In a new round of funding, the company, Ladder, the digital life insurance company, accomplished a significant step in their company. Raising 100 Million Dollars for those aged 20 to 60, Ladder offers life insurance term coverage ranging from $100,000 to $8 million. Users can enroll using smartphones and can customize their coverage as their circumstances change. Depending on what they need, they can increase their coverage using the Ladder app.
For instance, if they have another child and require more life insurance, they can choose that option. If they pay off a mortgage or that child grows up, they can lower their life insurance and premiums. The company expects to provide $30 billion in coverage by the end of 2021. Along with that, the revenue has increased by more than 4x times since 2020. Ladder intends to use the new Thomvest Ventures and OMERS Growth Equity co-led capital to extend its engineering team, expand its codebase, and improve its digital interface with clients. It will also be focused on expansion and partnering with new companies.
Ladder’s clientele is younger, with an average age of 37, and the majority of them are first-time life insurance buyers. Nearly two-thirds of its customers use their phones to submit their life insurance applications. The organization has had rapid growth in the last year. CEO Jamie Hale believes that part of that is due to a shift in mindset during the pandemic, “It made them really think about their people. These people are important to me, I want to make sure these people are taken care of.”
Ladder is an excellent application for those looking towards the future and making safe and sound decisions—it has never been easier.
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