Online Life Insurance Companies

Ethos life insurance review

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Best for: Seniors

Our take: While Ethos offers an excellent no-med term life insurance policy for people in good health, what sets it apart from its competitors is its life insurance option for seniors. Most seniors up to age 85 have guaranteed approval, regardless of their medical profile. Its expansive availability makes it a top choice for applicants who might not be able to get coverage elsewhere.

What Ethos has to say: “The unfortunate truth is that 70% of families in America could go bankrupt in as little as three months if they lost their primary breadwinner – but due to regulatory roadblocks, sales-incentivized agents and tedious/invasive application processes, nearly half – 41% – of Americans have no coverage at all,” says Nichole Myers, chief underwriter at Ethos. “Ethos is on a mission to change that by reaching people traditionally uninsured and potential policyholders that want easier access to their options.”

If you’re looking for affordable life insurance without the long wait times, you will find what you need from Ethos. Ethos is a relatively young online insurer that uses predictive analytics and artificial intelligence but is backed by legacy companies, including Legal & General America and Munich Re, one of the largest reinsurance companies. It’s also attracted funding from noted investment firms SoftBank and Goldman Sachs as well as celebrity investors, including rapper Jay-Z, actor Will Smith, and basketball player Kevin Durant.

Pros:

  • Application process is quick and easy
  • Offers complimentary estate planning services for policyholders
  • Option between simplified issue and fully underwritten policies (no exam, but more medical questions)
  • Policyholders can extend coverage at the end of the term

Cons:

  • Application process for fully underwritten policy is lengthy compared to competitors
  • Getting a quote requires a lot of information and is time-intensive

Ethos’s third-party ratings

Trustworthiness
A+
Financial Strength
A+
Customer Experience
4.6

Trustworthiness: The Better Business Bureau evaluates businesses on their behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments. The BBB gives Ethos an A+.

Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. A.M. Best gives Ethos an A+.

Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives Ethos a rating of 4.6 out of a possible 5. Scores as of October 4, 2022.

How Ethos stacks up against selected competitors

Third-party ratingsEthosBestowLadderVantis Life
TrustworthinessA+A+A+A+
Financial StrengthA+A+AA+
Customer Experience4.64.64.84.7

More details about Ethos life insurance

Policies offered:

  • Life products offered: Term and whole life

Other coverage:

  • Ethos offers riders on some policies, but you need to contact the company for more information.

Rates:

  • Policies start at $7 a month

Insurance partners:

  • Ethos offers policies issued by Legal & General America, and reinsured by Munich Re.

Other details:

  • Ages and coverage limits: Term life coverage up to $2 million is available for anyone up to age 65. For anyone over age 50, the maximum term life coverage is $500,000. Whole life insurance coverage is available for up to $30,000.
  • Waiting period: There is no waiting period.
  • Medical requirements: Ethos offers life insurance with no medical exams and no blood tests.
  • Application time: The company says many people applying for a policy get same-day coverage – with some qualifying in only 10 minutes.

Additional product line details:

More details on Ethos term: The company’s policies are backed by life insurers Legal & General America, Ameritas Life Insurance Corp., Senior Life, and TruStage. The application process can be done in minutes.

More details on Ethos whole life: Ethos offers whole life insurance to people ages 66 to 85 no matter their health history. Policies range from $1,000 to $30,000 and customers can secure a rate that doesn’t increase.

How much does Ethos life insurance cost?

For healthy non-smokers:

The following table shows Ethos monthly rates by age and gender for healthy non-smokers purchasing 20-year term policies.

AgeGender$500,000 in coverage
25Male$21.00
35Male$24.00
45Male$56.00
55Male$144.00

How its rates stack up:

The following table shows how Ethos’s monthly rates for a healthy 35-year-old compares with selected competitors for $500,000 in coverage.

GenderEthosLadderWyshboxFabric
Male$24.00$22.80$28.96$23.72

Company background: The company was started in 2016 by Stanford business school grads Peter Colis and Lingke Wang. The inspiration for the company came from an early experience Wang had with life insurance – he was upsold a policy he discovered he couldn’t afford and didn’t fit his needs. The company’s goal is to make insurance affordable, accessible and transparent.

Interesting tidbit: The company’s agents are non-commissioned, which means they’re not compensated for selling or upselling policies.

States where Ethos is available

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States where Ethos is available
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY
Available
Not available

About Ethos

  • Company address: 5001 Plaza on the Lake, Suite 305, Austin, TX 78746
  • Company website: https://www.ethoslife.com/
  • Company email: support@ethoslife.com
  • Company phone: 415-915-0665

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