Ladder is Partnering to Power a New Approach to Life Insurance
Today we announced that Ladder and SoFi are teaming up to fundamentally change how people access and manage life insurance over time. This collaboration demonstrates how Ladder is able to partner with like-minded companies to make life insurance more streamlined, accessible and dynamically linked to other key pieces of your financial puzzle. The traditional process tends to position life insurance as a “one-and-done” decision when, in actuality, life insurance needs change over time. Ladder is different: we’ve introduced a new approach to life insurance, one that is not only instant, but also empowers consumers to easily adjust their coverage as their financial picture fluctuates over time. Because Ladder has pioneered a fully digital and dynamic approach, partnerships like the one we announced with SoFi today give consumers visibility into the role life insurance plays in relation to other elements of their financial plan.
When we launched Ladder in January 2017, we set out to reinvent life insurance with a new approach — one that makes sense for modern, self-directed consumers. We rebuilt the life insurance process from the ground up to be fully-digital, removing many of the complexities and costs associated with the traditional process. Consumers no longer have to be burdened with physical paperwork, in-person meetings with agents or weeks-long wait times — they can now apply in minutes for coverage that takes effect instantly. But beyond streamlining the process for consumers, our full stack approach enabled us to introduce a game-changing capability: the ability for consumers to easily adjust (yes, “ladder”) their life insurance policies to fit their needs as they change over time. We launched the Ladder API to make it easy for partners to integrate access to this instant and dynamic solution into their offerings.
Through our partnership with SoFi, consumers can go to sofi.com/life-insurance to calculate their needs and apply for an instant decision on fully-underwritten term life insurance coverage (ranging from $100k to $8M). SoFi has excelled in building a community of consumers who turn to them to manage various aspects of their finances, so it makes sense that they now have the ability to address their life insurance needs, within the context of their overall financial situation. And, because Ladder’s technology is dynamic, these consumers will be able to adjust their policies as their financial picture changes, as they earn income, pay down loans or mortgages or invest for their future. Ladder makes it easy for consumers to check life insurance off of their to do list and to feel good about knowing their loved ones will be covered. But beyond an initial purchase, we’re making life insurance a dynamic component of their ongoing financial planning.
There’s a strong synergy between Ladder and SoFi and this partnership is a compelling example of how consumers benefit when like-minded, industry disruptors join forces. Together, we’re helping people truly understand how to think about and manage life insurance in a new way. If you are a consumer, go to sofi.com/life-insurance to better understand how life insurance fits into your broader financial picture. If you are an innovative platform where consumers go to manage their finances, benefits or other types of insurance, check out the Ladder API. We’d love to explore how we can work together to power a new approach to life insurance.