Ethos provides fee-free term life insurance in an effort to make life insurance more cheap and accessible. The fintech company’s complex algorithms enable it to provide fast prices and coverage in a couple of minutes.
If, on the other hand, you want a permanent coverage or have more sophisticated life insurance requirements, you must go elsewhere. Ethos does not offer the same level of agent assistance as larger insurers. Additionally, there are few rider alternatives, however many of Ethos’ rivals do not offer riders at all.
- Pros and Cons of Ethos Life Insurance
- Ethos life insurance rates
- How to get a quote from Ethos life insurance
- What types of life insurance coverage does Ethos offer?
- What riders can I add to my policy?
- Ethos life insurance reviews and complaints
Pros and Cons of Ethos Life Insurance
- High levels of protection
- A quick underwriting process
- There are no charges.
- There are riders available for hire.
- According to Speedy,
- You won’t be upsold or cross sold anything.
- There isn’t any way to get a medical exam.
- A healthy bank account
- Customer service isn’t very good.
- Process for settling claims is cold and impersonal.
- There isn’t one in New York City.
- A scarcity of knowledge on schooling
Ethos life insurance rates
For a $500,000, 20-year term insurance for a healthy man and woman, we collected 2021 sample rates from Ethos’ online quotation tool. Unless you apply for a policy, it’s difficult to understand where Ethos stands in relation to the usual cost for an insurance of this size and term duration. The average expenses, on the other hand, are within Ethos’ quoted limits.
- Age 20. Male $23 – $37, Female $17 – $30
- Age 25. Male $23 – $37, Female $17 – $30
- Age 30. Male $23 – $41, Female $18 – $32
- Age 35. Male $30 – $56, Female $27 – $45
- Age 40. Male $47 – $74, Female $36 – $53
- Age 45. Male $68 – $111, Female $49 – $76
- Age 50. Male $103 – $190, Female $73 – $135
- Age 55. Male $177 – $317, Female $116 – $207
What affects my rate with Ethos life insurance?
The insurer’s underwriting takes the following factors into account:
- Tobacco consumption. There will be a five-year smoking ban to get into the top tiers of the program.
- Age. You’ll pay less if you’re younger and healthier.
- Record of a driver’s license. If you haven’t racked up any serious traffic infractions or DUIs recently, you’ll probably get a better deal.
- Health. According to the insurance company, they check your triglycerides, blood pressure, body mass index (BMI), and medical history and raise your rate if your family has a history of heart disease, stroke, or diabetes.
- Occupation. Loggers and firefighters, for example, pay a higher premium for insurance because of the dangers of their employment.
- Lifestyle that puts your health at risk. When it comes to insurance, if you’re a risk taker who enjoys extreme sports like skydiving or bungee jumping, you’ll pay a higher rate.
- Drugs and alcohol are intertwined. An alcohol or drug abuse past will exclude you from getting the best deal.
How to get a quote from Ethos life insurance
You may apply for life insurance through Ethos, a fintech startup.
- To begin, go to Ethos’ main page and click Check My Price.
- You’ll be asked for some details, such as your gender, nicotine usage, health condition, location, and birthday, before you can proceed. After that, click Get a Quote to see how much it will cost.
- After that, you’ll be shown a number of quotes and suggested plans. Click Choose Exact Coverage if you’re ready to apply for a policy.
- After that, you’ll be able to make changes to the scope and duration of your insurance. After that, click on the Apply Now button.
- To apply, you’ll have to supply further details about your health and lifestyle, as well as your financial situation. Once you’ve completed the application, you’ll be asked for payment information to complete the purchase of the coverage.
What types of life insurance coverage does Ethos offer?
Ethos has just revised its product range to include three distinct levels of coverage: basic, intermediate, and comprehensive.
- Term life insurance. This insurance is available to anybody between the ages of 18 and 75 and provides coverage for ten years, fifteen years, twenty years, or thirty years, depending on your age and smoking status. There are plans ranging from $25,000 to $10 million from the insurer, but keep in mind that coverage exceeding $1 million may need you to have a medical test.
- Simplified Term Life insurance. The process of issuing term life insurance should be made as simple as possible. People between the ages of 20 and 70 can purchase this coverage without having to undergo a medical check. You have the option of purchasing coverage ranging from $50,000 to $500,000, and you may choose to renew it at the end of the term if you like.
- Whole life insurance with a guaranteed issue. The sole permanent policy offered by Ethos does not need a health questionnaire or a medical exam, thus it is risk-free for customers who purchase it. Seniors 65 and above might get benefits ranging from $10,000 to $25,000. For individuals who prefer to pay off their coverage sooner rather than later, the insurer provides various payment options with a growing cash value component.
What riders can I add to my policy?
Riders such as these may be available to you if your policy allows them.
- Riders gain from a faster death. If you’re diagnosed with a terminal disease, you may be able to collect some of your death benefit.
- Rider who is still a child. Obtain insurance coverage for all qualifying children on your existing policy, saving you money.
- Riders profit from a critical sickness. If you get a chronic disease like a stroke, you’ll receive a lump-sum payment.
Ethos life insurance reviews and complaints
Although the Better Business Bureau has yet to accredit or assess the insurance, TrustPilot, a consumer review site, gives it a rating of 4.5 out of 5 stars. The startup’s pricing and online application were highly lauded by clients, but many also complained that the approval procedure took far longer than promised.
Life insurance company Assurity Insurance Company has been around for 125 years and is Ethos’ partner in this venture as well as others. It has an A+ rating from the Better Business Bureau for its operations and client satisfaction, and has been recognized since 1992. A.M. Best gives Assurity an A- (Excellent) rating, indicating that it has enough cash on hand to cover claim payments.
Visit our review of Erie Family Life Insurance Review for one more life insurance review.