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Ethos Life Insurance Review 2019 // The Best No Exam, Money Back Life Insurance

May 06, 2019 (0) comment

ethos life insurance review

Review of: Ethos

Use: Buy Return Of Premium Life Insurance

Process

Instant Quotes and Get approved in 10 minutes or less.

Price

One of the most affordable on the market.

Ease of use

Simple online application with Instant Approval.

AM Best Rating

Ethos Life rated A+ (Superior) By A.M. Best

We Like

  • Apply Online Without An Agent
  • Instant Online Approval
  • Quotes To Coverage in 10 Minutes
  • Return Of Premium Option
  • Up To $1 Million In No Exam Coverage

We Don't Like

  • Application Could Be Faster

  • Not Available In NY

Summary: Ethos Life is one of the few life insurance companies that offer the return of premium life insurance rider.

There is no other product on the market like Ethos when it comes to Life insurance with return of premiums and No Exam.

Not only can you get a policy approved in 10 minutes, you also can purchase up to $10,000,000 in life insurance coverage.

This is why I put this Ethos Life Insurance Review together, to help you understand if this product is best for you and how it works.

To help you see how fast and straightforward Ethos Life makes it for you to apply for life insurance online and get instant approval.  Enjoy!

Rates From $7.00/month (30-Day Free Look Period)

*Rates based on an 18 year old female 10 Year Term, $25,000 term policy in excellent health.


You might not realize how recent the technology was updated for life insurance.

Less than 2 years ago there was no such thing as ​life insurance online, let alone instant life insurance and no exam life insurance. 

It would easily take three weeks to get an answer on approval and that long wait time is a part of what made purchasing life insurance a complete hassle.

But, there is a new answer to getting life insurance, one that allows you to get life insurance with no medical exam and apply instantly online for coverage.

This product from Ethos even offers you the ability to add the return of premium or money back rider which we will discuss below.

In the age of Alibaba and Amazon, it was only a matter of time before life insurance caught up and Ethos is the answer.

Who Is Ethos Life Insurance

Ethos Life launched in June of 2018, and offers what they call "modern, ethical life insurance," to protect the life you’re building and the people you love.

ethos life insurance

They do this in part by having a team that is salaried, allowing them to work with customers to figure out what coverage they need best.

Ethos looks to treat you like family and won't up sell you on a policy that doesn't make sense for your budget or your families needs. 

Their policies are underwritten by Assurity Life Insurance Co. 

Assurity Life has been around for over 128 years and was founded in 1890, as of today they hold an A- (Excellent) rating with A. M. Best.

Why Should You Care About A.M. Best?

I like to think of A.M. Best like the JD Power of the insurance industry, they have been around for over 117 years.

They rate companies based mainly on their financial strength, which can be an indicator or claims-paying ability.

Claims Paying Ability "in plain English":   A Life Insurance Company's ability to pay out on a policy.

am best

What Makes Them Different?

What makes Ethos Life different is that they are offering the ability to purchase return of premium life insurance online and without an exam.

Ethos is offering up to $1 Million is life insurance coverage without an exam, and they say that you can apply online and get covered in as little as 10 minutes.

Like other modern insurance companies, Ethos accesses data, such as your motor vehicle and prescription drug records, and uses predictive analytics to decide whether you qualify and to determine rates.

Ethos really wants to focus on being ethical and helping you apply for coverage fast and without needing an agent.

Ethos $25,000 Term Life Option

Ethos is one of the few companies that is offering coverage starting at $25,000.

This is a great option because it means you have the ability to keep your premiums lower.

A policy with $25,000 in coverage is more than enough to cover your final expenses and to leave a bit over for unexpected bills.

Just look at how a 18 year old female can get a 30 Year $25,000 policy for just $8 bucks per month.

ethos life insurance review

Lets check out the things you can still cover with this coverage amount:

  • Burial 
  • Credit Card Bills
  • Immediate Spending Cash
  • Pay Off A Car

In the end, any coverage is better than no coverage at all so it is a great thing that there is an option for a death benefit amount much lower than offered by others in the industry. 

How Does Ethos No Exam Life Insurance Work

Ethos has a focus on offering a modern and ethical life insurance buying experience for their customers.

You can apply for up to $1 Million and get an instant decision in less than 10 minutes.

Unlike other online life insurance providers, they actually offer up to $10,000,000 in life insurance. 

With all of their term options under $1 Million you will receive:

No Medical Exam

This part of the process is straightforward, you are going to answer a few questions about your lifestyle and medical situation through their online application.

Once you do that, Ethos's in-house underwriting system will instantly process that data through their encrypted channels with a method called accelerated underwriting.

This in-house framework enables Ethos to assess your individual risk, without a medical exam, to get an instant underwriting decision.

If you are Approved, you will get real rates, not quotes, at an affordable monthly price. 

We talk more about their super fast underwriting process and rates later in this review. 

Salaried Agents

In today's society, most people would prefer ​not to get 100 phone calls because they wanted to get quotes.  

However, there are going to be times when you need to speak to someone, and you want to be sure that they are honest and that they give you information for your own benefit.

Luckily, Ethos doesn't have commissioned agents so you can be sure that they will take their time to help you and won't pressure you into anything.

An Easy Way To Pay For Your Policy 

Currently, Ethos offers payment by credit card and bank draft.

Payments will be automatically drafted every scheduled payment day until the term is done or the policy is canceled or replaced.

​Traditionally most life insurance companies only accept monthly bank draft as an option for payment.

With this new way to pay for insurance, you have more options, and it is​ effortless to pay for your policy and keep it in force.​

Features like this make this the best life insurance policy to buy.

What Does Ethos Life Insurance Cover?

Ethos life offers 4 different policy options for you to choose from.

Each policy comes with the above benefits that we discussed along with coverage options from $25,000 to $1,000,000. 

They  also offer a return of premium life insurance rider known as the Endowment Benefit Rider that you can add to the policy that we cover below.

10 Year Term Life Insurance Policy

​The ten year term life option is going to cover you for 10 years before it's time to purchase a new policy.

This policy is going to be the most affordable option with low-range pricing and will be best for people who are looking at both their  short term and long term needs.

The amount of life events that can happen in 10 years is massive and being prepared for them is very important.

A 10 year term is a great starting point and locking your low rates in is going to be ​essential.

15 Year Term Life Insurance Policy

The fifteen year term life option is going to cover you for 15 years before you have to purchase a new policy.

This policy is going to be the second most affordable and be best for people who are in the middle of life events like having a baby or switching jobs. 

20 Year Term Life Insurance Policy

The twenty year term life policy will be the second most expensive of the 4; however, it will still be very affordable.

​This term length is going to be best for someone focused very much so on their future and want to be covered for the ​most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the twenty year term option, then I would suggest you go with the 20 year term option.

30 Year Term Life Insurance Policy

The thirty year term life policy will be the most expensive of the 4; however, it will still be affordable.

This term length is going to be best for someone focused on their future and want to be covered for the most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the thirty year term option, then I would suggest you go with it.

It's a really good option if you just purchased a home.

All Cause Death Benefit

​All of these policies will pay out for all types of death from accidental death, terminal illness, critical illness or chronic​​​​ illness.

With all insurance policies, there are some limitations so be sure to read the policy for things that aren't covered.

Ethos Endowment Benefit Rider (ROP)

The Endowment Benefit Rider is a return of premium benefit that is paid to the owner of the policy upon termination of the policy for any reason other than death of the insured. 

The Endowment Benefit is paid to the owner at the end of the term period.

This rider is only available at the time of the application so once you submit your application you will need to either:

  • Email support@getethos.com
  • Or Call 415-855-4331

To express interest in adding the return of premium option to your policy. 

Once your application is approved, you will receive an updated quote with your return of premium rate.

Endowment Rider Eligibility:

  • 20-year term: Ages 15-60 (18-55 for tobacco users)
  • 30-year term: Age 15-50
  • Not available in Delaware

Monthly Cost for Term Policies with Endowment Benefit Rider (ROP)

*All rates shown are sample quotes for healthy individuals based on $250,000 in coverage


How Does Ethos Underwriting Work

Ethos uses a process called algorithmic underwriting.

Algorithmic Underwriting is a fast and inexpensive approach to understanding what type of risk the insurance company will assign to you.

​These risk values range from healthy to no healthy.

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Instead of an actual person, (which is called an underwriter) reviewing your application and waiting for lab results, a rules-driven decision engine (the “algorithm”) reads your application answers together with available outside data​ to assign what type of risk you are.

This algorithm is much faster and more unbiased than human underwriting, which translates to a more convenient experience and more accurate price for you. ​

What Data Will Determine Your Approval?

The products that Ethos offers relies heavily on data vendors.

​​They take the information from identifying verification, prescription history databases, motor vehicle reports and financial data vendors to make a decision about how risky you would be as a policyholder.

They then take that risk and place it in a few different groups like super healthy, above average, average, or below average. 

This risk assignment then determines your price on a month to month basis.

The data vendors that Ethos works with adhere to and are compliant with regulations that make sure your data is used securely and responsibly.

Below are a few ​reports used to determine your eligibility: 

MIB Report​This report which was previously named the Medical Information ​​Bureau ​is​​​ a group of member insurance companies that share data based on when you last applied for life or health insurance in the past 7 years.  

This report is used to determine if you have been declined for insurance in the past or if you have any medical conditions not disclosed on a current application.

​Prescription History Report - This report is used to check your prescription drug history against your application and how you answered your questions.  

If you say you aren't diabetic but you take diabetic prescriptions the algorithm will catch that discrepancy. 

Motor Vehicle Report - This report is used to check your driving history to see if you are a risky driver or if you have a history of reckless driving like DUI's or DWI's.

You will be presented disclosure notices that ask for your consent before any data is ordered.

So that you understand what information is being pulled, I encourage you to read these notices and reach out to Ethos's  Customer Care Advisors if you have any questions.

What Can You Expect During The Application Process?

Ethos  has worked with their insurance partners, designers, and engineers to design an extremely user-friendly application process for life insurance.

The application begins by checking if you are a real person (no robots), followed by questions about your health and lifestyle.

​They make sure your information is protected with encryption, and ​they do not sell your personal information to third parties.

Once ​they have enough information, if approved, ​they recommend a coverage amount and monthly price that makes the most sense for you.

You can also decide to choose your own coverage amount and term length.

Ethos Life Rates & Comparisons

Just to give you an idea, below I wanted to compare one of the most popular plans out there with multiple carriers.

A 20 Year, 250,000 Term Policy for a 33 year old male in perfect health and a non-tobacco user, see the results below:


Company / Agency*


Medical Exam?


$250,000 Quote**

bestow life insurance logo

5 OUT OF 5


No 


$16.00/month

life insurance no medical exam

4.5 OUT OF 5


No 


$19.00/month

ethos life logo

4.3 OUT OF 5


Not required in most cases.


$20.00/month

4 OUT OF 5


Not required in most cases. 


$35.20/month

As you can see, Ethos is right in line with the pricing of all the heavy hitters in the life insurance industry.

However, with Ethos instead of having to deal with an exam or wait weeks for an answer, you can be covered within minutes.

How The Ethos Claims Process Works

Right now, the fastest way to file a claim with Ethos is to call them to speak with one of their Customer Care Advisors.

They’ll guide you through the next steps (like obtaining a death certificate) to process your claim as quickly as possible.

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​Are There Any Claim Exclusions

There are a few exclusions when paying a life insurance claim.

The exclusions include death from suicide (within the first 2 years of coverage), and high-risk activities like scuba diving, automobile or motorboat racing, and mountain or rock climbing.

Also, operating or learning to operate an aircraft as a student, pilot or crew (excluding commercial pilot).

As always, please read the policy specifics when it arrives in the mail; however, those are some general exclusions which is industry standard for most policies.

Ethos Life Availability & Policy Options

To qualify for the Ethos Term life insurance policy, you must:

  • Be a U.S. citizen or Permanent Resident between the ages of  18 - 75
  • Have no intentions of using the policy for business purposes.
  • 10, 15, 20 & 30 Year Term Options 
  • $25,000 to $1,000,000 in no exam coverage
  • Ethos is now available in all states except NY.

​How To Take Action

No other Ethos Life Insurance Reviews are as long as mine; however, I wanted to make sure that I gave as much detail as possible.

If you have been holding off on buying life insurance for any reason,  I say give the 30-day free look period a shot.

With the accelerated underwriting process, you no longer have to be afraid of the life insurance buying process, it's so fast, you won't realize it's over, and your coverage has started.

As I stated above, you get 30 days after you have been approved to look over the policy and decide if it's the right thing for you and your family.

Just click on the link below to get started.

Thanks For Reading My Review... Before You Go!

What did you think of my review?  Did I miss anything?

Summary
Review Date
Reviewed Item
Ethos Life Insurance
Author Rating
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Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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