Looking for life insurance and you’ve come across Ethos (but have never heard of them)?
You’re not going to the be the only one, but don’t let it stop you from investigating a little further… read on and we’ll break it all down for you.
We know choosing the best life insurance company among the hundreds available can be challenging with all the insurance companies have different packages designed for different buyers.
Of course, we want to help you make this decision a lot easier.
So, who is Ethos, in a nutshell?
Our Ethos Life Insurance Review: Who Are They, Anyway?
Founded in 2017, Ethos is a simple online platform who offers a high quality, affordable no exam life insurance policy faster than ever before.
Their policies are issued and guaranteed by Assurity, a premier life insurance carrier in the United States who has been in operation for over a century.
Ethos boasts high-quality backing by some of the United States’ leading insurance companies, including:
With the backing of some of the most credible players in the life insurance industry, Ethos can deliver fast, easy, and affordable coverage.
Ethos also employs a human approach in delivering its services. If you have any questions, you can easily reach Ethos customer service through phone or email.
This accessibility has earned the company a great reputation.
- Competitive guaranteed 10, 15, 20, and 30-year term life insurance policies from $25,000-$10,000,000
- Policies for U.S citizens and green card holders between the ages of 18 to 75
- No medical exam
- Coverage in minutes
Because Ethos policies are underwritten and backed by Assurity, we can, generally speaking, know they are financially strong and trustworthy.
With $17.5 billion insurance in force, Assurity has an Excellent rating by A.M. Best.
What Makes Ethos Life Insurance Unique?
What sets Ethos apart is its commitment to making life insurance policies flexible and painless.
The company offers some remarkable flexible riders, including:
- The Critical Illness Rider: This entitles you to a one-time cash sum payout in case of cancer (read more)
- The Child Protection Rider: This covers kids until they are 25 years old (read more)
- The Waiver of Premium Rider: This gives you the right to stop paying premiums in the event you become severely disabled (read more)
- Endowment Benefit Rider: This will refund some of the premiums you’ve paid in the past after a specified period
Moreover, the Ethos website features a calculator which will help you determine the monthly premiums for a policy with a particular amount and length of time.
The fact that Ethos has a relatively flexible late payment policy can’t go unmentioned.
If you miss a regular payment, you’ll be given a one-month grace period in which to make the payment. If the grace period elapses before you make the payment, Ethos will terminate your life insurance policy.
With other life insurance companies, the grace period may not be as flexible.
Samples Quotes From Ethos
Here are some sample quotes from Ethos for a 35-year-old man, who is in great health (not excellent), and does not use tobacco of any kind:
Here are the numbers on a 45-year-old man:
Last, here’s what a 55-year-old man might pay:
Not too bad, right?
Ethos Applications Process
Ethos’ application process is simple and straightforward.
The entire process is done online, and it can take you around 10 minutes to complete.
For most individuals, medical examinations aren’t necessary. This makes Ethos a favorite life insurance provider for people with busy lifestyles.
Once you receive your quote, you’ll need to move through the application process.
The left side of the application page features an outline that shows the section of the application you are in and how much you’ve completed.
The sections of the application include:
- Basic information
- Your lifestyle details
- Your health history
Once you confirm and submit your application, you should expect to get an approval/declination response in just a couple of minutes.
Additional Benefits of Ethos
With Ethos life insurance, you get to enjoy the following benefits:
The cost will depend on your specific situation and the amount of coverage you’re seeking.
It’s advisable to get coverage for ten times the amount of your current annual income. If you currently earn $50,000 a year, for example, you might consider a policy for $500,000.
We have found Ethos to be in line with other no exam life insurance companies, but not necessarily the cheapest.
For most, however, the difference is very little.
Ethos is also unique in how they focus on the consumer first, policy second.
Ethos is super happy to make sure you’re staying within your budget. Let’s say you had a budget of no more than $50.
Ethos is different than most, as they’ll write a policy for a death benefit value of $478,000, for example, for $49/mo., whereas the $500,000 might have been higher than your $50 budget.
Not all companies are so flexible, but you’ll also want to make sure you take note of price breaks, at $100,000, $250,000, $500,000 and $1,000,000.
Health examinations are normally not necessary to qualify for any Ethos life insurance policy.
Ethos evaluates every application based on various factors, including current health, medical history, gender, and age.
Anyone who wants to buy more than $1 million in coverage will need to take an exam, regardless. This is likely also the case if you already have coverage outside of an Ethos policy and don’t plan to replace it.
This benefit is payable to your appointed beneficiaries in the event you die during the term of the policy.
Keep in mind Ethos policy terms range from 10 to 30 years. The beneficiaries can use the money for any purpose, from funeral costs to everyday living expenses.
Here’s how long you can get coverage for, based on your age:
- 18-55 (non-smoker), 18-50 (smoker): Max 30 Years
- 56-65 (non-smoker), 51-65 (smoker): Max 20 Years
- 66-70: Max 15 Years
- 71-75: Max 10 Years
Death benefits are normally not taxed.
Ethos is available in all the U.S. states except for New York.
You must be between 18 and 75 years old to be eligible for an Ethos policy.
You should also be a U.S. citizen or green card holder and have resided in the country for at least 24 months.
What We Like About Ethos
- High coverage amounts: Ethos allows you to buy between $25,000 and $10,000,000 of coverage.
- Quick underwriting: It will take you about 10 minutes to complete the application. Then you can get your approval, rejection, or a medical exam request right away.
- No fees: Ethos doesn’t use commissioned agents, so policyholders don’t pay added fees.
- Prompt claims: Ethos promises to process and pay out claims within weeks.
- Riders are offered: Ethos offers many policy add-ons, including a Child Protection Rider and Critical Illness Rider.
- Optional no medical exam: Most individuals can qualify for up to $1 million coverage without a medical examination.
- Good financial strength: Ethos policies are issued by Assurity, a reputable life insurer who holds an “A-” rating with A.M. Best. This is a reflection of great creditworthiness and ability to pay out claims.
What We Don’t Like About Ethos
- Issue age limitations: Depending on your age, you may be knocked out of certain policy durations. You’ll need to find another life insurance company who can insure older individuals for longer, this in this case.
- Offers only term life insurance policies: Any policy you purchase from Ethos will expire by the time you turn 85 years old. If you want permanent insurance, consider these companies, instead.
- A medical exam may be needed: You may find out after applying you have to take a medical exam, but only after you apply. This is frustrating for many.
- Not available in New York: While Ethos’s coverage is expansive, you can’t access it in New York. This only affects New York residents, but is still something to consider.
On average, Ethos seems to get less complaints than other companies. NAIC (the National Association of Insurance Commissioners) shows a “complaint ratio score” for Ethos at 0.16, where the national average is a standardized score of 1.
This, of course, is a number based more on Assurity, as an entity, and not just Ethos.
Final Thoughts on Ethos Life Insurance
We don’t believe Ethos is as strong as Haven Life, who not only has a better online experience, but also gives you more access to humans throughout your buying process, in the event you need them.
Ethos focuses on a single, simple, product – term life insurance.
Coupled with the use of technology, the company has managed to cut costs and offer exceptionally competitive pricing to consumers.
Ethos term life insurance rates may not be the lowest available on the market, but they have consistently remained better than average when compared to those of the major insurers.
Moreover, Ethos policyholders may qualify for up to $1 million without taking a medical examination.
You may also pay considerably lower premiums compared to a typical no exam policy, as they are competitive.