Day to day, we hear a lot of negative opinions about the invention of the internet and technological advances, and how things were better “back in the day.”
However, contrary to those beliefs, there have been a lot of great things about the internet invention. Not only is information instantly accessible, but you’re able to purchase a plethora of things in the comfort of your own living room – including life insurance!
While you’ve been able to call and purchase life insurance for quite a while, the life insurance world has taken it a step further – you can purchase a Policy without ever having to speak to an agent. A handful of companies offer this perk, including Ethos Life Insurance.
Keep reading to learn more about Ethos Life’s instant term life insurance below.
Quick Article Guide:
- What is Instant Approval Life Insurance?
- Who’s Eligible for Instant Life Insurance Online?
- How Much Coverage Can I Qualify For?
- Sample Life Insurance Rates
- Buy Term Life Insurance Online Now
What is instant approval life insurance?
Traditionally, when you speak with an agent and apply for life insurance, it takes between 4 to 8 weeks to hear back about your application and find out if you’ve been approved or not.
With instant approval life insurance, you find out right away if your application has been accepted. And better yet – applying only takes about 10 to 15 minutes.
Instead of requiring a medical exam to assess your overall health, companies who offer instant life insurance will electronically review your Medical Information Bureau records, attending physician’s statements, prescription history, driving and criminal records to evaluate your insurability and overall risk to the company.
Once you’re approved, Coverage starts immediately. If you’re in below-excellent health or apply for more than $1 million in coverage, Ethos may request a medical exam to decide if you qualify.
Who is eligible for life insurance online?
To qualify for instant coverage with Ethos Life, you must meet the following criteria:
- Are between 18-75 years old
- Are a U.S. citizen or a green card holder
- Have lived in the United States for at least 24 months
- Reside in a state they are licensed and operating in (every state except New York)
How much coverage can I qualify for?
Ethos offers policies directly from Assurity Life Insurance Co., a large life insurance company that’s been in business for over 129 years and has an A- (Excellent) rating from A.M. Best.
Ethos offers 10, 15, 20, and 30-year level term life insurance policies from $25,000 to $10,000,000 of coverage, which are available to those between ages 18 and 75. Again, if you apply for a policy over $1 million or have certain health issues, you may be asked to complete a medical exam.
Ethos does have age restrictions on their term policies. For example, you must be:
- Age 55 or younger to purchase a 30-year term
- Age 65 or younger to purchase a 20-year term
- Age 70 or younger to purchase a 15-year term
- Age 75 or younger to purchase a 10-year term
What is a level term life insurance policy?
In short, a “level” term policy means that for the “term” (length) of your life insurance policy, your coverage is guaranteed not to change, regardless of any changes to your age or health. The life insurance company cannot increase your rates or decrease your coverage for any reason during your term.
What if I outlive my policy?
Term life insurance is known as temporary life insurance for a reason – it’s not designed to last your entire lifetime. It’s typically designed to provide affordable coverage for a set period of time, and secure life events such as a mortgage or children’s education expenses. Thus, most people will outlive their policy.
Even though our life insurance needs typically lessen as we get older, that doesn’t mean we won’t need coverage in our later years. For that reason, many life insurance companies, including Ethos, offer a “conversion option” on their term policies.
This means that you have the opportunity to convert some or all of your policy to permanent coverage. You have this option throughout the duration of your term or up until age 70, whichever occurs first. It is important to note that if you choose to convert your policy, your premiums will increase.
Can I cancel my policy?
Yes, you can cancel your policy at any time without any fees or penalties. Either call your independent agent or send Ethos an email to start the process. Do note that if you cancel your policy, you will have to undergo the application process again if you want to re-apply for coverage.
Sample life insurance rates
Below we have provided sample life insurance rates from Ethos Life to help you estimate the cost of your policy. The monthly rates we’ve displayed are for a 20-term, but depending on your age, other term lengths may also be available.
Monthly Rates for A Non-Smoking Male in Excellent Health – 20 Year Term
| Age | $25,000 | $50,000 | $100,000 | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|---|---|---|
| 30 | $7.00 | $9.00 | $11.00 | $18.00 | $30.00 | $43.00 | $55.00 |
| 35 | $8.00 | $9.00 | $13.00 | $22.00 | $37.00 | $53.00 | $69.00 |
| 40 | $9.00 | $12.00 | $17.00 | $31.00 | $55.00 | $80.00 | $104.00 |
| 45 | $10.00 | $13.00 | $20.00 | $36.00 | $62.00 | $90.00 | $117.00 |
| 50 | $14.00 | $22.00 | $38.00 | $71.00 | $123.00 | $181.00 | $234.00 |
| 55 | $19.00 | $32.00 | $58.00 | $108.00 | $191.00 | $283.00 | $365.00 |
| 60 | $29.00 | $52.00 | $98.00 | $186.00 | $330.00 | $492.00 | $636.00 |
| 65 | $44.00 | $82.00 | $157.00 | $301.00 | $530.00 | $792.00 | $1,025.00 |
Monthly Rates for A Non-Smoking Female in Excellent Health – 20 Year Term
| Age | $25,000 | $50,000 | $100,000 | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|---|---|---|
| 30 | $7.00 | $8.00 | $10.00 | $14.00 | $23.00 | $31.00 | $39.00 |
| 35 | $7.00 | $9.00 | $11.00 | $19.00 | $32.00 | $45.00 | $57.00 |
| 40 | $8.00 | $10.00 | $15.00 | $25.00 | $45.00 | $64.00 | $84.00 |
| 45 | $9.00 | $11.00 | $17.00 | $28.00 | $50.00 | $72.00 | $94.00 |
| 50 | $12.00 | $18.00 | $30.00 | $55.00 | $95.00 | $140.00 | $182.00 |
| 55 | $13.00 | $20.00 | $34.00 | $62.00 | $108.00 | $159.00 | $206.00 |
| 60 | $22.00 | $38.00 | $69.00 | $130.00 | $229.00 | $341.00 | $441.00 |
| 65 | $34.00 | $63.00 | $120.00 | $229.00 | $402.00 | $600.00 | $775.00 |
*Sample rates are accurate as of 02/15/19 and are provided for illustrative purposes only.
Buy term life insurance online now
Life insurance has never been easier to buy. If you’re ready to take the plunge, you can start applying online today!
Just like we mentioned above, when you apply online, you can expect to be asked about your age, lifestyle, health status, and personal and family health history – all off which will be confirmed by a third-party vendor such as the Medical Information Bureau (MIB) to confirm that the information you entered is correct.
If all goes well, then you’ll be issued a policy and can start receiving coverage immediately! Ah, we love the era of the internet – it truly makes things so much easier.
To apply for a life insurance policy online, enter your information below to receive an immediate decision.
About JRC Insurance Group
At JRC Insurance Group, we have helped thousands of families and businesses with their life insurance needs, and we can help you too! Our agency is licensed in all 50 states and we’re independently owned and operated.
As a non-partial, no-fee brokerage, our goal is match our clients with the best life insurance options available by shopping and comparing rates from more than 45 highly-rated insurers. By having access to dozens of companies and their guidelines, we’re able to save our client’s time and money.
Most importantly, our services as completely free, and there is no cost to apply for coverage. Give us a call toll-free today at 855-247-9555, or you can request a free quote online to compare rates and options from dozens of insurance companies in less than a minute.
This post first appeared on JRC Insurance Group: Term Life Insurance Quotes, please read the originial post: here
