Life insurance is one of those essential elements that many of us don't have time to shop for. And when you take the time to shop, the whole process may seem a bit like buying a used car. Just a little lousy.
This is because many insurance companies focus primarily on selling the most profitable policies to the wealthiest people who can afford them. And we all get stuck getting sold in that market.
Enter Ethos. This new life insurance brokerage is trying to break that cycle and get you the life insurance you need at a price you can afford.
What is Ethos?
Ethos was founded to modernize the life insurance purchase process and make it more ethical. Their About Us page contains a short letter from their CEO that stresses that their staff are salaried. Because it is important? Because they won't commission you to sell a more expensive product. This leaves the Ethos team free to find the life insurance coverage you need at the lowest possible price.
Ethos only sells term life insurance products, which are truly the best option for many families and individuals. The company repeatedly states on its website that it reviews customers and applications on a case-by-case basis. This means that even if you have had health problems or have many student loan debts, they may still be able to work with you to obtain a policy.
Related: Term vs. Whole Life Insurance: What is the best option for you?
Having said that, the company relies heavily on some big data technologies to target its applications so as to reduce red tape so that the application can move more efficiently. This means that you will pay less money in the long run.
To start an application, you only need to be a United States citizen or green card holder, have lived in the United States for 24 months, be 18 to 75 years old and live in any state in the United States except New York, where Ethos is not yet operational.
Ethos works with major insurance companies in the sector, including Assurity and MunichRE, to support its policies so that you know the money will be there if your family needs it.
As with all term life insurance products, the price can vary widely depending on individual circumstances. When I entered my basic personal information, I was quoted anywhere from $ 29 a month for a $ 20,000 policy to $ 64 to $ 64 a month for a $ 20 million policy. But this is before going through the whole application process, which can change those prices depending on many individual factors.
Your prices can vary widely, but you can answer five questions on the Ethos website without providing contact information. So you can see in what range the price of your life insurance might fall if you apply with Ethos.
Apply for life insurance
As I noted above, you can answer five short questions with Ethos to get an idea of what you could pay for a life insurance policy. But then you will actually have to apply. To do this, you will need to create an account with Ethos. This is how they collect the rest of your information and allow you to check your question during the process.
As with all life insurance applications, this will require a lot of personal information, including information about your health history and financial situation. And you may or may not need to go to a medical appointment to verify your health information. Ethos says this happens on a case-by-case basis, so it is difficult to know exactly what you will need to do for the application process until you apply. However, they note that most applicants do not need to undergo a medical examination or go to a laboratory, and if so, this does not involve any cost.
Ethos uses the latest SSL technology for the transmission of information. And it won't send your information to an insurance company until you authorize the company to do so. In other words, your personal information is as secure with Ethos as it can be online.
Ethos has a website for mobile devices where you can get answers to questions, apply and check prices from your phone.
Ethos customer support
You can contact customer support via email if you need a direct answer to your question. Or you can consult their FAQ for more general answers. Once a question is opened, a customer support person will contact you to continue advancing the question and finding the life insurance plan that's right for you.