Term life insurance is a type of life insurance that covers you for a set period of time. When you apply for term life insurance, you select a term length and a coverage amount. If you pass away during the term, your beneficiaries file a claim and receive that coverage amount (subject to our exclusions and contestability period). If you outlive your term, your policy ends and does not pay out.

Cost

Term life insurance tends to cost less than types of insurance that offer lifelong coverage, such as whole life. That's because you're only paying for the years that you need it. Your monthly premiums are fixed, so you don't have to worry about price increases either.

Flexibility

With a term policy through Ladder, you can easily decrease your coverage or apply to add more coverage as your life insurance needs changes. Learn more at What's unique about Ladder's approach?

Renewability

After the term ends, you can renew your policy for a certain period of time. When you renew your policy, your insurability is guaranteed, but the policy usually comes with a higher monthly premium.