Ladder To Launch in New York via Relationship with Allianz Life Insurance Company of New York
Dec 12, 2019, 10:15 ET
PALO ALTO, Calif., Dec. 12, 2019 /PRNewswire/ -- Today, Ladder Insurance Services, LLC, (Ladder) announced that the LadderLife™ term life insurance product issued by Allianz Life Insurance Company of New York (Allianz Life® of NY) has cleared regulatory approvals and will be offered to New York residents as early as January, marking the completion of its nationwide rollout. New York residents will now be able to enjoy the same quick application process, real time underwriting, and flexible coverage that Ladder has been offering to California since 2017, and to the rest of the country since 2018.
New York is one of the most expensive states in which to live. In its recent ranking of America's Top States for Business, which rates all 50 states based on an index of average costs for basic items from groceries to housing, CNBC ranked New York as the third most expensive when it comes to cost of living -- housing prices in Manhattan are estimated to be the most expensive in the nation. As a result, life insurance is critically important for many New York families who would need financial protection, and Ladder wants to help by offering its smart life insurance process, which has been built around the busy, modern consumer.
"We are thrilled to soon be available in New York! New York residents will be able to access our smart, instant application process to get flexible life insurance with no hidden fees. They can apply in minutes and can adjust as their needs change," said Jamie Hale, CEO and Co-Founder, Ladder. "It has long been our goal to be able to serve families nationwide, and we are excited that the day is nearly here."
"This business relationship with Ladder will allow us to provide consumers in New York with a flexible term policy designed to help them manage risk and protect their financial future," said Eric Thomes, president of Allianz Life of NY. "We are always looking for new and innovative ways to expand our product offering and the Ladder platform offers consumers a simple and intuitive application process to get the coverage they need."
Today's customers expect convenience and smart solutions. Ladder can pull tens of thousands of data points in real time to give people instant decisions, offering the opportunity for a fully-underwritten term life insurance policy online in about 4 minutes if eligible (compared to 8 weeks on average for the traditional process, or approximately 10 thousand times faster). People can access Ladder's site at any time -- whenever it works for their busy schedules. What's more, Ladder coverage is dynamic — as life changes, customers can decrease their coverage in a few clicks and save money, or easily apply for more.
Ladder offers policies in New York (policy form # MN-26) that are issued by Allianz Life Insurance Company of New York. Term policies are issued in all other states and DC by Fidelity Security Life Insurance Company, Kansas City, MO (policy form No. ICC17-M-1069 and M-1069. Ladder California license number OK22568).
About Ladder
Ladder has reinvented life insurance to offer instant decisions, fully underwritten term policies online. With stellar prices, no hidden fees, and the flexibility to decrease or cancel your coverage anytime. Ladder is on a mission to fuel the resilience of underinsured families and communities by closing the 50 million household life insurance gap. Founded in 2015, Ladder leverages AI and a direct-to-consumer, full-stack approach to make life insurance as fair and accessible as it can be. Visit ladderlife.com to learn more.
Contact: [email protected]
SOURCE Ladder
