Ethos is one of the newest players in the life insurance industry, but that doesn’t mean they don’t know what they’re doing. Many prominent sources have backed Ethos since its inception in June of 2018.
They launched with the help of several leading sources, including Stanford University, Sequoia Capital, and celebrity organizations like those involving NBA player, Kevin Durant, and actor, Will Smith.
Is Ethos a Good Company?
Their new status also means there is not a comprehensive list of their customer satisfaction rates. As explained on their website, though, Ethos takes pride in putting their clients first. Their technology-driven strategies make it easy for clients to get approved and acquire their insurance as soon as possible.
They don’t require a medical exam for approval, so it is an excellent alternative for policyholders who need to get insured quickly. As opposed to offering life-long insurance, Ethos exclusively offers term policies, from ten to thirty years.
The policies are issued by their parent company, Assurity Life Insurance Company, which was established more than 130 years ago. They are backed by several larger firms that have been trusted by the masses over the years, such as Aon, RGA, and Munich Reinsurance America.
Their policies are all done electronically online, and they are more forward-thinking than other companies that have an extensive or confusing paper trail. Ethos are new to the industry, so we will have to see how they fare in a few years, but their present clientele seems to be happy with the services.
How Does Ethos Life Insurance Work?
The beauty of Ethos life insurance, compared to other companies, is simplicity. They break down their process in three simple steps: get a quote, quickly apply, and be covered.
You don’t even need to have applied before you can formulate an idea of how your desired policy is structured. The predictive technology resources help deliver a number for you before you go through with the application process. It helps clients decide whether it’s worth their time to proceed with the insurance application.
When it comes to the quote, you’ll be able to arrange and customize your requirements to match your unique set of circumstances. After you receive the quote, you will begin the short application process. They boast that the entire process only takes minutes.
Your plan is already chosen, so the entire ordeal should take about ten minutes. From this basic information, they will be able to gauge if you’re a fit for their policies, and if you are, you will be covered. After your information is organized, they will let you know about your options and give you more details on each alternative.
Ethos is seen as a company that offers affordable policies. Their process allows for instant approval if you qualify, saving you valuable time and money along the way. The entire process is made as simple as possible.
Ethos Life Insurance
Ethos is available in every state in the USA, except for New York. They offer their clients term policies that match their age, health, and a few other applicable factors. The company serves clients from 18 to 75 and offers plans from anywhere between ten, fifteen, twenty, or thirty years.
According to their policies, Ethos provides the following life insurances coverage:
- For nonsmokers aged 18 to 55 and smokers aged 18 to 50, they offer up to thirty years
- For nonsmokers aged 56 to 65 and smokers aged 51 to 65, they offer up to twenty years
- For individuals aged 66 to 70 (whether they smoke or not), they offer up to fifteen years
- For individuals aged 71 to 75 (whether they smoke or not), they offer up to ten years
If you are looking for insurance over $1 million, Ethos may require you to take a medical exam so that they have their bases covered. For most applicants, the process will revolve around answering some simple questions, while their predictive services determine if you qualify or not.
What is the Rating of Ethos Life Insurance?
As mentioned, only time will tell the real rating of Ethos. For now, there is an 85/100 approval rating from The College Investor—a number determined through pricing, ease of use, products, services, and customer service.
Individual categories for Ethos graded the pricing at 95 percent, the ease of use at 90 percent, the products, and services at 75 percent, and the customer services at 80 percent. It seems that the convenience factor when combined with their favorable policies, has left industry players and customers alike impressed.
Pros & Cons of Ethos
- Affordability and Convenience: As the entire process is streamlined online, it takes the pressure off the customer. Most of the time, a potential client will not need to spend the time or money it takes to complete a medical exam before they are reviewed for their policy.
- Quick Decisions: Ethos is known for quick decisions as well, which has clients insured faster and provides them with peace of mind.
- Lack of Negative Complaints: Complaints have been filed against the company for a variety of reasons, but less so than most other insurance companies. The lack of criticism is likely due to their relative inexperience. The National Association of Insurance Commissioners publishes results based on the number of clients who complain. They level this information with the market share. The average score is a 1 on their scale, and Ethos clocked in at 0.16, far lower than the industry standard.
- You can be denied coverage to Ethos if you are deemed too much of a risk.
- If you smoke, your options will be limited due to the inherent health effects.
- If you desire a policy of over $1 million, you will need to take a medical exam.
Your overall decision will depend heavily on what type of policy you’re looking for, how much money you want to spend, and the state of your health.
Have you had any experience with Ethos Life Insurance? Let us know in the comments.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.