The ability to compare rates and purchase life insurance coverage nearly instantly through online life insurance brokers has exploded over the last decade.
Companies such as Bestow, Ladder Life, and Policygenius are just a few names you are likely to have noticed while scrolling through your social media feeds, interrupting your YouTube videos, or seeing a catchy ad while surfing the web.
Most of these online-based life insurance brokers are still relatively new, but they’re quickly filling a gap in the life insurance industry that customers want. For many people that want for buying life insurance is:
- Unbiased advice
- Transparent pricing
- No medical exams
- A fast and easy application process
By combining life insurance with modern technology, often referred to as Insurtech, these tech-savvy online life insurance brokers have invested a great deal of time and money to create a user experience that delivers exactly what customers are looking for in buying life insurance.
Ethos Life is another company that can be added to the list of growing online life insurance brokers offering a completely user-friendly life insurance buying experience that is done entirely online.
In a short period of time, Ethos has been able to form partnerships with a few big-name life insurance companies to help find their customers purchase life insurance quickly and effortlessly.
With Ethos Life, you can get a quote in minutes, apply for coverage conveniently online, and in most cases, be approved almost instantly. Best of all, most applicants who apply for life insurance coverage with Ethos will be eligible to qualify without having to take a medical exam.
As mentioned, Ethos is one of many tech-focused online life insurance brokers that can offer a great experience to buying life insurance over the internet.
To help you learn more about the insurance broker and their life insurance options, we have put together our in-depth Ethos life insurance review to help you decide if they can be the right company for you.
What is Ethos?
Ethos Life is often mistaken for an actual life insurance company, but they are not. Instead, they are a life insurance broker that helps you apply for and obtain life insurance coverage directly from a select few insurance companies they have exclusively partnered with.
How is this different than what any other life insurance agent can offer?
Most traditional life insurance brokers can show you quotes from multiple insurance companies and then help you apply for the best life insurance policy based on your coverage needs.
This usually requires a few steps, such as gathering information to provide you quotes, discussing the quotes, applying for coverage, and then waiting for approval.
With Ethos Life, it’s their unique online software that takes care of all the work and without the need of having to speak with anyone if you prefer. It’s that easy.
The quote and application software offered on the Ethos website is an entirely streamlined process designed to provide quotes and make recommendations for specific coverage options based on the information you enter into the quoting software.
From there, you can quickly transition from receiving a quote to actually applying for life insurance coverage and, in many cases, getting instant approval within seconds of completing your application.
Best of all, most applicants that apply for life insurance with Ethos will not have to take a medical exam. Instead, you will only have to answer a few questions about your overall health.
Limiting the companies that Ethos offers is what makes this entire process work. For example, with Ethos Life and its select partnerships, you can view quotes for term life insurance and final expense whole life insurance.
How Did Ethos Get Started?
Ethos got started much in the same way many fintech startup insurance brokers began – with one or more people having the vision to make the life insurance buying process easy and convenient in a world that is very dependent on technology.
When cofounder Lingke Wang first ventured into the world of life insurance, he purchased a policy for himself through a life insurance broker. In college, he wasn’t altogether sure what he was purchasing. Later, he discovered that the overpriced whole life insurance policy he was sold was neither what he wanted nor what he needed and was far too expensive for any college student to maintain.
After he told his roommate, Peter Colis, what had happened, the two formulated a plan to help people find life insurance plans that were affordable, easy to understand, and that would fit their coverage needs along with their lifestyle. Together, Lingke and Peter founded Ethos in 2016, and it took off from there.
In short order, the duo raised over $100 million in capital from VC investors like Goldman Sachs, Sequoia, Accel, GV, and investment funds from big names including Will Smith, Robert Downey Jr., Kevin Durant, and Jay-Z.
With the capital raised, Ethos Life has invested into growing the company by aggressively advertising, investing in their quoting software, and a full-time staff to help keep the business operations running smoothly.
Ethos Headquarters
In 2016, Peter and Lingke started with their headquarters in North Beach, San Francisco – in a loft apartment. Needless to say, they didn’t stay there for long.
In 2018, they moved to a bigger office in North Beach to support their team growth from 5 to 25. In 2019 they opened up two more offices in Austin, Texas, and Singapore.
Today, they operate all three offices and, while 2020 has made their entire team go remote, they’re looking forward to getting back on the ground in each location with their teams.
Ethos Careers
According to current employees, working at Ethos can be a lot of fun and incredibly rewarding. Since their focus is all about helping people gain affordable life insurance, each employee can feel good, knowing they’re doing something to make a difference in each customer’s lives.
The company is proud to have been listed on the Forbes’ Top 50 Fintech list for 2020, and it’s easy to see why with employee perks including:
- Medical, dental, and vision benefits
- An unlimited vacation time policy
- Catered breakfast, lunch, and dinner
- Stock options
- Generous parental leave
- Celebrations for milestones, team-wide volunteering events, and off-site get-togethers
If you’re looking for a new place to hang your hat, Ethos might be the next best place for you to land a job.
Ethos Life Partnerships
One of Ethos’s strengths is its partnerships with top-tier life insurance companies such as Banner Life, Ameritas, AAA, Principal, and TruStage. All five insurance companies have received high A ratings from the leading independent financial rating organization, A.M. Best.
All life insurance policies sold by Ethos are issued and backed by the insurance company your coverage is approved with. If you pass away during the time you have your coverage, the claim will also be paid out by the life insurance company directly.
Ethos Ratings and Reviews
Ethos Life comes out at the front of the class when it comes to customer ratings and reviews. Because Ethos is not a life insurance company, they will not have an A.M. Best rating.
Instead, we take a look at their ratings received from both the BBB and the popular TrustPilot and Google reviews to get some valuable insight into what customers thought about their experience with the online insurance broker.
Ethos Technologies Inc is how the insurance company is listed with the Better Business Bureau. They have an A+ rating and are listed as an accredited business with 6 customer reviews and an overall rating of 4.33/5.
On TrustPilot, their score is a solid 4.4 out of 5 with over 300 customer reviews earning them a high enough rating to be considered “excellent.” Google reviews have earned them another solid 4.3 out of 5 with a total of 71 individual customer reviews. Altogether, Ethos is a solid company across the board.
Here is a look at what real customers had to say about Ethos Life.
- “Easiest experience purchasing life insurance ever!”
- “The experience was very simple.”
- “Great customer service experience.”
- “Ethos Life makes buying insurance online fun.”
- “Fast, easy, simple process with affordable rates.”
From the small sample of positive customer reviews left for Ethos, they tend to revolve around how easy the process was to buy life insurance.
Banner Life Ratings and Reviews
Banner Life, founded in 1836, receives high ratings from both Standard and Poors and A.M. Best. The insurance company’s lastest S&P rating is an AA- (Very Strong) and A.M. Best rating an A+ (Superior).
Ameritas Ratings and Reviews
Ameritas, founded in 1887, receives high ratings from both Standard and Poors and A.M. Best. The insurance company’s lastest S&P rating is an A+ (Strong) and A.M. Best rating an A (Excellent).
Principal Life
Principal Life, founded in 1879, receives an A+ (Strong) rating from S&P Global and an A+ (Superior) rating from A.M. Best Company.
AAA Life Ratings and Reviews
AAA Life, founded in 1969, is a solid company with excellent ratings in its own right. Their customer satisfaction score is a whopping 95% out of 100% – meaning that 95% of their customers are satisfied with their experience with AAA Life. They have been given an A (Excellent) rating from A.M. Best for their financial security and stability and an A+ rating from the Better Business Bureau.
TruStage Ratings and Reviews
TruStage is brought to Ethos Life customers through CMGF Life Insurance Company. CMGF has been given an A (excellent) rating from A.M. Best for their financial stability and operating performance. They’ve also earned an A+ from S&P Global for financial stability, demonstrating their ability to meet financial responsibilities such as paying out claims.
Ethos Life Insurance Options
Ethos offers five different life insurance options, including:
- Term life insurance – Fully underwritten – Banner Life & Principal
- Term life insurance – Simplified issue – Ameritas & Trustage
- Whole life insurance – Simplified issue – TruStage
- Whole life insurance – Guaranteed issue – AAA & TruStage
Fully Underwritten Term Life Insurance - Banner Life
The main term life insurance coverage offered through Ethos Life is its fully underwritten plans issued by Banner Life. Term lengths range from 10 to 30 years, with coverage amounts as high as $1,500,000. Any amount less than $1,000,000 will have the potential of no medical exam requirements.
Because this is a fully underwritten term insurance plan, it has a lengthier application consisting of several personal and health-related questions. Underwriting results will determine if an application for coverage is eligible for non-medical underwriting or if a medical exam is required. The majority of the applications will not require a medical exam at all.
Those who do not meet the non-medical underwriting guidelines could be required to complete a medical exam to proceed with an application’s underwriting.
Ethos fully underwritten term life insurance coverage will offer the cheapest premiums if eligibility requirements are met. They are often the best plan for those that meet the following:
- You have a history of good health
- Don’t mind completing a longer application
- Understand that there is a very small chance a medical exam could be required
| Ethos Fully Underwritten Term Life Insurance | ||
|---|---|---|
| Insurer | Banner Life | |
| Issue Ages | Ages 20-65 | |
| Coverage Amounts | Minimum - $100,000 Maximum - $1,500,000 | |
| Term Lengths | 10-Year: 20-65 15-Year: 20-65 20-Year: 20-60 30-Year: 20-50 | |
| No Medical Exam Amounts | $100,000 - $1,000,000 (Ages 20-50) $100,000 - $500,000 (Ages 51-60) $100,000 - $250,000 (Ages 61-65) | |
While Banner Life is the core product for fully underwriting plans offered with Ethos, some applicants may be presented with Principal Life plans if it results in a better option than Banner. If this is an option, it will be presented during the initial quote.
Simplified Issue Term Life Insurance - Ameritas
For those who absolutely do not want the potential of having to take a medical exam or are unable to meet the fully underwritten coverage guidelines, Ethos offers its simplified issue term plans issued by Ameritas.
The application will require fewer health questions, and there will be no medical exam requirements at all. However, the simplified underwriting plans offer less death benefit and will be more expensive than the fully underwritten option.
In addition to Ameritas, Ethos also formed partnerships with TruStage to include an alternative simplified issue term insurance plans if Ameritas is not the better of the two options.
The TruStage plan is often a go-to option for those over the age of 65 and can offer coverage amounts from $5,000 up to $25,000.
- Absolutely no medical exam required
- Approval will be made instantly
- Premiums are a little higher than the fully underwritten plans
| Ethos Simplified Issue Term Life Insurance | ||
|---|---|---|
| Insurer | Ameritas | |
| Issue Ages | Ages 20-65 | |
| Coverage Amounts | Minimum - $50,000 Maximum - $500,000 | |
| Term Lengths | 10-Year: 20-65 15-Year: 20-65 20-Year: 20-60 30-Year: 20-50 | |
| No Medical Exam Limits | $50,000 - $500,000 (Ages 20-45) $50,000 - $350,000 (Ages 45-65) | |
Guaranteed Issue Whole Life Insurance -AAA
For applicants between the ages of 65-85 that do not qualify for either of the two available term life insurance options, Ethos can offer a guaranteed issue whole life insurance plan backed and issued by AAA.
Regardless of your health or any pre-existing health conditions, you cannot be turned down for coverage. Every guaranteed issue whole life policy offered through Ethos can be approved instantly with no medical exam or health questions.
Guaranteed issues are small whole life insurance plans often referred to as final expense life insurance. The death benefit amounts are limited to much smaller amounts than term life insurance as they are really intended to cover smaller life insurance needs such as funeral costs.
However, you need to be aware of some significant drawbacks when considering a guaranteed issue policy. Every plan has a graded death benefit. This means that if you pass away during the first two policy years, AAA will only pay your beneficiary a full return of every premium paid plus an extra 30%.
After policy year two, your full death benefit is payable upon death. The only time when the full death benefit can be paid during the first two policy years is if death resulted from a covered accident.
Another drawback to these plans is the cost they often bring. Guaranteed issue life insurance does not offer much death benefit compared to the cost you will pay for having coverage.
However, it can be beneficial if you cannot get coverage elsewhere but be prepared, they can be expensive.
Features of Ethos guaranteed issue life insurance by AAA:
- Coverage up to $25,000
- Permanent life insurance
- Guaranteed fixed premium
- Builds cash value
- Availability of policy loans
- Travel Accident Endorsement (x2 death benefit if death is caused by accident)
| Ethos/Banner Term Life Insurance | ||
|---|---|---|
| Insurer | AAA | |
| Issue Age | Ages 45-80 | |
| Coverage Amounts | Minimum - $2,000 Maximum - $25,000 | |
Some applicants may be offered a TruStage guaranteed issue as an alternative to AAA if it appears to be the better option during the quoting process.
Ethos Online Life Insurance Quote and Application Process
Ethos has made its quote and application process as painless as possible. Based on past customer reviews, it definitely shows just how easy it was to get life insurance from start to finish with the insurance broker.
While the entire quote and application process is primarily online, there are several steps to the process, from the initial quote to actually applying for a policy.
The following is a quick walkthrough of how the entire process works with Ethos Life.
Initial Quote
Before you can apply for an Ethos life insurance policy, you will want to see what a policy will potentially cost you by getting a quote. This portion will not require you to enter any personal information.
To get started, you will only need to provide answers to the following:
- Gender
- Birthdate
- Zipcode
- How you would rate your health; Average, Great or Excellent
- Whether or not you use any nicotine products
Entering the above information will take you to a second page that will allow you to view “estimated” monthly rates for all available term lengths and coverage amounts you are eligible for based on the initial information provided.
If your estimated rates look good, you can continue to the application process by clicking on the “Get my real rate” button, which will start the application process.
If you’re not ready to proceed with the application, you will have the option to create a personal dashboard with Ethos, which will save your quote and application process until you’re ready to start the application.
Application
Completing the online application will take roughly 10 minutes and consist of personal questions and health-related questions.
When proceeding with the application, you should have the following items readily available as it will be required to complete the application:
- Social Security Number (to verify your identity)
- Driver’s License (for identification purposes)
- Personal and Family Medical History
- Prescription Information
- Credit Card Information
Answer Follow-Up Questions
There is always a chance the insurance company’s underwriter will ask you to provide additional information to complete their underwriting process.
If this is the case, Ethos will contact you for the information that is being requested. Often, these additional questions come in the form of a simple questionnaire that will provide further details on a specific application question.
The insurance company may also request access to view medical records, and if a medical exam is required, you’ll find out at this point.
Accept and Approve Policy
Most applicants won’t be required to undergo a medical exam. If no medical exam is needed, the underwriting process is almost instant, and you can be approved in as little as 24 hours.
Once you’re approved, you can choose to accept the policy, request changes or additions, and approve the policy. If you accept your life insurance coverage, you can authorize credit card payment, and your policy will go into effect immediately.
Ethos Term Life Insurance Rates
Is Ethos term life insurance affordable?
Ethos term life insurance rates are competitive, but in all honesty, they are not the cheapest option by far. In fact, many top life insurance companies can offer lower rates, and some may even include additional policy benefits at no extra costs.
Another interesting factor worth noting is that the fully underwritten term life insurance plan offered with Ethos is a life insurance policy issued by Banner Life.
Banner Life is a company that is also commonly offered by most independent life insurance brokers. When comparing rates from the Banner Life plans offered through Ethos versus the Banner Life plans offered through independent brokers, we noticed that the rates favor the Banner Life plans offered through your independent brokers.
While both share similarities in the protection they offer, we can’t explain why there is a difference in rates. If we were to take a guess, we think it’s because of how quickly approval can be made with Ethos versus applying with a broker.
We also believe that most applicants that apply with Ethos Life will provide a greater option of getting a non-medical exam approval. Therefore, Banner may be taking a slightly higher risk which may be the reason for rates to be slightly higher, but this is just our assumption.
| Features | Banner/Ethos | Banner/Brokers |
|---|---|---|
| Plan Name: | Term Life | OPTerm |
| Issue Ages: | 10-Year: 20-65 15-Year: 20-65 20-Year: 20-60 30-Year: 20-50 | 10-Year: 20-75 15-Year: 20-70 20-Year: 20-75 (20-65 Tobacco) 25-Year: 20-60 (20-55 Tobacco) 30-Year: 20-55 (20-50 Tobacco) 35-Year: 20-50 (20-45 Tobacco) 40-Year: 20-45 (20-40 Tobacco) |
| Minimum Amount: | $100,000 | $100,000 |
| Maximum Amount: | $1,500,000 | $1,000,000+ |
| Medical Exam: | Not commonly required | No exam options available |
| Conversion Option: | None | Yes |
| Policy Riders: | Terminal Illness (Included) | Children's Rider Term Riders Terminal Illness (Included) Waiver of Premium |
When both Banner term life insurance plans are compared side by side, we have to give the overall edge to the Banner term life insurance plans offered through an independent broker.
You’ll notice that the issue ages are higher than the Ethos plans, and there more term lengths to choose from, including brand new 35 and 40-year contract lengths.
The broker option also includes a conversion option that allows the term insurance coverage to be switched to permanent life insurance without any new underwriting.
While both options offer an accelerated death benefit option for a terminal illness that allows for early access to the death benefit due to a qualifying illness, Banner term life plans offered through an independent broker have a few extra optional policy riders that can be added to the coverage at an additional cost.
Lastly, we have to look at the medical exam requirements available with both options. Both term insurance options offer the potential to get coverage without a medical exam. Each of the options is very similar and can require an applicant to take a medical exam if certain underwriting guidelines are not met.
Where Ethos Life has the upper advantage.
On paper, purchasing a Banner Life plan through an independent agent is the better option. However, Ethos has an advantage that cannot be beaten, and that is the speed of how quickly your coverage can be approved through their innovative underwriting software.
As mentioned, shortly after submitting your online application, which is extremely easy to complete, the information provided is analyzed and ran against third-party underwriting databases in real-time so that an offer for approval can be made within seconds after clicking the submit button.
Because the software is exclusive to Ethos, an independent broker will not match the speed of getting approval that Ethos offers.
$500,000 Ethos Term Life Insurance Sample Rates
| Male | 10-Year / Ethos | 10-Year / Broker | 20-Year / Ethos | 20-Year / Broker |
|---|---|---|---|---|
| Age 20 | $19.00 | $15.94 | $23.00 | $19.11 |
| Age 25 | $19.00 | $15.94 | $23.00 | $19.11 |
| Age 30 | $19.00 | $15.94 | $23.00 | $19.43 |
| Age 35 | $23.00 | $16.79 | $27.00 | $21.15 |
| Age 40 | $29.00 | $23.71 | $44.00 | $29.66 |
| Age 45 | $40.00 | $29.18 | $63.00 | $46.27 |
| Age 50 | $56.00 | $43.29 | $93.00 | $71.46 |
| Age 55 | $82.00 | $67.57 | $157.00 | $114.74 |
| Age 60 | $150.00 | $122.40 | $295.00 | $226.95 |
| Age 65 | $246.00 | $191.08 | NA | $387.13 |
| Age 70 | N/A | $316.79 | N/A | $790.62 |
| Female | 10-Year / Ethos | 10-Year / Broker | 20-Year / Ethos | 20-Year / Broker |
| Age 20 | $12.00 | $11.47 | $17.00 | $15.72 |
| Age 25 | $12.00 | $11.47 | $17.00 | $15.72 |
| Age 30 | $13.00 | $11.47 | $18.00 | $16.32 |
| Age 35 | $16.00 | $14.24 | $27.00 | $17.87 |
| Age 40 | $22.00 | $18.91 | $36.00 | $24.60 |
| Age 45 | $29.00 | $24.68 | $49.00 | $37.20 |
| Age 50 | $51.00 | $36.17 | $55.58 | $73.00 |
| Age 55 | $76.00 | $53.70 | $116.00 | $84.39 |
| Age 60 | $103.00 | $78.54 | $204.00 | $143.47 |
| Age 65 | $194.00 | $140.88 | NA | $312.80 |
| Age 70 | NA | $250.96 | NA | $656.74 |
*Rates shown in the above table are based on a male/female considered excellent health with no use of tobacco products. Rates are current as of 02/24/2021, representing the cost of a $500,000 10-Year and 20-Year comparison of the Banner Life coverage offered through Ethos Life and the Banner Life coverage offered through an independent broker.
Ethos Life Insurance Q&A
The following section of our Ethos Life insurance review will focus on some of the most frequently asked questions about the insurance company.
If we have missed out on answering a question of yours, please be sure to message us, and we will get you an answer.
Who is Ethos best for?
If your someone that knows you need life insurance coverage but may have been putting it off because you don’t really have the time to commit to the process of discussing options, getting multiple quotes, or committing to taking a medical exam, Ethos could be the best option for you.
Ethos offers a solid term life insurance option available to most people between the ages of 20-65. The term insurance rates are very competitive to the rest of the industry, and the coverage you receive is issued and backed by a highly reputable insurance company.
Term insurance, in general, is the least complicated type of coverage. You choose a death benefit along with a term length, and that’s it. Your payments are locked in for the entire duration of the entire term length you choose, and there is nothing else required other than your premium payments.
We also like that Ethos offers both a simplified whole life and guaranteed issue option for older applicants ages 65-85, as most of Ethos’s competitors focus primarily on term life insurance products.
Even if another insurance company has denied you, Ethos is worth trying with one of their guaranteed issue policies.
Who is Ethos not good for?
If you live in New York, you’re unfortunately out of luck since Ethos and its partner companies are not licensed to provide New Yorkers insurance.
If you’re on a strict budget and need to maximize potential savings, Ethos might not be the best insurance broker. It would be best to shop around with other providers to ensure you are getting the best deal.
Ethos specializes in offering policies with no medical exams and, at times, can be a little more expensive. Though inconvenient, sometimes submitting to a medical exam policy might get you a better rate.
How does Ethos get its customers?
Ethos tries to reach its customer base where they are – in the subway, in the malls, out, and about in parks. If you look around, you might see their ads – quick, snappy, and to the point.
They won’t spell out all of their products or tell you why they’re a great platform. Instead, Ethos will tell you about one thing you can do in ten minutes – protect your family.
Ethos doesn’t get in your face. Rather, their advertising gets in your head and encourages you to act.
Is Ethos life insurance available in all states?
Ethos provides life insurance coverage for all 50 states and Washington, D.C., except New York.
Does Ethos require a medical exam?
All Ethos life insurance plans are designed to offer a non-medical experience for applying for life insurance coverage.
However, their core term insurance coverage is a fully underwritten policy that does have the potential to require a medical exam if certain underwriting requirements are not met.
Any simplified issue or guaranteed issue plan offered through Ethos Life will not require a medical exam to be approved for coverage.
Is it easy to apply for insurance with Ethos?
Ethos tries its hardest to make the application process quick and painless. After filling out some initial information about your health and lifestyle, you’re ready to submit your application. Most applicants find themselves approved for coverage almost instantly after submitting their application.
How long does approval take?
For most applicants with Ethos, approval is provided within 24 hours of application. This is not always the case, however.
If you apply for the fully underwritten term life insurance plan, some applicants might be required to take a medical exam. If a medical exam is required, the underwriting process can take longer and extend out anywhere from a couple of days to several weeks.
Other hangups within the underwriting process can result from when medical records are requested from your physician. If this happens, the time falls on how quickly the doctor’s office processes a copy of the medical records and returns them to the life insurance underwriters.
What coverage can you get with Ethos?
Ethos Life offers the following types of life insurance:
- Term life insurance – Fully underwritten – Ages 20-65
- Term life insurance – Simplified issue – Ages 20-65
- Whole life insurance – Simplified issue – Ages 18-85
- Whole life insurance – Guaranteed issue – Ages 45-80
What kind of personal information is required for underwriting?
When you fill out an application, you’ll provide information such as:
- Tobacco Use
- Health History
- Medication Use
- Current Health Status
- Demographic Questions
- Family Medical History
- Lifestyle Questions
- Social Security Number, Driver’s License, and Credit Card
How do I file a claim with Ethos?
Death benefit claims are processed and paid by the insurance company directly and not Ethos. Your beneficiary can contact Ethos for assistance or choose to contact the life insurance company direct.
How does Ethos get paid?
All life insurance brokers, and individual agents, are paid a commission for the policies they sell. The commission is built into the price of each policy so whether you purchase a policy through Ethos or go direct to the life insurance company, policy prices will be the same.
What are the alternative options to Ethos life insurance?
Ethos is an online insurance broker, similar to the following companies:
- Bestow: Partnered with North American Life to offer no exam term life insurance.
- Ladder Life: Partnered with Fidelity Security Life and Allianz of New York.
- PolicyGenius: Contracted with multiple providers to help you apply for life insurance.
- Health IQ: Contracted with multiple providers, potential discount for competitive athletes.
Ethos Life Pros and Cons
On the whole, Ethos is a good company with excellent connections that can help you get the type of life insurance policy you need. When making an insurance choice, it’s always good to consider the pros and cons of the company you’re considering. Here are several of each.
Ethos Pros
Pro #1: Ideal for those with limited insurance options
Because Ethos has partnered up with AAA and TruStage for guaranteed life insurance, Ethos is a good option for those who may not be able to access life insurance any other way. Ethos has made it their goal to make life insurance accessible for everyone – even those who have a hard time qualifying through traditional routes.
Pro #2: Smooth online process
One of the biggest reasons why people put off purchasing life insurance is because of the time and hassle that is traditionally associated with the process. Thanks to Ethos, the entire process can take place online, and, depending on your chosen policy, you can be approved in as little as 24 hours.
Pro #3: Agents available if needed
If you don’t want to talk with an agent, you can complete the entire application process online. If you choose a no-medical option, you don’t even need to visit a doctor’s office. If, however, you’d like to talk with a licensed agent, have questions answered, and be given some expert one-on-one attention, Ethos representatives are waiting on standby for your call.
Pro #4: Fast underwriting
Since Ethos has partnered up with reputable companies to provide no-medical life insurance, the underwriting process can be extremely fast. Thanks to their application process, you could receive a near-instant answer to your application. If approved, your coverage can start immediately.
Ethos Cons
Con #1: Might not be the cheapest option
Ethos focuses on getting you life insurance in the most painless manner possible. Because of this focus, many of their policies are no-medical policies. While this feature is certainly painless, it might be more painful on your wallet in the long run. By opting for a policy that requires a medical exam, you might find that your monthly premium is less than what Ethos no-medical options can give you.
Con #2: Not available in New York
Ethos and its partner insurance providers are licensed to provide insurance in every state except New York. Given the population of New York City alone, there’s a good chance some New Yorkers are looking at this review. Unfortunately, neither AAA nor Banner Life are licensed to be sold in New York and, therefore, neither is Ethos.
Con #3: An application might still get denied
Just because Ethos tries hard to make life insurance accessible to everyone doesn’t mean that everyone will automatically get approved. Depending on answers to lifestyle, health, and medical history questions, you still might not get approved. Although you cannot be denied for guaranteed issue, the death benefit is very limited and the cost can be expensive.
Con #4: Credit card information is required upfront
Ethos isn’t shy about telling you that neither the application nor the policy is binding. That means you can stop your application or policy at any time. However, in order to provide their lighting fast underwriting process, they do require credit card information upfront – that way if you do sign up, they already have your information ready to go. If you simply want to browse for policies and quotes, this might not be your best solution.
Con #5: There are age limits for applications and term life policies
To apply for life insurance through Ethos, you must be between 20-85 years of age. While this does pertain to a majority of the population, if you find yourself outside of that age bracket, it can be a bit of a letdown to know you can’t even apply.
Con #6: No optional policy riders
Policy riders are able to offer an added benefits in addition to the death benefit coverage. Ethos life insurance plans do not offer any extra policy riders such as living benefits which have become the desired benefit option that many people want to be included in their life insurance coverage.
Ethos Life Insurance Review - Final Thoughts
If you’re looking for a lightning-fast life insurance application process that is fully online with plenty of no-medical options, Ethos is a good place to look. However, they may not be able to get you the best-priced policy and, if you’re in New York, you’re sunk. For those who fit within their geographic, health, and age limits, Ethos is certainly worth a look.
