You may have heard of the new online agency Ethos Life striving to transform the way people buy life insurance.
Ethos has eliminated unnecessary paperwork to quickly find the policy you need without talking with brokers taking up hours of your day.
Can consumers find competitive life insurance premiums with this new agency?
We encourage you to check out our comprehensive Ethos Life Insurance Review before deciding whether or not it is right for you.
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About Ethos Insurance
Is Ethos life insurance a legitimate company?
Yes, Ethos is a licensed insurance agency and third-party administrator but not an actual life insurance company.
Ethos is one of many Fintech companies that has started to sell life insurance online directly to consumers in recent years.
Interestingly, Ethos also works with thousands of independent agents who use its software to offer Ethos policies to their clients.
Ethos has four main online life insurance competitors: Haven, Ladder, Bestow, and Fabric.
Ethoslife.com has only been around since 2016 and was started by Lingke Wang and Peter Colis.
Ethos has raised over $400 million in startup capital, which is more than Ladder, Bestow, and Fabric put together, according to Crunchbase.
It has financial backing from some celebrity names, including Kevin Durant, Robert Downey Jr., Jay-Z’s company Roc Nation, and Google Ventures.
Ethos Life Insurance Ratings
Ethos Life Insurance RatingsEthos has partnerships with a few life insurance companies, which means they can offer quality coverage without breaking your budget!
Ethos offers policies underwritten by a few established insurers s such as Legal & General, Ameritas Life Insurance, AAA, and TruStage.
These insurers have strong financial strength ratings to offer their customers peace of mind when purchasing life insurance coverage.
AM Best evaluates an insurer’s ability to meet its obligations to policyholders.
Nothing is more important than its financial strength and ability to pay claims to policyholders for an insurance company.
So, what are A.M. Best ratings for these insurance companies?
AM Best Ratings
AAA Life Insurance Company: A (Excellent)
Ameritas Life Insurance Corp.: A (Excellent)
Legal & General America: A+ (Superior)
TruStage Insurance Agency: A (Excellent)
According to the National Association of Insurance Commissioners, these companies also have had a limited number of consumer complaints about their policy service.
Ethos Life Insurance Policies
Ethos Life Insurance Policies Shopping for life insurance can be baffling, and many insurers do not make it easy to obtain details about their rates and plans immediately.
If you’re on the fence about signing up for Ethos Life Insurance, it’s essential to do some research before committing.
Ethoslife.com currently offers term insurance and small whole-life policies online.
Ethos Term Life Insurance
Ethos’s primary focus is selling term-life policies to healthy young middle-class families.
Ethos term insurance comes in coverage amounts ranging from $50,000 to $2,000,000 to people ages 20-65 in all states except New York.
Ethos term policies are issued through Banner Life Insurance, TruStage, and Ameritas Life.
Term coverage is available in lengths of 10-40 years with an application process that is entirely online.
- Fully Underwritten Term Life: These policies from Banner Life is for healthy people who need significant death benefits and can require an examination.
- Simplified Issue Term Life: These TruStage and Ameritas policies don’t require a medical exam, and underwriting decisions are instantaneously based solely on big data and responses to application questions.
Ethos term coverage is ideal for healthy younger buyers not wishing to speak to an agent or take a medical exam.
People needing life insurance with preexisting conditions will want to compare rates with more competitive insurance companies.
Smokers will also pay considerably more buying from Ethos because its primary companies are not competitive for tobacco users.
If you are concerned about the potentially high costs of buying Ethos term coverage, it’s time to use our life insurance calculator.
With our calculator, you can quickly compare multiple life insurance quotes and policies side by side to get the most affordable coverage for your needs and budget.
Ethos Whole Life Insurance
A small whole-life policy is an excellent option if you want to leave a financial legacy for your children.
While it’s more expensive than term life insurance, whole life insurance lasts for the rest of your life and builds up cash values during your lifetime.
AAA Life Insurance Company issues Ethos’s guaranteed issue whole life insurance to applicants between 65-85 years old.
Applicants are approved instantly regardless of health history, and coverage amounts range from $1,000 to $30,000.
Unfortunately, seniors needing coverage can only purchase this expensive AAA guaranteed acceptance whole-life policy.
We typically would not recommend these small whole-life policies unless you have serious medical problems that prohibit you from getting coverage elsewhere.
Ethos Riders and Conversion Options
Ethos offers policy riders for some of its life insurance policies, but which riders are available will depend on the insurance company you choose.
Riders can be added to your policy for a specific need, such as covering a terminal illness with an accelerated death benefit rider.
Unlike many term providers, Ethos term policies cannot be converted into permanent coverage when your term coverage ends.
When your initial term ends, your policy becomes annually renewable, with costs increasing dramatically every year until you reach the age of 95.
Ethos Life Insurance Quotes
Ethos Life Insurance QuotesIf you are looking for an affordable insurance policy that does not require a face-to-face meeting, Ethos could be a suitable option.
Unlike many online insurance agencies, you can get a preliminary life insurance quote through Ethos online before applying for coverage.
To get an Ethos online quote, you must answer questions about your gender, date of birth, nicotine usage, and general health.
The Ethos life insurance calculator only provides a broad price range rather than narrowing it down to a single quote.
applying for coverage
It is hard to know precisely what you will need to do for the application process until you apply.
Ethos uses big data such as your credit information, motor vehicle records, family medical history, and current drug prescriptions, along with 300,000 other data points to underwrite life insurance policies.
As with all life insurance applications, you must provide personal information on your height, weight, current and past health history, and details about your financial background.
You may need a medical appointment to verify your health information. But, most applicants don’t need to get a medical exam.
Ethos life insurance calculator
Shopping for coverage can be complex, especially if you don’t know how much coverage life insurance you need.
The Ethos calculator assists people when they get into their quote engine with four simple questions:
- How many children do you have under the age of 18?
- What is your approximate yearly income?
- What is your outstanding mortgage balance?
- How much debt do you currently have?
The calculator will help determine how much life insurance you need based on your age and financial goals.
Based on these questions, the Ethos calculator will also recommend the best term length for you.
Ethos Customer Support
If you have questions about any of the available riders or about which policy you may qualify for, agents can answer any questions by phone, text, email, or live chat on their website.
- Ethos Customer Support: Email support@ethoslife.com
- Ethos Phone Number: You can call them at (415) 322-2037
- Ethos Text: You can text them at (415) 702-1844
Ethos Life Insurance Review
Ethos Life Insurance ReviewEthos Life Insurance is trying to modernize the application process and simplify coverage options.
But are they the best choice for covering your family?
Ethos Life’s online life insurance application is easy to use, and many customers enjoy how fast it is to receive an underwriting determination.
Their technology-driven process is an excellent option for tech-savvy people who already understand life insurance products.
It is not for people that don’t understand what type of policy or coverage is suitable for their needs or that wish to speak with an agent through the entire process.
They have an assistance team of licensed life insurance agents that do not work on commission. But, most contact between buyers and the company will take place online.
Because they are a relatively new player in the industry, CBS News recommends reviewing the pros and cons of working with Ethos Life before buying.
THE PROS OF WORKING WITH ethos LIFE
- Fast online application process: Ethos insurance reviews a few medical questions and uses modern technology to make underwriting decisions.
- Ethos life insurance calculator: Their online calculator allows you to estimate your coverage needs to be based on your unique coverage objectives.
- Significant policy amounts: You can buy up to $2,000,000 of coverage online.
THE CONS OF BUYING An Ethos POLICY
- Limited policy options: A small-term life insurance portfolio is available, but their whole life insurance policies are minimal.
- Medical issues: Many people with simple medical problems may not qualify for coverage.
- Higher prices: Because Ethos often does not require a medical exam to obtain coverage, their prices are above average.
- Age limitations: You can purchase term coverage until age 65, but you must buy expensive whole life beyond age 65.
After reading our Ethos life insurance review, you can see they cater to healthy term insurance buyers or seniors wanting to only cover final expenses
Why Choose Affordable Life USA?
Why Choose Affordable Life UAnytime you’re shopping around for a life insurance policy, comparing rates with many carriers is essential.
Like Bestow Life and Ladder life, Ethos is a technology company that uses data points and algorithms to make underwriting decisions on their life insurance policies.
They do not offer any standard permanent coverage that builds cash value, and their final expense policy is limited to only $30,000.
If you want more term and whole-life options, consider buying a policy from Affordable Life USA.
Insurance companies like Lincoln Financial, Prudential, Pacific Life, and Transamerica currently offer some of the best rates in today’s marketplace.
If you’re unsure what kind of coverage might be right for you or if it’s time to compare prices, give us a call today!
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Eric Van Haaften, LUTCF
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