Ethos Life Insurance: Is It Worth The Hype?

Ethos Life Insurance is a legitimate and safe choice for life insurance, offering both term and whole life policies. The company provides instant coverage without a medical exam or blood testing and includes free will and estate planning tools with eligible purchases. However, eligibility for Ethos whole life policies is limited to people aged 66 to 88, and death benefits are lower than some competitors. While Ethos may not offer the cheapest insurance, its whole life policies are easy to buy. If you're looking for permanent life insurance with an investment portion but think you could be rejected by traditional providers, an Ethos application is a good place to start.

Ethos life insurance pros and cons

Ethos Life Insurance is a legitimate and safe choice for life insurance policies, offering both term life and whole life insurance. The company has received positive reviews for its streamlined online application process, instant term life insurance coverage without a medical exam, and free will and estate planning tools. However, there are also some limitations to be aware of. Here are the pros and cons of Ethos Life Insurance:

Pros:

• Instant term life insurance coverage without a medical exam or blood testing.
• Free will and estate planning tools with eligible purchases.
• Tailored policies to fit budgets and needs.
• Honest and non-pushy agents.
• Top-rated by customers on Trustpilot, Better Business Bureau, and Google.
• Works with top-rated life insurance companies like Legal & General America, Ameritas Life Insurance Corp., and TruStage.
• Offers both term life insurance (ages 20-65) and guaranteed whole life insurance (ages 66-85).
• No long-term commitment – a 30-day free look period with a money-back guarantee.

Cons:

• Whole life insurance is only available to people aged 66 to 85 or 88.
• Death benefits for whole life insurance are lower than some competitors.
• Limited policy options compared to other carriers.
• Riders vary based on the underwriting company.
• Ethos does not handle claims directly – this is done through the insurance company paired with the policyholder.
• No live chat feature, which is unusual for insurtech companies.

Ethos life insurance policies

Ethos Life Insurance offers both term life and whole life insurance policies. The company provides instant term life insurance coverage without a medical exam or blood testing and includes free will and estate planning tools with eligible purchases.

Term Life Insurance

Ethos offers term life insurance to people aged 20 to 65 in all states except New York, with coverage ranging from $20,000 to $2 million. The term length options are 10, 15, 20 or 30 years, and policies are issued by one of three carriers: Ameritas Life Insurance Corp., Legal & General America (also known as Banner Life), or Ethos.

Ethos' term life insurance is renewable up to age 94, but the death benefit will be reduced with each renewal. The company also offers traditional term life insurance that is fully underwritten and requires a medical exam for customers seeking higher coverage amounts.

Whole Life Insurance

Ethos sells whole life insurance to people aged 66 to 85, with guaranteed approval. There are no medical exams required for coverage amounts from $1,000 to $30,000. As long as the premiums are paid, Ethos' whole life insurance lasts for the lifetime of the insured.

Some of Ethos' whole life policies have a graded death benefit, which means that beneficiaries may only receive a refund of premiums paid, plus interest, if the insured dies from something other than an accident during the first few years of the policy.

Cost of Ethos Life Insurance

The cost of Ethos life insurance depends on various factors, including the type of insurance, the insured's health, age, coverage amount, and credit score. Ethos' term life insurance rates are generally competitive, but its whole life insurance rates are higher than those of some competitors.

Customer Reviews of Ethos Life Insurance

Ethos Life Insurance maintains positive reviews on Trustpilot and the Better Business Bureau (BBB), with an average rating of 4.7 out of 5 stars on both platforms. Customers praise the company's streamlined online process and the knowledge and courteousness of its representatives. However, some customers have reported issues with communication and felt that the life insurance plans offered by Ethos were overpriced.

Ethos life insurance rates

Ethos Life Insurance offers both term and whole life insurance, with policies issued by third-party insurers. The company provides an online marketplace for customers to purchase life insurance, with a focus on a quick and convenient approval process.

Ethos' term life insurance rates are dependent on several factors, including age, health, lifestyle, occupation and driving record. The company offers term life insurance to people aged 20 to 65 (in all states except New York), with coverage ranging from $20,000 to $2 million. The monthly rate for a 20-year, $500,000 term life insurance policy from Ethos for a non-smoking woman in excellent health is $336, while the same policy for a man is $442.

Ethos also offers traditional term life insurance that requires a medical exam for customers seeking higher coverage amounts.

For whole life insurance, Ethos provides coverage for people aged 66 to 85, with benefit amounts ranging from $1,000 to $30,000. Whole life insurance policies are guaranteed issue, meaning applicants are approved instantly regardless of health history. As long as the required premiums are paid, Ethos' whole life insurance lasts for the lifetime of the insured.

Ethos' no-exam life insurance rates are competitive, and the company's streamlined application process makes it a convenient option for those seeking life insurance. However, it's important to note that whole life insurance policies are only available to individuals over the age of 65, and the death benefits are lower compared to some competitors.

Factors Affecting Ethos Life Insurance Rates

Several factors are considered when determining Ethos Life Insurance rates, including:

• Type of insurance: Ethos offers both term and whole life insurance, with whole life insurance typically costing more due to its permanent nature.
• Health: While Ethos does not require a medical exam, applicants may need to answer questions about their health and medical history. Excellent health and non-use of nicotine can help qualify for the best rates.
• Age: Older individuals will generally pay higher rates for life insurance as the likelihood of an unexpected death increases with age.
• Coverage amount: The higher the policy death benefit, the more the insured will pay for insurance.
• Credit: Ethos requests an estimate of the applicant's credit score, with higher credit scores qualifying for better rates.
• Location: Location plays a role in the type of insurance coverage that can be provided, and coverage options may vary depending on the applicant's state.

Customer Reviews of Ethos Life Insurance Rates

Customer reviews of Ethos Life Insurance rates are generally positive, with many praising the company's streamlined online process and competitive pricing. One customer mentioned finding "double the coverage" for "$5 less per month" compared to their previous policy.

However, some customers have expressed concerns about communication issues and feeling that the life insurance plans offered were overpriced. It is important to note that life insurance rates can vary based on individual factors, and it is always recommended to compare rates from multiple providers to find the best option for your needs.

Ethos customer complaints and satisfaction

Ethos has received generally positive reviews from its customers. The company has an "Excellent" rating on Trustpilot, with 4.8/5 stars, and an A+ rating from the Better Business Bureau. On Google, it has a rating of 4.7/5 stars.

Many customers have praised the company's professionalism, timeliness, and honesty. They also appreciated the ease of the application process, the competitive rates, and the helpfulness and knowledgeability of the staff. One customer review on Trustpilot reads,

> "I loved working with Ethos. They are professional, timely, honest, and quick to respond to my questions and concerns. I was really pleased with the service I received through working with them. Thanks for helping me get insured, Ethos!"

However, there have been some complaints about Ethos on the Better Business Bureau website. One customer complained about the difficulty in obtaining the cash surrender value of their policy after cancellation. Another customer complained about receiving unsolicited calls and emails from insurance agents after obtaining a quote from Ethos. There are also complaints about issues with refunds, policy cancellations, and billing.

In summary, while the majority of customer reviews for Ethos are positive, there have been some complaints about policy cancellations, refunds, billing, and unsolicited contact from insurance agents.

How Ethos' customer experience stacks up

Ethos's site is user-friendly and simple to navigate. The company provides agent support and has customer service representatives available by phone or email.

When we called the customer service line, we were put on hold for two minutes before speaking with a representative. The representative was able to answer questions about the amount of term life coverage available ($50,000 to $2 million) and how the accelerated death benefit rider works. They also knew that only one of Ethos' partners, Banner Life, offers this rider.

Despite being an online-only insurer, Ethos does not have an app or live chat option.

Through Ethos' site, you can get a quote, calculate how much life insurance you need, and learn more about the company's policies. Once your application is approved, you can adjust your coverage or term length by speaking with an agent. You will need to contact customer support to change beneficiaries or cancel your coverage.

Ethos' reviews are generally positive. The company has an average rating of 4.7 out of 5 stars on Trustpilot and a 4.6 out of 5-star rating on its Better Business Bureau (BBB) profile. As of October 2023, Ethos is BBB-accredited and maintains an A+ rating. It also has an A rating from AM Best.

Most customer reviews of Ethos Life praise the company's streamlined online process. Policyholders also mentioned the knowledgeability and courteousness of Ethos Life representatives that helped mitigate claims during a tough emotional period for planholders. However, some customers reported dissatisfaction with company communication and felt the life insurance plans Ethos offered were overpriced.

Frequently asked questions