Ethos life insurance review 2022
With this fintech insurer, expect no fees —and your coverage could go into effect that same day.
finder.com's rating: 4 / 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.
20 to 70
$10,000 to $10,000,000
Medical exams not required in most cases
Medical Exam Required
|Policies||Term life, simplified issue term life, guaranteed issue whole life|
|Term lengths||10, 15, 20, 30 years|
|Medical exam required||Medical exams not required in most cases|
|Available states||Not available in New York|
|Issue age||20 - 70 years old|
- High coverage amounts
- Fast underwriting
- No fees
- Riders available
- Speedy claims
- No upselling or cross selling
- No medical exam option available
- Financially strong
- Limited customer support
- Impersonal claims process
- Not available in New York
- Lack of educational information
No info available
Katia 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).
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.
What is Ethos?
Ethos is a life insurance provider with the backing of big-name and celebrity investors like Sequoia, Stanford, Roc Nation, Silicon Valley Bank, Kevin Durant, Robert Downey, Jr. and Will Smith.
The fintech company operates online and sells a single product: term life insurance. Along with its streamlined application and speedy underwriting, Ethos is known for offering up to $1 million in coverage without a medical exam.
Ethos has partnered with Assurity Life Insurance Company and RGA to underwrite policies. A stalwart in the industry, Assurity handles the claims process.
Ethos life insurance rates
We pulled 2021 sample rates from Ethos’ online quote tool for a $500,000, 20-year term policy for a healthy man and woman. Since Ethos gives price ranges for each age, it’s hard to tell where they stand compared to the average cost for a policy of this size and term length without applying for an actual policy. However, average costs fall within the ranges shown in Ethos’ quotes.
|20||$23 – $37||$17 – $30|
|25||$23 – $37||$17 – $30|
|30||$23 – $41||$18 – $32|
|35||$30 – $56||$27 – $45|
|40||$47 – $74||$36 – $53|
|45||$68 – $111||$49 – $76|
|50||$103 – $190||$73 – $135|
|55||$177 – $317||$116 – $207|
What affects my rate with Ethos life insurance?
The insurer’s 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.
How to get a quote from Ethos life insurance
As a fintech company, Ethos allows you to apply for life insurance online.
- Select Check My Price, on Ethos’ homepage.
- Provide some information, including your gender, nicotine use, health status, state and your birthdate. Then choose Check My Price.
- You’ll see a selection of quotes and recommended plans. If you’d like to proceed with applying for a policy, select Choose Exact Coverage.
- Adjust your coverage amount and length of term. Then hit Apply Now.
- Apply by providing 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 recently updated its lineup, and now offers three types of coverage:
- Term life insurance. Open to those aged 18 to 75, this policy offers protection for 10, 15, 20 or 30 years — though the maximum length of coverage you can purchase comes down to your age and smoking status. The insurer issues policies ranging between $25,000 and $10 million, but keep in mind that you may need to take a medical exam for policies over $1 million.
- Simplified issue term life insurance. This policy doesn’t require a medical exam, and it’s available to those aged 20 to 70. You can buy between $50,000 to $500,000 in coverage, and renew your coverage at the end of the term if you like.
- Guaranteed issue whole life insurance. Ethos’ only permanent policy skips both the health questionnaire and medical exam, meaning coverage is guaranteed. It’s available to seniors aged 65 to 85, in benefit amounts of $10,000, $15,000, $20,000 and $25,000. It has a cash value component that grows over time, and the insurer offers flexible payment structures for those who want to pay off their policy early.
What riders can I add to my policy?
Depending on your policy, you may be able to customize your coverage 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.
Ethos life insurance reviews and complaints
The insurer hasn’t been accredited or rated by the Better 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 AM Best, which confirms that it has the cash reserves to pay out claims.
|AM Best financial rating||
5/5 out of 5 customer reviews
|Trustpilot score||4.5/5 out of 364 customer reviews|
|Customer reviews verified as of||15 October 2021|
While the startup has simplified the process of buying life insurance, it doesn’t suit everyone. If you have complex needs or prefer to speak to someone on the phone, compare life insurance providers.
Explore other life insurance companies like Ethos
Frequently asked questions about Ethos life insurance
What’s the eligibility criteria for Ethos life insurance?
To qualify for coverage, you must meet these requirements:
- Age: 18 to 75 years old.
- Residency status: US citizen or green card holder.
- Time in US: Lived in US for at least 24 months.
- Location: Reside in a state where Ethos operates (every state but New York).
How can I reach customer service?
To contact Ethos’ customer service team, email email@example.com. The insurer doesn’t provide a phone number or address, but is active on Twitter, Facebook and Instagram.
How does Ethos protect my data?
Ethos collects your personal data in order to offer you its products and services and to maintain your account. It doesn’t sell or share your information to third parties.
Ethos has security practices and procedures in place to protect our data. The company utilizes SSL encryption and restricts access to your data in an effort to safeguard your information.
How do I file a life insurance claim with Ethos?
To file a claim, follow these steps:
1. Email firstname.lastname@example.org to notify Ethos that the policyholder has passed away.
2. In the email, include the policyholder’s full name, date of birth and policy number, if you know it.
3. A member of Ethos’ team will guide you through the claims process. You’ll need to complete claims forms and provide supporting documents, such as a death certificate.
4. Assurity — the insurer that underwrites Ethos’ policies — will assess the claim. When it’s approved, it will let you know via email and send payment to your beneficiaries.
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.