Ethos Life: Life Insurance You Can Qualify For in Under 15 Minutes Online!

By Garrett Smith, December 28th, 2020

Whenever I use service based products, I find I am willing to buy into services that make my life easier. Instacart has saved me endless hours driving back and forth to go to my beloved Fresh Market for my favorite baked brie cheese. DoorDash brings me amazing cooked meals from dozens of restaurants with just a press of a button. Auto and Health insurance can be purchased quickly and easily online too. So you may ask why can’t life insurance be the same? Well, it can!

Ethos Life has pioneered new simplified issue term life insurance products that are available online. This means no lengthy meetings with agents, no doctor visits to qualify, and you can be approved in as little as 15 minutes. It's totally free to apply, so if you have a few minutes, I'd encourage you to get a free quote here. These policies are underwritten by Banner Life. Banner Life has a verified strong financial backing to give you additional peace of mind. They’ve received an A.M. Best Rating of A+, meaning they are one of the most secure companies offering policies in the market today. If you feel you’ve already heard enough and want your quote you can give it a try by clicking the link here. If you want to know all the details - keep reading.

Now you might be asking yourself, are there any drawbacks to getting my policy online? No, there’s really not, this policy will function the same as a policy you bought in person. There are however limitations on the benefits these policies offer that you may want to be aware of before purchasing. Allow me to break it down for you.

Ethos Life policies are strictly term coverage, meaning after your chosen time period, the policy simply expires. There is no option to convert to a whole life policy. These policies also offer no return of premium, meaning that no portion of your premiums will be returned to you should you outlive the policy. [For more information on how this works please read my last post - Life Insurance101]

Even though these service terms can be perceived as negatives depending on your situation, there is a lot to like about a simplified term policy. The main component that you’re probably going to like the most is the incredibly low cost.

Let me show you an example of how little these policies can cost using real quote data for a 31 year old male in good health:

• Mutual of Omaha: 30 Year Term $50,000 death benefit = Monthly premium $39.25

• Americo: 30 Year Term $50,000 death benefit = Monthly premium $44.82

• Ethos: 30 Year Term $300,000 death benefit = Monthly premium $32.00

That is 6x more coverage for a slightly lower monthly premium!

All 3 of these policies include an accelerated death benefit for terminal illnesses that will allow you to access the funds faster. But when making your choice you should keep in mind Mutual of Omaha and Americo policies both offer the return of premium benefit discussed in my last post, and the ability to convert the policy to whole life and they include a disability income rider.

So, what type of policy should you acquire? That totally depends on what benefits you value and what your present circumstances are. When discussing the loss of the return of premium benefit with my brother, he felt this was unimportant. He sees this benefit as a losing situation since when the rate of inflation is factored in he would not be getting back an increased accumulation of interest in the premium he paid. Using a comparison of Americo’s policy with a $300,000 death benefit, that policy would be $171.07 a month. That’s an extra $139.07 a month that could be used for investing elsewhere, potentially into an Annuity or an IUL for greater returns on your cash to beat out the rate of inflation.

As you weigh the pros and cons of these policies the good news is you have options, and expert advice available to help if you need it. I’m here to advise you every step of the way. If you want to give Ethos a try, I encourage you to click the link here and I’m sure you’ll be surprised. If you want to get in touch with me to discuss your options, feel free to fill out a request form, and I’ll be in touch within 24 hours. Stay safe, and a happy new year to you all.