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Ethos Life Insurance was founded in 2016 by Peter Colis and Lingke Wang, who met at Stanford Business School. After being sold life insurance he felt was too big and expensive for his needs, Lingke knew there had to be a better way. Colis and Wang’s goal is simple: Allow people to protect their families with simple and cheap life insurance.

Although it is relatively new to the life insurance industry, Ethos sells insurance policies from long-standing companies such as Legal & General America, Ameritas Life Insurance Corp., and TruStage®. With Ethos’ easy-to-use online application process and these reputable companies’ coverage, it can provide a life insurance experience online in a matter of minutes.

Ethos Life Insurance Plans

Ethos Life Insurance offers two main types of life insurance: whole life and term life insurance. Its whole life insurance policy is only available for seniors ages 66 to 85. Buyers within that age range qualify for guaranteed approval for $10,000 to $30,000.

The exact number varies based on medical records, age, and other factors. However, buyers are not required to undergo a life insurance medical exam. Ethos’s guaranteed acceptance policy best suits seniors looking for funeral coverage.

Ethos also offers term life insurance from $20,000 to $2 million in coverage for buyers between 20 and 65 years old. Terms include 10, 15, 20, and 30 years. Quotes for the coverage you need are available on its website, with a specific price given once the entire application is filled out.

You must complete the application, including providing your beneficiaries’ information, before you can see your final quote. The application is entirely online and, depending on the person and coverage limit, doesn’t require a medical exam.

Importantly, life insurance companies can pull medical records. So be honest about your health and other personal information. Then, if Ethos can approve your application, you can decide if you want to undergo a medical exam based on premiums and available policy value.

Some policies are not available in Alaska, Louisiana, or New York.

Additional coverage options from Ethos

The Ethos term life policy has two extra features:

• Guaranteed renewable: Your insurer can not drop the insured if they pay scheduled premiums. This rider does not guarantee premiums or a set coverage limit.
• Guaranteed level premiums: A term policy’s premium will stay the same throughout the policy. This rider wouldn’t apply if the buyer renewed the policy.

Ethos policyholders also get free will services to help them pass on assets, choose guardians for their children, and protect their families. Non-policyholders can purchase wills for $149. It’s free to change your will if the Ethos life insurance policy is active.

For non-policyholders, it is free to make changes for the first two years after the policy is active. After two years, it costs $19 per year to make changes to the legal will and $39 per year to make changes to the estate plan.

There is also the option to purchase an estate planning bundle, which includes tools to create a will, trust, and power of attorney, for $449.

Residents of Washington and South Dakota and TruStage® customers don’t qualify for its complimentary will services.

How much does life insurance from Ethos cost?

Ethos makes it easy to get quotes for the cost of life insurance on its website, but a more accurate quote requires a complete application.

Quotes for a $1 million 20-year term policy are as follows:

Nicotine users will pay considerably more, sometimes at least twice as much, for the same coverage as their non-nicotine counterparts.

Find more about how much an Ethos policy may cost here.

How do I file a claim with Ethos?

Because Ethos is not the actual insurer of the life insurance policies to file a claim, a beneficiary must contact the issuing company of the policy:

Legal & General America

Those with a Legal & General America policy can call 1-800-638-8428 ext. 6974 or fill out its online claims form.

Ameritas Life Insurance Corp

Those with an Ameritas Life Insurance policy can contact 1-800-745-1112 or fill out an online claims form.

TruStage®

Those with a TruStage® policy can contact 1-800-779-5433 from 7:00 a.m. – 5:00 p.m. CT Monday-Friday or visit its claims website.

Who are the ideal customers for Ethos?

Ethos is an easy option for seniors looking for an easy and guaranteed funeral costs plan. However, those looking for more coverage or younger buyers with preexisting conditions may want to check out other insurers to see where they can get the best price.

Ethos offers affordable options, but customers get what they pay for. Ethos’ low prices guarantee only low coverage. Ethos also lacks many increasingly popular riders that allow buyers to customize policies to meet their needs. Its pricing is also highly uncompetitive for nicotine users.

Ethos Life Insurance vs. State Farm Life Insurance