Do you need to get term life insurance to protect your family’s financial future? Planning for the future is essential but doesn’t need to be difficult or time-consuming. Ethos life insurance makes it possible for some people to get instant coverage without a medical exam.
I was able to get an online quote in ten minutes from Ethos, making it easy to research the best term life insurance rates.
Ethos term life insurance offers coverage benefits of up to $1.5 million. You may even be able to qualify for a 30-year coverage period. This life insurance review will help show you if Ethos is your best option to buy term life insurance online.
Ethos Life Insurance Review
The application process for term life insurance hasn’t changed much since our grandparents. You must typically meet with an agent and take a brief medical exam to see your personalized quote.
The process can take several weeks to activate your policy.
Ethos lets you apply online for term life insurance and you may not even need a medical exam. Well-qualified adults may be able to purchase a policy in a matter of minutes.
However, the underwriting process may take up to ten days if Ethos requests more information to produce a final quote.
What is Ethos Life Insurance?
Let’s first answer the question, “What is Ethos?” before diving into the nitty-gritty of term life insurance. Ethos launched in 2016 and is an online-only life insurance provider.
Their agents don’t work on commission like your local insurance agent probably does. You won’t speak with an agent until you apply for coverage.
They offer term life insurance in 49 U.S. states and the District of Columbia. New York state residents cannot get an Ethos term life insurance policy.
**Related: Live in New York state? Get a free quote from one of these best life insurance companies.**
Banner Life issues all Ethos policies. Instead of finding a local Banner Life agent, you can obtain similar coverage online from Ethos. You can estimate sample quotes with their free online calculator.
Banner’s parent company, Legal & General Group, is the eighth-largest insurance company in the world based on assets under management.
L&G has an A+ (Superior) rating from A.M. Best, the second-highest score an insurance company can receive.
Ethos Life has a 4.6 out of 5 Trustpilot score. Most member reviews are positive and praise the fast application process and no upselling.
The most common complaint is that some applications can take several weeks to complete.
How Ethos Insurance Works
Most term life insurance providers have a multi-step application process that can take several weeks. You will likely need to take a medical exam to see your final policy quote.
The local agent may also ask if you want a whole, permanent, or term policy.
If you’re a busy professional or parent, you may not have time to jump through these unnecessary steps. That’s why I do as many daily tasks online as possible.
Ethos tries to keep applying life insurance as simple as possible.
Only level term life insurance is available from Ethos. With a level term, you pay the same premium for your entire coverage period. You can also get higher coverage amounts at a lower cost, which is an easy way to save money each month.
Ethos offers insurance to most adults between the ages of 20 and 65. Your coverage options depend on your age and annual income.
You will receive a final quote after answering a 10-minute questionnaire.
Ethos will ask some of the following questions about these topics:
- Personal and family medical history
- Alcohol, drug, or tobacco use
- Your current quality of health (i.e., bad, good, or excellent)
- Coverage amounts current life insurance policies
- Driving record
- Criminal record
- Upcoming foreign travel plans
- Hobbies or sports you participate in
Ethos lets you purchase instant coverage when your responses don’t require more review. However, the underwriting process can take up to ten days when Ethos needs more details.
When you’re ready to activate your policy, you sign the final documents online using DocuSign. An Ethos agent will also call and review your policy for any remaining questions.
You can make monthly payments or a single annual payment with your credit card or debit card.
All Ethos life insurance policies come with a 30-day money-back guarantee.
Does Ethos Require a Medical Exam to Get Life Insurance?
Most people don’t need an exam to qualify for Ethos life insurance. You may be able to qualify for life insurance without a medical exam, even if your underwriting takes several days.
You will likely need to get an exam if you are requesting a high coverage amount (for example, if you request a policy of at least $1 million).
Any pre-existing conditions or your past medical history may also require an exam. However, Ethos might first request more information from your doctor to expedite the underwriting.
Not necessarily having to get a medical exam can save you time. Having excellent health means you might qualify for the best term life insurance rates that are competitive with those requiring an exam.
If Ethos requires an exam, the underwriting process may take as long as a local agent. It can be worth your time to compare quotes from other brokers.
Ethos Term Life Insurance Products
All Ethos life insurance policies have a level term between ten and thirty years. You pay the same monthly premium for the entire policy term.
Even if you develop a medical condition after activating coverage, your current rate stays the same.
Your policy cost depends on these two factors:
- Coverage amount: Between $100,000 and $1.5 million
- Policy length: 10, 15, 20, or 30 years
During the application process, Ethos will offer three different coverage amounts. Another option is customizing the coverage amount and term length to find the best price.
You can pick the quote that best aligns with your future financial needs and monthly budget.
It’s also possible to add policy riders. Ethos also states they guarantee to renew your policy until you turn 95 years old. You will need to speak with an Ethos agent to discuss your specific options.
Ten years is the shortest term Ethos offers. This plan can have the lowest upfront monthly costs. However, your monthly premiums may increase with each decade in life.
If you have several decades until retirement, choosing a 20-year or 30-year plan can be cheaper long-term.
This plan can be your best option if you only need extra protection for a few years. Some examples include paying off a mortgage or sending your child to college.
Once these large expenses disappear, you won’t need as much coverage.
A ten-year term can also be your best option if you’re near retirement age. You may not qualify for a longer policy term, and you still need life insurance.
My quote for a $500,000 term is $23 per month. This quote is for a 33-year-old non-smoker male. A similar 30-year term costs $43 per month.
A 15-year term likely costs a few dollars more than a 10-year term. This option is better when you are at least a decade from retiring.
Another reason to consider this term is if you need at least a decade to pay off any debt or a 15-year mortgage.
My sample quote for $500,000 coverage is $25 per month.
You should begin considering a 20-year term when you are under the age of 50. If you still have children at home or high amounts of debt, this is a great option.
Most 20-year plans are also slightly more expensive than a 10-year or 15-year term. But notably cheaper than a 30-year term.
In my case, a 20-year term costs $14 less per month than a 30-year term.
If you’re a recent college graduate, also compare quotes for a 30-year term. Although your monthly costs are more, you can secure a lower rate for an extra decade.
My quote for a $500,000 policy is $29 per month.
Few online life insurance providers offer 30-year terms. This ultra-long term is one reason to consider Ethos life insurance. You should consider getting this term if you’re in your 20s or 30s.
Because I’m in my 30s and have small children, Ethos recommends I get a 30-year term. My sample quote for a $500,000 policy is $43 per month.
This monthly cost is higher than a similar 20-year term. However, it may be the only life insurance policy you ever purchase.
Ethos recommends that your annual life insurance costs don’t exceed one percent of your annual income. If your yearly salary is $50,000, Ethos recommends not spending more than $41.66 per month.
You may need to get a smaller coverage amount to “afford” a 30-year term.
When you need a higher coverage amount, you may need to choose a shorter term to avoid overspending on life insurance.
If you want the ability to compare term vs. permanent life policies, read our Sproutt life insurance review to learn how the broker can help with your needs.
Ethos Policy Riders
You might qualify for optional policy riders. Most life insurance providers don’t offer riders as they can delay the underwriting process.
After all, one perk of getting life insurance without a medical exam is to obtain instant coverage.
An Ethos agent can tell you which riders you qualify during the final interview. Remember, these riders are an extra cost.
You may be better off getting a higher coverage amount if you’re willing to spend more. Even better, consider using your extra cash to generate passive income.
Below are some of the riders Ethos offers:
- Waiver of premium: The company will waive monthly premiums in the event of a disability or unemployment
- Critical illness: Access your death benefits early with qualifying medical conditions.
- Return of premium: Receive your monthly premiums back if you outlive your policy
You cannot get sample prices for Ethos policy riders until you apply for a policy. This requirement is good because it helps show how Ethos doesn’t actively upsell optional coverage you may not need.
Pros and Cons
- Life insurance without a medical exam. Most applicants won’t need a medical exam to get an Ethos life insurance policy. It’s also possible to qualify for instant coverage.
- New policies are available up to age 65. You can qualify for an Ethos policy if between the ages of 20 and 65. Other online companies have more strict age restrictions.
- Policy terms up to 30 years. Few online life insurance providers offer 30-year level terms. It’s also possible to qualify for up to $1.5 million in coverage.
- Not available in New York state. Ethos currently doesn’t offer life insurance to New York state residents. Coverage is available in the other 49 U.S. states and the District of Columbia.
- Some people may need a medical exam. Ethos may require you to get a medical exam to complete underwriting. This is likely if you apply for a high coverage amount.
- Coverage isn’t guaranteed. Applicants with certain medical conditions or habits may not qualify for a policy from Ethos.
Who Should Apply For Life Insurance Online With Ethos?
You should consider Ethos Life if you want to avoid the traditional life insurance underwriting process. It’s possible to compare rates and obtain coverage in a matter of minutes.
Ethos also has flexible coverage options for old and young adults. However, Ethos may not offer a hassle-free experience if you need a medical exam.
Plus, New York state residents cannot use Ethos to get term life insurance.
Ethos can save you time as you search for the best term life insurance rates. If you’re able, skipping the medical exam also makes getting an Ethos life insurance policy convenient.
Being able to apply for $1.5 million in coverage and a 30-year term are also some of the highest coverage options.
Get a hassle-free quote from Ethos today, and receive your personalized estimate in minutes.
Do you already have life insurance? What are you doing to protect your family and wealth upon your passing?