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Life insurance is something not many people want to think about — ever. After all, who really wants to consider what will happen to their loved ones after they die? However, life insurance makes sense for most people, particularly if you have a young family and are the main household financial provider.
Having the best life insurance can make all the difference if something should happen to you. Instead of leaving your family without any means of support, life insurance can provide them with a cushion (potentially even a sizable one) that will help them maintain their current lifestyle. They won’t be forced to leave their house or otherwise abandon everything they know on top of losing someone they love.
This Ethos Life Insurance review will look at what this company offers and what it means for you.
What is Ethos Life Insurance?
Ethos Life Insurance is a company that offers only term life insurance. With term life insurance, there are fixed monthly premiums for the length of the insurance policy. You can apply for a policy online in approximately ten minutes. Ethos will ask about your lifestyle, health, and your basic information. You’ll then enter your payment information and get your policy.
The cost for a term life policy will depend on each applicant and the amount of coverage they’re seeking. A good rule of thumb is to get coverage for ten times the amount of your current annual income. For example, if you currently make $80,000 per year, you could consider a policy for $800,000. Most policies cost under $100 a month, which is paid monthly for the duration of the policy term. After you purchase a policy, you will designate a beneficiary or beneficiaries who will receive a cash payout if you die during the covered term. Beneficiaries can be changed over the course of the policy.
100% no medical exams for up to $1 million in coverage
$25k – $10m coverage. Fully underwritten level term life insurance
Claims paid within 2 weeks
Generally, health examinations are not required to qualify for Ethos life insurance policies. However, in some cases, an examination or laboratory testing may be needed. Ethos evaluates each application based on a number of factors, such as medical history, current health, age, and gender.
The death benefit is payable to the beneficiaries if the insured dies during the term of the policy (ranging from ten to thirty years). Specifically, Ethos offers terms of 10, 15, 20, and 30 years. This money can be used for anything, from funeral costs to daily living expenses. These funds are generally not taxed.
Ethos policies are backed by large insurers, including Munich Reinsurance America, Aon, Assurity, and RGA. It is available in all states except for New York. In order to qualify for an Ethos policy, applicants must be between 18 and 75 years old, be a U.S. citizen or green card holder, and have lived in the U.S. for at least 24 months.
Term life insurance is a lower cost alternative to whole life insurance and it can protect your loved ones from uncertainty. Because there are no guarantees in life, this type of insurance can help provide some reassurance that your family will be provided for in the event you die unexpectedly. Because the policy is for a set period of time and does not accumulate cash value, it is less expensive than whole life insurance. It also usually does not require a medical examination.
Author: Jeff Gitlen
Jeff Gitlen writes about a wide range of finance topics including everything from student loans to credit cards to small business financing. Jeff's work has been featured on a number of sites including Bloomberg, CNBC, Forbes, Market Watch, and more.