Ethos Life Review: Get Easy Life Insurance Online

Different companies offer different terms, qualifications, and types of life insurance.

We tend to recommend a life insurance company that can offer good term life insurance (as opposed to whole life), and that has good customer service and a good reputation.   

In this Ethos Life review, we’ll take a look at one of the better online term life insurance providers that we've reviewed recently.  So let's take a look at this company and its products, so you can decide if it is the right option for you.

Ethos Life Basics

Ethos has been operating since 2016 and has its headquarters in San Francisco, CA. The company has a board with a number of high-profile investors including Will Smith, Robert Downey Jr, Kevin Durant, Jay-Z, and additional backing from Softbank and Sequoia Capital.

The “ethos” behind Insurance from Ethos is to make it easy to obtain coverage. You can quickly sign up and complete the application process steps in less than 10 minutes. Ethos uses custom data analytics to evaluate your circumstances and its insurance agent team will determine the policy options that are likely to be best suited to your situation. 

As Ethos is completely online, there is no need to meet with agents or schedule office appointments. However, it is still possible to access policies that are underwritten by RGA and Assurity. So, you can still obtain coverage that is highly rated. 

Ethos: How Do They Work?

Ethos is not actually an insurer, but rather a “licensed producer and third-party administrator”. It works with various carriers to sell policies. This means that Ethos allows you to compare the different rates for life insurance policies from its partners. 

The list of Ethos partner companies includes Legal & General America, AAA Life Insurance, TruStage, and Ameritas Life Insurance Corp. All are reputable life insurance companies with good financial strength ratings.

So, while you may not be able to access policies from across the entire marketplace, in most age groups, you can access a great deal on term and whole life insurance coverage. 

The Application Process

As we touched on above, Ethos is fully online, so you can apply and purchase insurance using its online quote system. To start the process, you need to make an “honesty pledge” that confirms that you will answer the application questions accurately.

The application includes some basic questions such as your height, weight and birthday. You will also need to answer questions about your lifestyle and health, so Ethos can evaluate your risk profile. These questions include details such as your tobacco or nicotine use, and if you have any previous medical conditions. You can track your progress through the questionnaire, but it should take less than 10 minutes to complete. 

While traditional insurers can take weeks to evaluate your application and begin your coverage, if a physical is not required you can expect Ethos approval within minutes. 

If your policy has a death benefit of $1 million or less, you will not require a medical exam, and will simply only need to complete a questionnaire. However, even if you need over $1 million in coverage, unless the algorithm determines a high-risk medical issue, you will not need a medical exam. 

Ethos Life Options

Ethos specializes in life insurance and offers two types of coverage.

Term Life Insurance

The term life insurance policies offered by Ethos are available if you are aged 20 to 65, but the specific coverage will depend on your exact age. If you’re aged 20 to 50, you can purchase insurance terms up to 30 years, 51 to 60-year-olds can have a policy term of up to 20 years, while 61 to 64-year-olds can have policies up to 15 years. 

Once your policy term is over, Ethos will allow one-year renewals up to age 95, but your premiums will increase annually when you renew your policy. 

Ethos term life insurance offers coverage from $20,000 to $1.5 million. 

Whole Life Insurance

The other Ethos Life option is its whole life insurance policies. These are available for those aged 65 to 85 and provide permanent life insurance for the entirety of your life, providing you continue paying the premiums. 

The face values of these policies are flexible from $10,000 to $25,000+. Additionally, these plans include accidental death benefit, reduced paid-up insurance options, and cash value accrual. 

Regardless of the type of insurance coverage, there are minimal policy riders. The main rider is that you can opt for an accelerated death benefits rider, which allows you to access a portion of your death benefit if you have a qualifying medical condition. The other option is that you can convert a term policy into a whole life policy at any time during the lifetime of your plan. 

What Is The Average Cost?

The cost of your life insurance policy with Ethos will vary quite a bit depending on a variety of factors like medical history, age, gender, the type and term of policy you decide on, etc. 

Ethos Average Term Rates By Age

So what can you expect for term life insurance rates on average with Ethos?

Here is an example breakdown of what the average life insurance rates are for Ethos for different age groups for a 10-year term life insurance policy with a death benefit of $1,000,000.

(Note the big differences for rates based on age, and smoking status, it can make a big difference when you buy, and whether you smoke or not).

• 25 years old (Non-smoker) — $58
• 25 years old (smoker) — $123
• 35 years old (Non-smoker) — $65
• 35 years old (smoker) — $137
• 45 years old (Non-smoker) — $135
• 45 years old (smoker) — $332
• 55 years old (Non-smoker) — $316
• 55 years old (smoker) — $982
• 65 years old (Non-smoker) — $790
• 65 years old (smoker) — $2,540

Stand Out Features Of Ethos Life

Ethos has some interesting features that allow it to stand apart from the competition. These include:

Completely Online Application

The application process for insurance from Ethos is completely online and takes less than 10 minutes. Additionally, unlike conventional insurers that can take days or weeks to reach a coverage decision, in most cases, you can expect a response within hours. 

No Medical Appointments

One of the frustrating and time-consuming aspects of obtaining life insurance is that you need to schedule a physical exam. However, most Ethos applicants will not need a medical appointment. Exams are not required for policies up to $1 million unless there are extraneous circumstances. 

Decisions Made On A Case By Case Basis

Ethos uses custom analytics, so its agents can examine every application on a case-by-case basis. Your agent will look at your stage of life, finances, and other circumstances to determine which policy options are likely to be the best option for you. 

Access To Additional Resources

Ethos customers can also access helpful content and educational materials to help them make good financial decisions and plan for different life events.

Helpful Customer Support

Although Ethos is a relatively new company, it has established a great reputation for its customer support. You can contact the Ethos team via phone, text or email if you have any questions regarding your policy or claims. Additionally, when you initially provide your phone number during the application, you’ll receive a text from an Ethos agent offering help to answer any questions you may have while you obtain your quote. 

Insurance Payment Methods

After you complete the application questionnaire, you will need to provide a payment method. This will help to more quickly process your application and it can speed up the underwriting process. 

The payment methods include Visa, Mastercard, and Discover.

Ethos Reviews

While it may be a relatively new company, Ethos has garnered a great reputation and has solid life insurance ratings.

On Trustpilot, Ethos has an impressive 4.6 out of 5 rating, while it has an A+ BBB rating. Ethos also has a solid 4.5 out of 5 rating on Google.

Ethos Pros And Cons

As with any financial institution or provider, there are both pros and cons associated with Ethos. It is important to be aware of both the positives and negatives before you make your final decision.

The pros and cons of Ethos include:

The Pros

• Fully Online Application Process: Ethos has a fully online application process that makes it easy to obtain a quote and purchase your coverage. This means that buying your life insurance doesn’t get much easier.
• Live Help: If you have any queries or questions, you can access live help. There are Ethos agents available via phone, text, or email to address any issues.
• Easy Navigate Site: Ethos has a great website that is very easy to use and navigate.
• No Medical Exam: In most cases, Ethos will not require a medical exam. So, you shouldn’t experience a delay from waiting to schedule an appointment. Unless you have a serious pre-existing medical condition or require coverage over $1 million, you should not need an exam.

The Cons

• Not the Cheapest: If you’re looking for the cheapest life insurance, Ethos may not be the best option. Like other insurers, Ethos bases prices on a number of factors including age, health, and medical conditions. So, if you are older or have a pre-existing condition, you may find a better deal for your coverage. 
• Not Available in New York: While Ethos is available in most states, it is not available in New York state. So, you will need to double-check that Ethos Life is available yet if you live in New York. 
• Payment Details Required Upfront: Although it can speed up the application process, you will need to provide your payment details initially. Since Ethos knows that you will pay, the agents can quickly process your application, but if you’re not ready to make a final decision, it can be annoying to have to provide your payment information. 
• No Guarantees: As with most insurers, there are no guarantees that you will be offered coverage. If you’re deemed too high risk, Ethos may deny your application.

Who Is Ethos Life Best For?

Ethos Life is a solid option for those who are looking to quickly and easily obtain coverage. Since the entire application process is online and it is unlikely that you will need a medical exam, you can get a quote and obtain coverage quickly. 

Since coverage options are capped at 65, Ethos is best suited to younger applicants who are looking for long-term coverage or a whole life policy. The company also allows you to renew your policy every year after you turn 65, but your premiums are likely to increase. 

Who Should Avoid Insurance from Ethos?

Since Ethos is a fully online company, if you’re not particularly tech-savvy or prefer in-person customer support, this is not the company for you. 

Additionally, if you are older or have a pre-existing medical condition, you may be denied or offered a higher premium. So, you may prefer to shop elsewhere.

Finally, if you’re looking for a more tailored life insurance policy, you may find the Ethos products a little limited. While you can select your preferred term and coverage limits, there is only one policy rider, so you cannot adjust your policy to suit your specific needs. 

Ethos Life: Life Insurance With Fast Approval

To sum up, Etho Life is a decent option if you’re looking to secure life insurance coverage quickly with the minimum of fuss. The online application, a fast approval process and a lack of a medical exam all mean that you can obtain a quote, purchase your policy and begin coverage in a matter of days, rather than needing to wait several weeks or more with a conventional insurance provider. 

Ethos is quite competitive for younger applicants, but if you are older or have an existing medical condition, you may find other providers offer a better deal. 

While the need to provide a payment method to complete the application and obtain a quote is a little annoying, if you are in need of coverage, Ethos Life is worth a try.