Ethos is a new company trying to make purchasing life insurance simple. Their partnership with an established insurer means their policies will be underwritten without hassle or cost.
Their online application takes advantage of modern technology to provide fast results, while offering term policies of various lengths and death benefits.
They also offer an easy issue policy that doesn’t require an exam to purchase coverage.
Term Life Insurance
Ethos offers term and whole life policies with coverage up to $2 million, providing temporary security blankets and helping your loved ones provide for themselves after you pass. Each policy comes equipped with an accelerated death benefit rider that lets you collect some of your death benefits while still living. Receiving an Ethos quote should only take 10 minutes; just answer some health-related questions and provide basic personal details, like an email address and partial social security number to obtain one.
Ethos uses algorithms based on your responses to its questions and other data sources such as vehicle records and prescription drug usage to assess eligibility without the need for a physical exam. However, they note some applications may require underwriter review in case a serious health issue is identified in an application.
Ethos does not issue its own life insurance policies; rather it partners with multiple providers who specialize in both term and whole life policies. This approach enables Ethos to maintain competitive rates while streamlining customer applications more quickly; they enlist providers with strong financial ratings and low consumer complaint volumes such as Legal & General America and Banner Life, both longstanding insurers that have over 200 years in existence as partners.
Whole Life Insurance
Ethos is a technology startup offering an online purchasing experience for life insurance policies, including some that do not require medical examination.
For those unable to qualify for term life policies, whole life (final expense) policies offer additional coverage options that provide peace of mind against future health complications and complications with your finances. They tend to come with higher premiums.
Ethos stands apart from most digital life insurance purchasing platforms by offering riders to your policy, which are contract provisions allowing you to accelerate part of or increase the death benefit under certain conditions – for instance a critical illness rider could provide access to this amount should a terminal illness diagnosis arise.
Note that Ethos is not a direct insurer; rather they partner with multiple insurers to write policies on their behalf and issue policies from multiple company portfolios. Before applying, be familiar with Ethos’ underwriting guidelines to avoid delays.
Final Expense Insurance
Ethos offers an easy and hassle-free application process with no medical exam needed – many policies are issued same-day! Additionally, its simplified underwriting process keeps premiums lower than traditional whole life policies.
These policies are permanent and offer guaranteed level premiums throughout their term, making them suitable for covering funeral costs and expenses following a loved one’s passing. Finally, final expense plans from Banner Life and Assurity underwrite these plans so families have access to help.
Ethos final expense policies provide riders, or contract provisions that expand a policy’s coverage, such as Waiver of Premium, Critical Illness Coverage and Return of Premium options that may not be widely available on other digital life insurance purchasing platforms but can provide extra advantages for clients.
Reviews for Ethos’ products tend to focus on their easy and effortless application process, customer service excellence, and overall policy management experience. To see how well the company performs in these areas, take a look at client feedback on Trustpilot.
Riders
Ethos offers term life policies with riders that can extend coverage or lengthen its duration, as well as provide protection for certain circumstances such as terminal illness. Please be aware that the options available on a policy depend on its underwriting company.
The insurer states that it utilizes “data analytics and digitally native underwriting” to assess an applicant’s risk level, with part of this process taking place automatically by answering a series of questions related to health and medical history. MIB Group uses information from its database as well as third-party sources like motor vehicle records, family medical histories, current drug prescriptions, and credit information in determining eligibility and setting rates for coverage.
As an independent agency, Ethos earns commissions on insurance sales it facilitates through its website and network of agents. These commissions may go back to either the agent who sold the policy or directly to the carrier depending on policy type and coverage amounts purchased.
Since Ethos only began operations in 2016, customer reviews are generally positive. Reviews emphasize the ease and speed of application and approval as key strengths of their service; plus Ethos stands out for offering competitive life insurance rates compared to similar offerings from competitors. It’s wise to shop around before purchasing any policy however.
