Looking for an easy way to buy life insurance? Ethos offers life insurance with a simple online quote process. Above all, many people can get a policy without having to pass a medical exam.
In this article, we will take a look at how the Ethos listing process works, the underlying financial strength of its courier and more.
As part of the research for this piece, we made purchases to Ethos for a variety of term life policies. You can skip ahead to see what we have been told or read about the full life insurance purchase experience below.
Here's what you need to know about Ethos life insurance
Ethos aims to simplify the online purchase process for term life insurance. Through their 100% online application, you can get immediate quotes. And there is live support available if you need it during the purchase process.
What Ethos offers
Ethos specializes in term life insurance products. You can choose one of the following terms:
Coverage amounts start at $ 100,000 and go up to $ 1.5 million. Any U.S. citizen between the ages of 20 and 65 can apply for a life insurance policy with Ethos.
Each policy sold by the company also offers an accelerated death benefit pilot at zero cost.
Put simply, this means that if you definitely get sick while the policy is in effect, you can get a part of the death benefit while you are still. This money can be used to help with medical bills, among other things.
When you die, your beneficiaries will receive the nominal value of your policy minus anything that has already been tapped if you choose the accelerated death benefit.
No medical examination policy
If you are looking to purchase term life insurance without having to take a medical exam, Ethos says it offers policies that use algorithms to replace the exam. Their system examines your previous medical and prescription history, among other things, to assess your level of risk.
But in some cases, their algorithms are unable to make a decision about you. Ethos states in this case that "a small number" of candidates will have to take a full medical exam.
In these cases, Ethos uses a Quest Diagnostics affiliate company called ExamOne. The exam can be done in the workplace, at home or in an ExamOne office. Usually includes the following:
Physical measurements (height and weight)
A.M. Better rating
All policies sold through Ethos are issued by Banner Life Insurance Company, a legal and general company from America, as a carrier (not available in New York).
The A.M. The best company gives Banner Life an A + rating. This is the second highest possible score from this credit rating company which focuses on the insurance sector. (A ++ is the highest).
A.M. Best developed its proprietary rating system because financial strength and stability are very important when selecting an insurance company for the long haul. You want to be sure that the company you are getting a policy from today will be around 20 years from now if your family has to collect a complaint.
While no one can see into the future, A.M. The best scale is the closest thing to a crystal ball. Looking at an insurer's balance sheet, long-term credit rating, creditworthiness of the issuer and other data points, A.M. Best can provide the industry's best guess as to the future ability to pay compensation claims for a particular company.
Get an online quote
To get a quote via Ethos online, you need to enter five information:
Do you currently use nicotine products?
How are you? (Medium, excellent or excellent)
What is your home zip code?
What's your date of birth?
We have collected sample quotes for a few different potential customers, all of whom don't use tobacco. Here is what we found:
$ 500,000 policy
$ 1 million policy
25-year-old woman in average health seeking a 30-year policy (New Jersey)
$ 52 / month
$ 97 / month
35 year old woman in excellent health looking for a 30 year old policy (California)
$ 48 / month
$ 90 / month
45 years of excellent male health looking for a 20 year old policy (Georgia)
$ 71 / month
$ 135 / month
If you choose to buy but later have buyer's remorse for some reason, Ethos claims that it offers a refund period. The company will refund your first prize in the first 30 days that a policy is active for any reason.
Shopping for life insurance is often complicated by the fact that many people don't know how much coverage to buy.
To address this dilemma, Ethos offers a coverage calculator when entering the quote process.
Once the Ethos system has your age, date of birth, gender, tobacco use, general health rating and postal code, you will answer four questions that the company will help you steer in the right direction:
How many children are you under 18?
What is your annual income?
What is the residual loan balance?
How much debt do you have?
The calculator will then suggest a recommended coverage amount for a period of years, along with an estimated monthly premium rate.
Money expert Clark Howard has long recommended buying an amount equal to 10 times your salary, excluding taxes. For example, let's say you earn $ 40,000 a year. With Clark's formula you would buy $ 400,000 in life insurance to replace your income for your beneficiaries in the event of premature death.
Durability is not a complicated insurance product. There is no cash value for the policy as is the case with whole life insurance. Term life pays a simple death benefit if you die while the policy is in effect.
If you have children or other financial beneficiaries to provide, you must have a life insurance policy in the event of premature death.
And term life is the easiest and easiest policy you can get. In addition, it is among the cheapest options. You pay a premium that never changes during the life of the policy.
But before making any purchase decisions, you will most likely want to read our guide on How to Buy Term Life Insurance.
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