Life Insurance

The Difference Between Ethos and the Traditional Life Insurance Process

May 22, 2020
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First things first: let’s get started with the process of applying for life insurance. In the past, getting life insurance coverage meant boatloads of paperwork and weeks to months of waiting. To top it off, you had to trust that agents always had your best interest in mind. Luckily we live in an era full of innovations such as big data analytics, and companies like Ethos can get you an affordable quote in just seconds, without talking to an agent.

How is Ethos different from traditional insurers?

Not an insurance expert? Don’t worry—most people aren’t. With a traditional insurance provider, you’d typically start with an agent meeting, fill out a paper application, and schedule a medical exam, often weeks in advance, plus a blood and urine test. Then, you’d usually have to follow that up with evidence. Think bank statements, medical records, and a background check. On top of all that, you might have to submit your policy via snail mail. It could take months before you hear back on whether your application is approved or not.

At a glance, life insurance may seem intimidating, even painful, due to the mountain of paperwork, medical exams, and phone calls or in-person meetings with agents you may face when applying through traditional providers. To top it off, it can be scary to think about your family’s future, so even having a conversation about life and death can be challenging.

Sounds stressful, right? We thought so too. That’s why we created Ethos, to make applying for life insurance much more simple.

How does Ethos work?

With Ethos, this same process has been streamlined to a quick online application. And thanks to the power of predictive analytics, Ethos can provide a personalized estimate in a few seconds.

First, we gather a few bits of information to give you an initial life insurance quote, based on what we know about you so far. You’ll see different coverage options so you personalize your coverage and select a plan you like. (And don’t worry, you can make adjustments to your coverage details later, before your policy is issued.) After you select coverage, you complete the online application, which you can finish in about 10 minutes. And then boom. Your application is done.

Underwriters will review your application, and many people receive a decision within a week. Most of the time, Ethos does not require medical exams. However, in a few cases underwriters will require one if they need additional information. If this is the case for you, the medical exam is short, convenient, and free.

When your application is approved, a licensed Ethos expert will reach out to make sure all the details are buttoned up and make any adjustments to your coverage (if you want) before your policy is issued.

And then you’ll be covered! You’ll have peace of mind knowing your family’s future is protected.

What does life insurance cover?

Any type of life insurance can be used to protect your loved ones and also safeguard your financial legacy. To understand the different types of life insurance, read about the differences between term and permanent life insurance.

Life insurance can be used by your family to help cover any and all of life’s expenses, namely a home mortgage, auto, or student loan debt. It can even be used in the future to cover your children’s college tuition. It can also be used to help cover the day-to-day expenses, like groceries and childcare.

Do you have a business you want to leave in good hands or have someone else who depends on you financially? Life insurance is a great option to help make sure they can stay afloat financially in case anything happens to you. And the best part is, it’s never been easier to apply for a policy. Our application can be completed in minutes, and our process is streamlined to get you covered quickly.

What if I already have coverage?

You may already have a life insurance policy through your employer and are weighing the benefits of buying a personal policy. And if it was a hassle for you the first time, then why would you want to undergo the same process?

Consider the fact that your employer-provided policy might not be enough to cover your loved ones, especially if your household grows or your financial goals change. And if you leave the company, that coverage might not stay with you. Financial experts generally recommend that you apply for coverage at least 10X your annual salary. Most employer-sponsored policies offer only 1-2X your salary, leaving a potential gap that could overburden family if you suddenly passed away. That’s why many people buy personal policies to supplement the coverage they receive through work. At Ethos, we offer term life insurance policies of up to $1.5 million and term lengths between 10 and 30 years.

If you already have life insurance through work, double check that it provides enough coverage for your family. For a quick gut check of your life insurance needs, try our handy coverage calculator.

How do I get started?

Our online application can be done in minutes by just answering a few questions about yourself. Find out your personalized quote on our term life insurance calculator.

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