Ethos is a modern life insurance company that leverages technology to take the hassle out of getting coverage. With this goal in mind, Ethos uses AI and machine learning to underwrite consumers in real-time and eliminate extra steps. So, there are no medical exams, blood work, unnecessary paperwork, or multiple meetings with insurance agents. In this Ethos review, we’ll dig into the details so you can get a full picture of the company.
The Ethos story began when one of the founders had a horrible life insurance experience: he was sold a permanent life insurance policy he didn’t need and couldn’t afford. When he shared this experience with his former Stanford classmate, they realized the entire process of buying life insurance was outdated and built around making the biggest profit. So, they set out to change that.
Ethos’ mission is to make life insurance accessible to everyone, regardless of gender, race, or income. The company prides itself on being transparent, affordable, efficient, and customer-centric. Its expedited approach shortens the process of applying for and getting life insurance so that many customers can get same-day coverage. Ethos says it only takes 10 minutes to apply and see your options.
Pros and Cons of Ethos
- Fast and 100% online application process
- No medical exams (just a few health questions are asked)
- Instant or same-day coverage for most customers
- 30-day money-back guarantee and no cancellation fees
- A+ BBB rating and excellent TrustPilot customer rating
- Policies over $1 million may need a medical exam
- Not available in New York
What Does Ethos Offer?
Ethos offers both term and whole life insurance. Since Ethos works with several carriers, it can offer coverage to a wider range of people than some life insurance companies. The fast and efficient application process can take a matter of minutes and doesn’t require a medical exam in most cases.
All Ethos policies come with a 30-day money-back guarantee. So, policyholders are eligible for a full refund should they choose to cancel their policy within the first 30 days. And after 30 days, all policyholders can cancel at any time with no additional cancellation fee.
Term life insurance
Term life insurance is a standard policy that provides coverage for a set amount of time. In short: you choose the length of time you’re covered under the policy. Ethos has 10- to 30-year term policies for those between the ages of 20 and 65. Coverage amounts range from $50,000 to $1.5 million.
- Customized 10, 15, 20, and 30-year terms
- Benefit amounts from $100,000 to $1.5 million
- Level premiums never increase during the term
- Policies are guaranteed renewable up to age 95
Whole life insurance
In addition to term life insurance, Ethos also offers whole life insurance. Unlike term life insurance, whole life insurance is a type of permanent life insurance. As a result, it’s designed to cover you for life. Ethos has guaranteed issue whole life insurance policies for those between the ages of 65 and 85. Coverage amounts range from $10,000 to $25,000.
Because Ethos’ goal is to make life insurance accessible to anyone, the company says you can’t be turned down for any reason. So, your medical history won’t be a roadblock. Simply complete the 10-minute online application. Since most customers can get same-day coverage, Ethos could be an option for those who want immediate coverage for final expenses.
- Works with AAA Life Insurance Company
- Benefit amounts from $10,000 to $25,000
- Cash value accrues and policy loans are available
- Guaranteed level premiums if you keep up with payments
What To Expect on the Site
Ethos has a handy quote calculator to help you see how much you could pay each month for a policy with a certain benefit amount and term length. If you don’t know how much coverage you want, then you can play around with the slide bar to see how much your monthly payment changes based on different policy details.
So, the Ethos website makes it easy to get an instant price estimate without having to provide any contact information. From the quote calculator, you can start the online application to get more accurate pricing. First, let’s talk about Ethos’ term life application process. Instead of blood tests or medical exams, the application process involves a few questions about your:
- Legal and driving history
- Insurance history
- Lifestyle and hobbies
- Use of drugs and/or alcohol
After you answer those questions, Ethos’ proprietary technology and streamlined underwriting process identifies which policy best meets your needs. Should you have questions, you have the option to chat with a non-commissioned Ethos specialist by phone, email, text, or live chat
If you’re applying for a guaranteed issue whole life insurance policy, then all you need to do is fill out a basic questionnaire. Ethos says that anyone between the ages of 65 and 85 is guaranteed approval. So, no health details or medical exams are required.
In order to get custom pricing information, complete Ethos’ fast and hassle-free application process. If you want to see estimates without providing contact information, then you can use the coverage calculator on the website. As mentioned earlier, you can use the calculator to see how much you could pay for different term lengths and benefit amounts.
What People Are Saying About Ethos
As of June 2021, Ethos has an excellent Trustpilot rating. Based on feedback from customers who left an Ethos review, the company has a Trustpilot rating of 4.5 out of 5 stars:
- 80% of the customer reviews give Ethos 5 out 5 stars
- 89% of the customer reviews give it at least 4 out of 5 stars
Additionally, Ethos has an A+ Better Business Bureau rating. Customers on the BBB website also have positive opinions of the company. It has a rating of 4.5 out of 5 stars based on the ratings of customers who gave an Ethos review.
The Bottom Line
Overall, Ethos offers a wide range of affordable policies and a hassle-free application process. There generally aren’t any medical exams involved — just some basic health and lifestyle questions. So, Ethos could be a good fit for those who want to get coverage as quickly and as easily as possible. However, if you’re interested in coverage over $1.5 million, then it may not be the best option for your needs.
Given these points, Ethos is worth including in your comparison of top life insurance companies.