Ethos Life Insurance Review – Fast Approval of Term Life Insurance

How Life Insurance Works

What would happen to your family members if you passed away unexpectedly? This is one of the most-dreaded questions any adult could hear, but it’s also one of the most important questions to consider because doing nothing could leave your family on the hook for tens of thousands of dollars (if not more) for medical expenses, debt repayments and funeral costs if they’re dependent on your income in any way.

Life insurance is the most common preventive measure against the severe financial consequences associated with losing one or more income-earners in a family. Not all life insurance is created equally, however, and not all life insurance companies provide the same quality of coverage and customer service.

For instance, Ethos Life Insurance seems to be one of those companies that genuinely care about their customers by prioritizing trustworthiness, simplicity and a family-first approach in everything they do. If you’re currently looking for a new term life insurance policy or you’re interested in learning more about life insurance in general, Ethos could be a good option for your personal and familial situation.

Do I Need Life Insurance?

First things first: do you even need life insurance? If you have a job or contribute a significant amount of non-monetary labor to a household (e.g., childcare, cooking, cleaning), then chances are you may be a good candidate for life insurance. The premise of life insurance is that replacing an income stream when one income-earner dies is tremendously challenging for a family and having no life insurance payout could force a family into bankruptcy if substantial debts are left behind by the person who passed away.

For this reason, parents are the #1 demographic for life insurance (working parents and stay-at-home parents alike), but people who at least partially support a spouse, elderly parents, or other dependents with their income and/or labor are also strong candidates for life insurance policies.

What is Term Life Insurance?

There are many different types of life insurance with the main three being term, whole, and universal. Term life insurance is typically the most recommended type since it’s more affordable and more realistic for most families. It typically comes in 10, 20 or 30 year terms and pays out only if/when you die within the term coverage period.

Term life insurance for 30 years and a $600,000 policy could cost anywhere from $22-50 per month for healthy 20/30-somethings, though some companies require responses to health questions and/or a medical exam prior to offering an exact figure for monthly premiums. This is substantially cheaper than whole life insurance, which frequently costs over $100/month for the same healthy 20/30-somethings who take out a whole life policy.

Term life insurance is advantageous because it generally covers your spouse, children, and other dependents during your working life and expires at or close to your retirement date (at which point, people won’t be relying so much on you for income anyway).

Why Ethos Life Insurance?

Ethos Life Insurance

Ethos Life Insurance is unique among life insurance companies: it doesn’t just run numbers and coldly, methodically calculate how much you should pay into a life insurance policy. Instead, Ethos adds an element of humanity to its application and coverage processes by analyzing the best possible rates, examining each application on a case-by-case basis, and personally reaching out to you to celebrate major life events.

This innovative insurance company also utilizes custom-built data analytics and automated workflow programs to expedite applications processes, reduce the amount of paperwork involved and decrease costs without simultaneously lowering coverage.

How Much Coverage Do I Need?

Some people receive life insurance coverage through their employer(s), but this coverage is rarely sufficient to cover unpaid debts, funeral-related expenses and replacement income for the deceased’s family members. The amount of life insurance coverage you need depends on several factors, including:

  • Your current income, assets, and debts
  • Number of people financially dependent on you
  • Estimated number of years you have left in the workforce
  • Average cost of funeral arrangements in your area (including grave plot, coffin, burial/cremation, ceremony, etc.)

The number of years you have left in the workforce is particularly important for determining how many years of replacement income your family will need, based on what you would have earned if you were still alive. For instance, employer-provided coverage of $75,000 may sound great until you realize that that would only replace your income for a year or two then your family is out of luck after that (not to mention the funeral expenses).

Who Should My Beneficiaries Be?

Typically, the insured individual’s spouse and any children are the primary beneficiaries of a life insurance plan. If you care for elderly parents who are reliant on you for income and/or care, then you could also list them as beneficiaries to your plan.

Getting Life Insurance Coverage with Ethos

Ethos is ideal for individuals seeking life insurance coverage who don’t want to deal with unnecessary medical exams, tons of paperwork and extra hidden fees. Ethos Life Insurance is rated “excellent” on Trustpilot and the company has a solid track record of delivering exceptional customer service, quality coverage and reasonable quotes on its life insurance policies.

There’s no better time to get life insurance than now, while you’re still young and healthy, so take some time this week to start exploring your life insurance options (if you haven’t started already).

Ethos Life Insurance

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