. Your other cards don’t necessarily have to be in great shape either—but they shouldn’t be maxed out. If they are, you might want to consider transferring balances before applying for a new line of credit.