US insurance firm Ladder has launched its LadderLife term life insurance product in New York.
The product is issued by Allianz Life of New York (Allianz Life of NY).
With this launch, the product is now available throughout the country.
The product was first launched only in California in 2017 and was then rolled out in other parts of the country in 2018.
The State of New York is the third most expensive state in the US in terms of cost of living according to a study by CNBC last year.
Due to the high prices, life insurance has become necessary for families residing in New York for financial safety, stated Ladder.
Ladder CEO and co-founder Jamie Hale said: “We are thrilled to be available in New York starting today! New York residents are now 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.
“It has long been our goal to be able to serve families nationwide, and we are excited that the day is here.”
In May 2018, Ladder raised $10m in strategic investment from Allianz Life Ventures and Northwestern Mutual Future Ventures.
In January 2018, Ladder raised $30m in Series B financing round led by RRE Ventures.
The round saw participation from Thomvest Ventures, as well as Ladder’s existing investors, Canaan Partners, Lightspeed Venture Partners and Nyca Partners.