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Ethos life insurance review 2021
Last updated:
With this fintech insurer, expect no fees, no hassles and coverage within 10 minutes.
finder.com's rating: 2.5 / 5
★★★★★
- Get a quote if… You want a high coverage amount.
- Pick something else if… You want an agent to guide you through the process.
18 to 75
Issue Age
$25,000 to $10,000,000
Coverage
Medical exams not required in most cases
Medical Exam Required
Details
| Policies | Term life insurance |
|---|---|
| Coverage maximum | $10,000,000 |
| Term lengths | 10, 15, 20, or 30 years |
| Medical exam required | Medical exams not required in most cases |
| Available states | Not available in New York |
| Issue age | 18 - 75 years old |
Pros
- High coverage amounts
- Fast underwriting
- No fees
- Riders available
- Speedy claims
- No upselling or cross selling
- No medical exam option available
- Financially strong
Cons
- Limited customer support
- Impersonal claims process
- Not available in New York
- Lack of educational information
| Riders |
Accelerated death benefit rider Child rider Critical illness benefit rider |
|---|
Expert review
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
In an effort to make life insurance more affordable and accessible, Ethos sells fee-free term life policies. Thanks to its intricate algorithms, the fintech company can offer instant quotes and coverage in a matter of minutes.
However, if you need a permanent policy or have more complex life insurance needs, you’ll need to look elsewhere. Ethos doesn’t have agent support like you’d find with major insurers. You also won’t find many rider options, though many of Ethos’ competitors don’t even offer riders to customize your policy.
How do I get a quote for Ethos life insurance?
You can apply and sign up for life insurance online with Ethos.
- To begin, click Check My Price, on Ethos’ homepage.
- You’ll be prompted to provide some information, including your gender, nicotine use, health status, state and your birthdate. Then click Check My Price.
- You’ll then be presented with a selection of quotes and recommended plans. If you’d like to proceed with applying for a policy, click Choose Exact Coverage.
- You can then adjust your coverage amount and length of term. Then click Apply Now.
- To apply, you’ll need to provide more specific information about yourself and your health and lifestyle. Proceed through the application process, and if approved, supply your payment information to purchase the policy.
What types of life insurance coverage does Ethos offer?
Ethos exclusively sells term life insurance to those between 18 and 75. The simplest and cheapest coverage, term life offers protection for a fixed period of time – in this case, 10, 15, 20 or 30 years. The premium stays the same for the life of the policy, and if you pass away during the term, your beneficiaries will receive a cash payment, known as the death benefit.
The maximum length of coverage you can purchase depends on your age. These are the guidelines:
- Age 18 to 55 (nonsmoker), 18 to 50 (smoker): Up to 30 years.
- Age 56 to 65 (nonsmoker), 51 to 65 (smoker): Up to 20 years.
- Age 66 to 70: Up to 15 years.
- Age 71 to 75: Up to 10 years.
With Ethos, you can buy a term life policy with a face value of between $25,000 and $10 million – but keep in mind that you may need to take a medical exam for policies over $1 million. At the end of the term, you can renew your policy or let it lapse.
The company doesn’t charge fees and you can cancel your coverage at any time.
What riders can I add to my policy with Ethos?
Ethos allows you to customize your policy with these riders:
- Accelerated death benefit rider. Allows you to access a portion of your death benefit if you’re diagnosed with a terminal illness.
- Child rider. Purchase insurance on eligible children without having to purchase a separate policy.
- Critical illness benefit rider. Pays out a lump sum benefit if you suffer a chronic illness, such as a stroke.
How do I get a low rate with Ethos?
Your premium is a product of your age, health, lifestyle, occupation and hobbies, as well as the length and face amount of your policy. To compensate for the risk that comes with providing coverage, Ethos — like all insurers — reserves its best rates for its least risky applicants.
Its underwriting considers:
- Tobacco use. To hit the highest class, you’ll have to prove you haven’t smoked tobacco in the past five years.
- Age. The younger and healthier you are, the less you’ll pay.
- Driving record. If your recent record is free from major traffic violations and DUI, you’ll most likely receive a better rate.
- Health. The insurer assesses your cholesterol, blood pressure, BMI and family medical history, and usually increases the premium when there’s a history of cardiovascular disease, strokes or diabetes.
- Occupation. People with dangerous jobs, like loggers and firemen, tend to pay more for coverage.
- Hazardous lifestyle. If you’re a thrill-seeker who counts skydiving, bungee jumping and risky travel among your favorite activities, you’ll probably have a higher premium.
- Alcohol and drugs. For the preferred rate, you must not have a history of alcohol or drug addiction.
Ethos reviews and complaints
The insurer hasn’t been accredited or rated by the Business Bureau yet, but it earns 4.5 out of 5 stars on TrustPilot, a consumer review site. While customers praised the startup’s rate and online application, many said the approval process took much longer than advertised.
Ethos’ partner, Assurity Life Insurance Company, has been in the business for over 125 years. It’s been accredited with the Better Business Bureau since 1992 and boasts an A+ rating for its operations and customer satisfaction. Assurity also has an A- (Excellent) rating from A.M. Best, which confirms that it has the cash reserves to pay out claims.
Alternatives to Ethos
Frequently asked questions
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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