Ethos Life Insurance: Term or Whole Life, and What to Check

Short answer: Ethos life insurance is sold online by Ethos, which says “We’re not a carrier” and offers “policies issued by the carriers listed” on its carriers page. According to Ethos, it sells both term life (term lengths “from 10 to 30 years”) and whole life (“coverage up to $30k”), for applicants ages 20 to 85, in “every U.S. state except New York.” Ask which insurer issues the policy you’re quoted.

What is Ethos life insurance?

Ethos describes itself as “a licensed agency that provides producer, underwriting, and third-party administrator (TPA) services.” It says, “We’re not a carrier, but we contract directly with top-tier carriers,” to “provide policies on the carrier’s paper through our site.”

So the insurer named on your policy matters. Ethos’s carriers page says, “Product guarantees are backed by the financial strength and claims-paying ability of the issuing company.”

Ethos also says it “operates in some states as Ethos Life Insurance Services and/or Policy Bull.”

Who issues Ethos policies?

Ethos’s carriers page names these insurers and products:

Source: Ethos carriers page. Ethos says, “Products and their features may not be available in all states.”

Ethos also says “Protective and Ethos Technologies Inc. are separate, independent entities” and “Ameritas and Ethos Technologies Inc., are separate, independent entities.” Before you sign, check the insurer’s name and the policy form number on your application.

Is Ethos life insurance term or whole life?

Both. Ethos’s home page says, “Term life covers you for a set number of years,” and that permanent life insurance “includes Guaranteed Acceptance Whole Life (no health questions required) and Indexed Universal Life.”

Here’s what Ethos’s pages say about each, side by side:

Sources: Ethos home page, How It Works page, and eligibility and coverage FAQs.

Ethos’s own pages don’t all give the same figures (for example, term lengths “from 10 to 30 years” in one place and “from 10 to 40” in another, and term issue ages of 20 to 65 in one place and “69 and under” in another). Ask Ethos, or the agent quoting you, which numbers apply to the exact product and state.

Ethos’s agent-facing FAQ also lists “Level Term Life, SITL (Simplified Issue Term Life), SIWL (Simplified Issue Whole Life), and GAWL (Guaranteed Acceptance Whole Life) options,” with “term lengths of 10, 15, 20, or 30 years.”

For background on the two policy types, the Texas Department of Insurance (TDI) says, “Term life insurance offers protection for a set period of time,” and “Whole-life insurance stays in effect for your entire life unless you cash the policy in or stop paying premiums.” See term vs. whole life for seniors for the trade-offs.

What does Ethos offer seniors?

Ethos says, “U.S. citizens and permanent residents between 20 and 85 can apply.” Its eligibility FAQ says, “If you are over 69, a guaranteed issue whole life insurance policy might be an easy way for you to get coverage quickly.”

On How It Works, Ethos mentions “a graded death benefit (if you have a whole life policy with a graded benefit)” as something that can adjust the payout. Ask whether the whole life policy you’re quoted has a graded benefit, how long it lasts, and what it pays during that time.

If you’re shopping for a smaller whole life policy to cover end-of-life costs, see what final expense insurance is.

How does applying with Ethos work?

According to Ethos:

• Online application: “Our secure, online application is fast and straightforward—you can complete the process in about 5 minutes.”
• Medical exam: “No medical exams are required.”
• Health questions: “Just answer a few health questions — many customers enjoy same-day coverage!”
• Where it’s sold: “Ethos is licensed and operates in the District of Columbia and every U.S. state except New York.”
• One policy at a time: “If you already have a policy with us, you can’t apply for a second.” Ethos says that for more coverage, “you would need to cancel your current policy and reapply for higher coverage.”

Answer the health questions carefully. TDI says, “Life insurance policies have a two-year contestable period,” and “If the company learns you gave wrong information or didn’t disclose something, it can deny payment.” For more on how no-exam applications work, see no medical exam life insurance.

Can you cancel an Ethos policy?

Ethos says, “Every policy includes a 30-day free look,” and “You always have a 30 day period to cancel coverage and get your money back if you change your mind.” It also says, “After 30 days, you can still cancel your policy anytime, but surrender charges may apply to certain permanent life insurance policies.”

For comparison, TDI says, “Texas policies have a free-look period of at least 10 to 20 days,” and the NAIC says you can usually return a policy “within a certain period, usually 10 days after you receive it.”

What to check before you buy Ethos life insurance

1. The issuing insurer. Ethos isn’t the carrier, so find out which company is on the policy.
2. The product type. Term, simplified issue whole life or guaranteed acceptance whole life.
3. Your age and the numbers for it. Ethos’s pages give different age and term-length figures, so confirm the ones for your product and state.
4. Any graded benefit. Ask how long it lasts and what it pays.
5. When term coverage ends. Ask about renewal and whether conversion to permanent coverage is available. See what happens when term life insurance ends.
6. Licensing. TDI says, “Make sure the agent and company are licensed to sell insurance.”
7. A like-for-like comparison. TDI says, “Be sure the policies you compare offer similar coverage,” and “Don’t choose a policy on price alone.”
8. Affordability. The NAIC says, “Before you buy a life insurance policy, be sure you can pay the premiums.”
9. Your current coverage. The NAIC says, “Don’t cancel your current policy until you get the new one.”

The bottom line

Ethos is an online seller of life insurance, not the insurer; its policies are issued by companies it names, such as Banner Life, Protective, Ameritas and TruStage. According to Ethos, it offers term life and whole life, including guaranteed-issue whole life for ages 66 to 85, everywhere except New York. Confirm the issuing insurer, product and age limits for your situation before you apply.

A licensed agent can go over Ethos and other options with you, with no obligation. Here’s how calling RestAssured works.

RestAssured is not an insurance company or an insurance agency; we connect callers with independently licensed insurance agents. RestAssured is not affiliated with or endorsed by Ethos. The licensed agents who work with us are appointed to offer Ethos policies and may earn a commission if you buy one. To buy directly from Ethos, contact Ethos. Product names are trademarks of their owners.

Frequently asked questions

Is Ethos life insurance term or whole life?

Both. Ethos’s FAQ says its “term life policies offer coverage for term lengths ranging from 10 to 30 years” and that it also offers “whole life insurance for coverage up to $30k.” Ask which product, and which issuing insurer, your quote is for.

Is Ethos an insurance company?

Ethos says, “We’re not a carrier,” and describes itself as “a licensed agency that provides producer, underwriting, and third-party administrator (TPA) services.” Its policies are issued by the insurers listed on its carriers page.

Does Ethos have whole life insurance?

Yes. Ethos’s home page lists “Guaranteed Acceptance Whole Life (no health questions required),” and its How It Works page says people between 66 and 85 “qualify for our guaranteed-issue whole life policy and are automatically approved.”

Does Ethos life insurance require a medical exam?

Ethos says, “No medical exams are required,” and that applicants “answer a few health questions.” The NAIC says, “It’s important to tell the truth on the application.”

Can seniors get Ethos life insurance?

Ethos says “U.S. citizens and permanent residents between 20 and 85 can apply.” Its eligibility FAQ says, “If you’re 69 and under, you can own term coverage until age 80,” and that over 69, guaranteed issue whole life “might be an easy way” to get coverage.

Sources

• Ethos: Our Life Insurance Carriers
• Ethos for Agents: Is Ethos an Insurance Company?
• Ethos for Agents: What life insurance product does Ethos offer?
• Ethos: Home page (product overview and fine print)
• Ethos: How It Works
• Ethos: Why Ethos
• Ethos FAQ: Who is eligible to apply for a policy with Ethos?
• Ethos FAQ: How much coverage can I apply for?
• Texas Department of Insurance: Life insurance guide
• NAIC: Life Insurance Buyer's Guide

This article is for general education. Policy features, prices and eligibility vary by insurance company and state; your agent will explain the specific terms of any policy before you apply.