Do you prefer to wait weeks to get your life insurance issued while your insurance company collects health information about you and sometimes your immediate family?
If you need life insurance now because you’re not insured or under-insured but you want it to fit in your budget, continue reading our Ethos Life Insurance Company Review and get the information you need to see if Ethos Life will be a good fit for your circumstances.
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What is Ethos Life?
Ethos Life is one of several upstart insurance companies whose mission is to simplify shopping and purchasing life insurance. Using 21st Century technology, Ethos has created an online platform where consumers can purchase Term Life insurance at competitive rates in a straightforward process without the trappings of traditional life insurance.
The company’s operation was designed to make life insurance transactions as efficient and non-intrusive as possible while offering a product that consumers can rely on to financially protect the policyholder’s surviving loved ones.
Currently, Ethos offers only Term Life Insurance that is underwritten by Assurity Life Insurance Company, a well-established and highly-rated life insurance company. Consumers can speak with non-commissioned agents during the purchase process but a licensed agent does not have to a party to the transaction.
Ethos Life’s Financial Stability
Since Ethos began operations in 2018 and all policies are issued through Assurity Life Insurance Company, consumers should look at Assurity’s financial ratings to determine whether Ethos will be financially capable of keeping its promise to pay on a long-term basis.
Currently, Assurity Life is rated A- (Excellent) by A.M. Best with an outlook recommendation of STABLE. It’s also important to note that Ethos is funded by several high-profile investors and has placed many Stanford University graduates on its board of directors.
What Ethos Life Offers
Ethos offers one insurance product – term life insurance. Term life can be purchased online through Ethos and policies are typically issued very quickly when compared with traditional life insurance carriers.
Unlike other online platforms, Ethos offers face amounts of $25,000 up to $10 million which is pretty much unheard of; even for traditional insurance companies.Here are the highlights for Ethos Life Insurance:
|Available Products||Term Life Insurance|
|Available Term Options||10, 15, 20, and 30 years|
|Eligible Ages||18 to 75-years-old|
|Medical Exam Requirements||May be required on policies exceeding $1 mil|
|Policy denied for serious health issues?||Yes|
|Riders Available?||4 optional riders|
Unlike most online life insurers who do not offer optional coverage riders, Ethos does offer riders that can broaden your coverage and add living benefits to your policy.
- Endowment Benefit Rider (aka Return of Premium rider) – This optional rider provides for the insurance company to refund all premiums paid into the policy in a tax-free lump sum if the insured outlives the term of the policy.
- Child Term Rider – The child term rider allows the policyholder to add all dependent children to the policy and will cover them until age 18 for an additional flat fee.
- Critical Illness Rider – Also known as an Accelerated Death Benefit, the critical illness rider provides for the insurance company to advance the insured a large portion of the death benefit if the insured is diagnosed with a terminal illness.
- Waiver of Premium Rider – The waiver of premium benefit is built into all term policies issued purchased from Ethos. This rider provides for the insurance company to waive all premiums if the insured becomes totally disabled before turning 65 years old.
Ethos Life Term Insurance Rates
Although Ethos Life offers very affordable rates for term life insurance, they may not always be the cheapest available when shopping online.Here are actual rates for a very healthy 30-year-old male and female non-smoker:
|Male Non-Smoker||10 Years||15 Years||20 Years||30 Years|
|Female Non-Smoker||10 Years||15 Years||20 Years||30 Years|
What Ethos customers are Saying
Even though Ethos Life is a relatively young company, there are many reviews concerning its level of service and competitiveness in the marketplace. Here’s what we found:
- Trustpilot: 4.5 out of 5 stars (343 reviews)
- CunsumerAdvocate:6 out of 5 stars (6 reviews)
- The College Investor: 85% (Editor rating)
- Value Penguin: 3.5 out of 5 stars (Editor’s rating)
The Pros & Cons of shopping with Ethos Life
The pros and cons of any insurance company are debatable at best. However, as experienced insurance professionals who hear from insurance shoppers or customers every day, we have a pretty good idea about what will benefit consumers the best and the least.
Ethos Life Pros
In our opinion, when you compare Ethos to other online insurance providers like Ladder, Bestow, Haven Life, and Fabric, Ethos demonstrates the following pros:
- Face amounts up to $10 million
- No policy fees
- Optional riders available
- Since agents aren’t part of the selling, there is little to no pressure or upselling
- No medical exam required for policies with $1 million or less coverage (some exceptions will likely happen depending on the health questions)
- Fast underwriting which results in a fast issue
Ethos Life Cons
Let’s be nice here and refer to cons as disadvantages.
- Customer support is limited to email. You’ll not find a phone number on the website
- Claims must be filed electronically (email) which may be considered impersonal
- Limited product selection (no permanent cash-value insurance option)
- The website is rather short on educational information compared to other online insurance providers
Frequently asked Questions
What happens when my Ethos insurance coverage ends?
The good news is Ethos will allow you to renew your coverage until age 95 and you won’t have to go through the underwriting process again.
Can I change my beneficiary after my coverage starts?
Yes you can change your beneficiary as many times as you need to by contacting Ethos at 415-915-0665 or email them at email@example.com.
Does Ethos have to lowest term rates?
Although Ethos is comepetive with other online life insurance providers, your rates will depend on your age, your health, the term you apply for, and the amount of coverage you require.